Private Equity
Andrea Alms Video: Money In Motion 115 - Sun Care Market Overview
July 2024 - Private Equity
TRANSCRIPT Hello, my name is Andrea ALMs. I am technology investor and financial manager and this is your money in motion. What is it? Health care products also known to be ultraviolet filters or photo protectant, are commonly used in cosmetic formulations that are applied on to the skin surface to protect it from harmful effects of ultraviolet light coming from sun rays and protecting against skin aging, tanning and melanomas.
Skin cancer is the most common. According to the Cancer Research USA, eight out of ten cases of melanoma can be prevented through an understanding of harmful effects of sunlight and how to protect oneself from the harmful rays. Even though people are aware of the causes and use sunscreen and other types of sunblock to mitigate the risk. Approximately 9500 are still diagnosed with the disease every day at Research and Markets.
The global market for Suncare products, estimated to be 10.7 billion in 2022, is projected to reach 18 billion by 2027 at a compound average growth rate of 7.6% at MMR. The market size of 2022 was 11.57 billion, at a compound average growth rate of 4%, and is expected to reach 15.22 billion in 2029. At Spherical Insight, the market was 14.1 billion in 2023 and expected to reach 25.5 billion in 2033, and a compound average growth rate of 3.81%.
Averaging the averages, the market was 12.1 billion at 5.1% growth rate. Thank you. This is your money. Your money in motion.