Lucintel Projects Europe to be the Largest Region by 2018 in UV Filter Market
The global UV filter market in the personal care industry is expected to reach $642 million by 2018 with a good growth over the next five years. Europe was the top continent in terms of total UV filter consumption; however, APAC and ROW saw the highest growth rate due to the rapidly increasing demand in China and India. UV filter is the basic element used in sunscreen.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the use of UV filter in personal care products and presents its findings in "The Global UV Filter Market in Personal Care Industry 2013-2018: Trend, Forecast, and Opportunity Analysis." The UV filter is being used in sunscreen, baby care, skin products, and applications under development which boost the growth of UV filter industry.
The major challenge faced by the industry is the scarcity of substitutes. Although the applications of personal care products within the same category are almost the same, the emerging market is demanding that the industry needs new multifunctional ingredients. Rapid changes in the technology for producing ingredients, high ingredients cost, high testing norms and regulations, high rate of product specification, and increased research and development costs are the challenges faced by the UV filter market.
The UVfilter market is primarily driven by the emergence of potential market demand. Rise in population mainly in Asia, especially China, India, and Indonesia and more awareness towards health and fitness drive the UV filter market. Innovation of ingredients as per personal care product specifications drives the ingredients market used in personal care. The sun care product market and sun protection segment is the largest segment.
The report also points out some major applications for UV filters which are growing rapidly. Lucintel offerings include SWOT Analysis, Target Screening and Merger & Acquisition Consulting.
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