Lotions (Including Sunscreens) Global Market Report 2024

The lotions (including sunscreens) market size has grown rapidly in recent years. It will grow from $50.32 billion in 2023 to $58.19 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historical period can be attributed to several factors, including increased consumer awareness and education, evolving fashion and beauty trends, concerns regarding climate and the environment, and intensified market competition.

The lotions (including sunscreens) market size is expected to see rapid growth in the next few years. It will grow to $104.21 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The forecasted growth is anticipated due to global health concerns, ingredient innovations, customization, increasing disposable income, social media influence, and a focus on environmental sustainability. Major trends expected involve the use of natural and organic ingredients, advancements in sunscreen technology, emphasis on sustainable packaging, the rise of digital marketing and e-commerce, and heightened global awareness of sun protection.

The lotion market is anticipated to experience substantial growth, propelled by the rapid expansion of the millennial population. As of 2020, the global millennial population stood at approximately 1.8 billion. Millennials, characterized by their inclination to invest in cosmetics to enhance their appearance and quality of life, represent a significant consumer segment. In 2019, millennials accounted for around 32% of the world's population, surpassing the 17% share held by those aged 55 and above. By 2025, millennials are projected to constitute nearly three-quarters of the global workforce. Given their substantial influence on the current economy, the preferences and purchasing habits of millennials are poised to be pivotal factors driving the lotion market.

The upward trajectory in investments in skincare products is expected to further propel the growth of the lotions market. Investments in skincare products encompass the financial resources individuals allocate to purchase items designed to enhance skin health and appearance. This trend contributes to market growth by fostering innovation, increasing consumer awareness and demand, and creating opportunities for cross-promotion and brand loyalty. For instance, SkinStore, a US-based provider of beauty products, reported in March 2022 that the US invested $18.7 million in skincare regimes in 2021. With a projected year-on-year growth of 5.01%, skincare products and treatments are anticipated to be the primary revenue generators in the industry. Consequently, the increasing investments in skincare products serve as a significant driver for the growth of the lotions market.

Stringent regulations imposed by government agencies on the use of certain ingredients in cosmetics are expected to serve as a significant constraint on the market. These regulations are in place due to the toxicity of specific ingredients, which may lead to various skin diseases. Notably, the EU Cosmetics Regulations and the US Food and Drug Administration (FDA) have established lists of prohibited substances and ingredients that can only be used under specified circumstances. Examples of prohibited substances include bithionol, chloroform, mercury compounds, methylene chloride, vinyl chloride, and chlorofluorocarbon propellants.

The market is witnessing a surge in demand for multi-benefit combinations, reflecting a growing preference for products that offer multiple functionalities. This trend encompasses the introduction of products such as foundations with anti-aging serums, sunscreen lotions, nail polish with UV protection, and cosmetics making anti-aging claims. The popularity of multi-benefit solutions is expected to continue expanding across various categories, from hair care with anti-aging properties or fragrance to lipsticks with added lip care benefits.

Leading companies in the lotions market are actively engaged in the development of innovative products to enhance their personalized skincare offerings and promote awareness of sun protection. An illustrative example is the SilkScreen SPF 50 sunscreen introduced by Agency by Curology, a US-based provider of personalized anti-aging skincare, in August 2023. This broad-spectrum mineral sunscreen is designed to be hydrating, weightless, and seamless on the skin. Available in two tints to offset mineral sunscreen whitecast and even out skin tone, it provides UVA and UVB protection, defends against blue light, and offers protection against environmental stresses. The SilkScreen SPF 50 sunscreen caters to individuals of all skin types seeking an effective and comfortable sunscreen option.

Major companies operating in the lotions (including sunscreens) market report are Johnson and Johnson Services Inc., Procter & Gamble Company, Unilever PLC, L'Oréal SA, Kimberly-Clark Corp., Colgate-Palmolive Company, Estée Lauder Companies Inc., Beiersdorf AG, L'Oréal USA Inc., Shiseido Co. Ltd., Coty Inc., Galderma Laboratories L.P., Avon Products Inc., Revlon Inc., The Hain Celestial Group Inc., St Ives, Crabtreeand Evelyn Ltd., Aveeno, Groupe Clarins, The Derma Co., Honasa Consumer Ltd., Jergens Inc., Murad LLC, Pharmaceutical Specialties Inc., La Roche-Posay Laboratoire Pharmaceutique, Avalon Natural Products Inc., EltaMD Inc., Hempz Pure Herbal Extracts, Laboratoires Dermatologiques Avene, Uprising Science Private Limited.

Asia-Pacific was the largest region in the lotions market in 2023. Western Europe was the second-largest region in the global lotions market. The regions covered in the lotions (including sunscreens) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lotions (including sunscreens) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary types include dry skin, oily skin, and normal skin lotions, among others. Dry skin lotions soften rough areas such as elbows and heels. These lotions are used by men, women, and babies and distributed through direct sales and distributors.

The lotions market research report is one of a series of new reports that provides lotions manufacturing market statistics, including global market size, regional shares, competitors with a lotions manufacturing market share, detailed lotions manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the lotions manufacturing industry. This lotion manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The lotion market consists of the sales of facial lotion, lotion for the hands and the feet. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.