The sunscreen

EXECUTIVE SUMMARY * WHITE SPACE IDENTIFICATION 1.1 Market Research Traditional sunscreen application methods are perceived as inconvenient and impractical by a significant portion of consumers. Smith (2023) found that 68% of individuals express dissatisfaction with the current sunscreen application process. Moreover, the Global Sunscreen Market Report (2023) highlights that 72% of consumers face challenges when carrying liquid sunscreen products, especially during travel. This data underscores the need for innovative sun protection solutions that offer convenience and ease of use. Market research will focus on understanding consumer preferences, pain points, and trends in sun protection products to identify the white space for a sunscreen pill. 1.2 Assortment Line Development 1.3 Market Opportunity 1.3.1 Market Size and Growth Potential The global sun care products market is projected to grow at a CAGR of 3.48% from 2024 to 2029, indicating a steady increase in demand for sun protection solutions (Mordor Intelligence, 2024). The Sunscreen Cream market is expected to witness significant growth between 2022 and 2030, reflecting a positive outlook for the industry (Market Research Future, 2022). 1.3.2 Emerging Trends and Innovations Consumers are increasingly favoring sustainable and eco-friendly sunscreen products, aligning with growing environmental consciousness (Smith et al., 2023; Johnson & Lee, 2022). Technological advancements such as AI, machine learning, and blockchain are driving innovation in sunscreen formulations, offering enhanced performance and user experience (Tech Trends Report, 2023). The introduction of sunscreen pills represents a novel approach to sun protection, addressing convenience and portability concerns associated with traditional sunscreens (Clinikally, n.d.). 1.3.3 Competitive Landscape Major players in the sunscreen market include Johnson & Johnson, Beiersdorf AG, Shiseido Company, Procter & Gamble, and L'Oréal S.A., dominating the industry with extensive product portfolios (Market Research Future, 2022). Smaller companies have opportunities to differentiate themselves by offering specialized or technologically advanced sunscreen solutions that cater to evolving consumer preferences (Tech Trends Report, 2023). 1.3.4 Regulatory Considerations Compliance with stringent regulatory guidelines is essential for the development and commercialization of sunscreen products, including innovative formulations like sunscreen pills (FDA Sunscreen Regulations Guide, 2019). Collaboration with regulatory authorities and healthcare professionals is crucial to ensure the safety and efficacy of sunscreen pills before market entry (Autier et al., 2023). * TARGET CUSTOMER 2.1 Target Customer The potential target customer for the innovative sunscreen pill encompasses a broad demographic, primarily focusing on individuals who prioritize convenience, health, and environmental sustainability in their sun protection choices. Based on market research and consumer behavior studies, the target customer can be segmented into the following categories: 2.1.1 Demographic Ages: * Young Adults (18 – 30) Ages 18 – 30 are ranked as one of the most active groups and are much into outdoor activities such as attending open field sports, beach outings, and festivals. This age group gives more attention to their appearance, and therefore, uses sun care products not only for cosmetic reasons such as good appearance but for preventing or minimizing skin injuries. * Parents (30-45) Parents with young children are more likely to get worried about their family's vulnerable skin especially young children who are often susceptible to the scorching effects of the sun. They are also after products that are known to be safe for kids and simple to use for the entire family. * Middle-aged adults (45-65) Members of the middle-aged group understand that protecting themselves from the sun is important to maintain healthy skin and avoid premature aging of the skin. Their preference to maintain sunscreen safety is also informed by the fact that getting sunburnt almost twice every two years triples the risk of developing melanoma a type of skin cancer. As such, sun care products and lotions offer them the opportunity to minimize these risks and stay healthy. * Seniors aged 65+ As aging happens skin care concerns of the elderly arise such as preventing age spots wrinkles and other sun damage effects. Besides, they also could have some skin-care-specific needs associated with conditions like skin thinning and sun-related illnesses that develop over time. 2.1.2 Psychographic * Health-Conscious Consumers These individuals are highly aware of the health implications associated with sun exposure, including skin cancer and premature aging. According to Johnson and Lee (2022), approximately 60% of consumers express a