Hong Kong consumers pay attention to the function and ingredients of sunscreen

In 2023, the market size will expand to 88 billion, with an average annual growth of 4%; the recent report of Hong Kong Trade Center of Korea trade and investment promotion commune (KOTRA) mentioned that the sun cream market in Hong Kong is on the rise, so it needs to attract consumers' attention through multi-functional products. According to Euromonitor, the sunscreen market in Hong Kong has been on the rise in the past five years. In 2019, the sales of sunscreen in Hong Kong reached HK $490 million, up 18% from 2014. It is expected that the annual growth rate will remain at 4% by 2023, and it is expected to expand to HK $590 million. In winter, the ozone layer is the thinnest in Hong Kong, and UVA ultraviolet rays penetrate the clouds and the dermis of the skin, which may cause damage. Long term exposure to the sun can lead to skin cancer, the report explains. The Hong Kong Meteorological Bureau even recommends that you go to the shade at noon for outdoor activities, and that you also use sunscreen in winter. But many people in Hong Kong think they can spend less or no sunscreen in winter, the report said. Moreover, most of the products only have basic sun protection function on the market, so enterprises need to strive to attract consumers' attention with multi-functional products. Recently, a study published by Hong Kong Baptist University suggested that sunscreen could pollute the ocean. It is recommended to use environmental protection type natural physical sunscreen, which does not contain chemical components harmful to marine ecosystem. According to the analysis, Shiseido and L'Oreal accounted for 15% and 18% market shares respectively in 2018. Andresa and Keyan are very popular with Hong Kong consumers. Lanzhi of amorepacific has been on the rise since 2013, with a market share of 3% in 2018. In the safety test of 51 sunscreens circulated in Hong Kong in August 2017, 16 products including South Korea, Japan and France were rated as "excellent". Brands such as nbsphera sunshine with beautiful outdoor sunscreen (South Korea), bio UV Aqua rich essence (Japan), perfect UV sunscreen Aqua booster (Japan), copter water babies sunscreen (America) and bio spring sun energy high power sunscreen (France) are considered to be very safe. According to the report, young consumers are interested in natural ingredients and environmentally friendly sunscreen. According to the report, many consumers will confirm the ingredients, skin test, international certification and other contents of the product before buying sunscreen, mainly choosing products that do not stimulate the skin. Many of the world has entered the Hong Kong market, so South Korean enterprises to enter the Hong Kong market, on the one hand, they need to carry out various publicity and promotion activities to improve their visibility; on the other hand, in order to improve the competitiveness of products, they need to develop multi-functional products to attract the attention of consumers.