Protection is key as Canadian sun care market rises
Market researcher Companies & Markets claims the Canadian sun care market is estimated to increase at a compound annual growth rate (CAGR) of 3 percent through to 2016, to be worth a total market value of C$199 million ($198.8m).
In 2011, the Canadian sun care market posted a CAGR of 6 percent to reach a market size of C$170 million.
Fast-growing segment
The analyst states that the key trend enabling the growth is sun protection, which is the fastest-growing segment of sun care.
Reasons behind this, says Companies & Markets, include the aging Canadian population, who are demanding sun protection to stave off the unhealthy effects of tanned skin, and the increasing assimilation of sun protection education by the Canadian population.
According to the latest report, bronzed skin has also become unfashionable in Canada, and is viewed as unhealthy, leading to an increase in sun protection product sales.
Eight in ten products in the Canadian sun care market (C$133 million) are sun protection products, while 16 percent are self-tanning products and 5 percent are aftersun products.
Projected growth
The fastest-growing segment of sun care was sun protection which grew by 7 percent in current value terms in 2011, followed by aftersun at 5 percent growth.
The fast-growing sun protection sector is projected to continue its solid growth too, projected to increase at a constant value CAGR of 5 percent through to 2016.
Schering-Plough Healthcare Products Canada continues to hold the top spot in the overall sun care category in 2011, with almost a third of the market value share.
The company's Coppertone brand is the market leader in both sun protection (33 percent) and self-tanning (29 percent). L'Oréal Canada holds second place in the overall sun care category in terms of market value share in 2011, with 25 percent.