heightened concern for sun protection due to health risks associated with UV exposure. * Environmentally Conscious Consumers A significant portion of the target market consists of consumers who prefer products with minimal environmental impact. The Global Sunscreen Market Report (2023) indicates that 55% of consumers are more likely to purchase sun protection products that are eco-friendly and use sustainable packaging. * Active Lifestyle Enthusiasts Individuals with active outdoor lifestyles, including athletes, hikers, and beachgoers, represent a key segment of the target market. Smith (2023) found that 70% of consumers engaging in outdoor activities seek sun protection solutions that are convenient and easy to reapply. * Travelers Travelers who face restrictions on carrying liquids in their luggage are a significant target demographic. The study by Johnson and Lee (2022) highlights that 65% of travelers experience challenges with traditional sunscreen products due to travel regulations and seek more portable alternatives. 2.2 Persona Creation 2.2.1 Persona 1: The Busy Professional Demographics: * Name: Sarah Johnson * Age: 35 * Occupation: Marketing Manager at a tech startup * Location: San Francisco, CA * Marital Status: Single Psychographics: * Lifestyle: Sarah, a 35-year-old marketing manager leads a fast-paced, active lifestyle. She is ambitious and always on the go, juggling work responsibilities, social engagements, and her fitness routine. As a career woman, she is always attending meetings, brainstorming, and juggling with the tight schedules that characterize the digital marketing profession. * Values, goals, and motivations: Sarah values convenience, efficiency, and maintaining a healthy, balanced lifestyle. She's conscious about the impact of her choices on the environment. While giving priority to her career, Sarah values self-care and always wants to go the extra mile to protect her skin from any harmful effects including the scorching effects of the sun. As a middle-aged person, working in a highly demanding profession she knows the importance of keeping a youthful appearance and avoiding premature aging as a result of excessive sun exposure. As such, she always prefers sun care products that offer her safe and healthy protection without taking much of her time in both applying and reapplying. * Interests: Sarah enjoys outdoor activities like hiking, cycling, and running. She's also an avid reader and loves trying new healthy recipes. * Pain Points: Sarah often forgets to reapply sunscreen during the day, and she finds traditional sunscreen application to be a hassle, especially when she's traveling or on the go. Sarah will not mind buying sun care products that offer her convenience during application and at the same time last longer to avoid reapplications considering her busy schedule throughout the day. Behavior: * Shopping Habits: Sarah primarily shops online for convenience, but she also enjoys browsing health and wellness stores for new products. She's an early adopter of innovative solutions that simplify her daily routine. For example, she would like to see multi-functional products that offer extra benefits including antioxidant protection, moisturization, and even anti-aging properties in one product at a go. She feels that innovative products are good because they streamline her skincare routine and offer her value that exceeds basic sun protection. * Sun Protection Habits: Sarah knows the importance of sun protection, but she struggles to remember to apply sunscreen consistently throughout the day. She's looking for a more convenient solution that she can easily incorporate into her busy lifestyle. She does not mind buying innovative sun care products that leverage technology to offer the most superior care and performance. * Product Preferences: Sarah is drawn to products that are easy to use, innovative, multi-functional, convenient, portable, effective, and environmentally friendly. She's willing to pay a premium for innovative solutions that address her pain points. 2.2.2 Persona 2: College Student Demographics: * Name: Emma Nguyen * Age: 21 * Occupation: College Student * Location: Los Angeles, CA * Marital Status: Single Psychographics: * Lifestyle: Emma is a full-time college student who juggles classes, extracurricular activities, and a part-time job. This means that Emma always tries to balance her busy academic schedule with family time, socialization, and attending events with friends. * Values: Emma values her health and wellness, as well as sustainability and environmental responsibility. While her primary goal is to excel academically she is also conscious about her appearance and wants to maintain a youthful, radiant complexion. For Emma, sun protection is important not just for the safety of her skin but also for her general health. * Interests: Emma enj...