Global sunscreen market projected to hit 28b by 2033 as demand soars

S’pore market in its infancy; significant opportunities for growth in Asia

- Alyssa Woo

Climate change and the rising temperature it is bringing have sent demand for sunscreen soaring.

Preventing skin cancer is a primary driver among buyers, but concerns about skin damage and premature ageing stemming from exposure to the sun are important factors as well, noted Dr Christina Chua, senior vice-president and product lead of wealth management at KGI Securities Singapore.

The global sun protection market was valued at US$14.1 billion (S$19 billion) in 2023, and is projected to hit US$20.5 billion (S$27.6 billion) by 2033, according to Spherical Insights & Consulting.

The market in Singapore is in its infancy, with projections that it will hit US$5.38 million in 2024 with plenty of upside to come.

Dr Chua said the Asian sunscreen industry presents significant growth opportunities.

"With rising disposable incomes, increasing health awareness and untapped market segments like male grooming and paediatric sun protection, the demand for sunscreen products is expected to soar," she added.

"Companies that can effectively navigate the evolving consumer landscape, regulatory requirements and digital disruption will be well positioned for success."

Dr Chua said "governments and health organisations are actively promoting sun protection measures, leading to increased consumer awareness and demand for effective sunscreen products".