National Sunblock Consumption Market Index, SBMindex
Are you aware of how the importance of sunblock is increasing with climate change? The intensity of ultraviolet (UV) radiation is steadily rising. This has been proven by many studies to exacerbate health issues such as skin cancer, premature aging, and even weakened immune systems. Finding effective ways to block UV radiation, including using sunblock, has become crucial. However, it is challenging to get a clear picture of how different countries use sunblock due to varying income levels, climates, and ethnicities. In this article, we will explore how sunblock consumption is distributed across different countries and which country’s sunblock market is the most attractive. We introduce the “SBMindex (Sunblock Market Index)” developed by our team.
Calculation Method for the SBMindex
The SBMindex is an index developed by the R&D team at Happy Technology Co., Ltd. Although it is a rough measure, it is expected to help both consumers and companies by analyzing sunscreen consumption patterns by country and evaluating market attractiveness.
The elements and weight values used in the SBMindex are as follows:
- Per Capita Income (0.2): Higher national income indicates a greater ability for consumers to spend on sunscreen, making it an important indicator. The weight is set at 0.2.
- Population (0.1): A larger population suggests a larger potential market. However, it has a lower direct impact than other factors, so the weight is set at 0.1.
- Country-Specific Sunscreen Market Size (0.2): The existing market size indicates the level of demand for sunscreen in that country, making it an important indicator.
- Annual Per Capita Sunscreen Expenditure (0.2): Higher per capita expenditure signifies a higher consumption level in the market, making it an important factor.
- Average Annual UV Index by Country (0.2): Higher UV indices make sunscreen use essential, thus it is an important indicator.
- Average Economic Growth Rate by Country (0.1): Higher economic growth rates indicate greater potential for future market growth, so this factor is included.
Introduction to the SBMindex Model
This index model is designed to have a value of “1,000” when per capita income, population, sunscreen market size, per capita sunscreen expenditure, average annual UV index, and economic growth rate all reach their maximum values among 50 countries. Of course, no country will have all six factors at their maximum values, so different index values will result. The index value ranges from “0 to 1,000,” where a higher number indicates a more attractive sunscreen market in that country.
The countries applied in this model are selected based on the highest per capita income, including the top 50 countries. These 50 countries represent the top 25% of the world’s per capita income, implying they have the potential conditions for forming a sunscreen market.
The formula for the model is as follows:
SBMindex = 1,000 *
{(per capita income / highest per capita income among 50 countries) × 0.2 +
(population / highest population among 50 countries) × 0.1 +
(sunscreen market size / highest sunscreen market size) × 0.2 +
(annual per capita sunscreen expenditure / highest annual per capita sunscreen expenditure) × 0.2 +
(average annual UV index / highest average annual UV index) × 0.2 +
(average economic growth rate over the last 3 years / highest average economic growth rate over the last 3 years among 50 countries) × 0.1}
This comprehensive index helps assess the attractiveness of the sunscreen market in various countries based on multiple relevant factors.
What is the SBMindex for each country?
South Korea’s per capita income is $31,900, with a population of 51.7 million people, a sunscreen market size of $350 million, a per capita annual sunscreen expenditure of $6.77, a UV Index of 7, and an average economic growth rate of 2.4% over the past three years. When these numbers are input into our model, South Korea’s SBMindex is calculated to be 479 points, ranking 18th out of 50 countries. The higher the SBMindex, the better.
The top rank is the United States with 648 points, followed by Australia with 621 points. Vietnam ranks 11th with 514 points, Sweden ranks 34th with 367 points, and Lithuania ranks 50th with 189 points. This implies that a country’s economic situation or large population does not necessarily result in a high score. Instead, the market attractiveness varies based on factors like existing sunscreen purchase levels and the intensity of UV exposure. Hence, refining this index could prove useful, especially for sunscreen manufacturers.
Another observation is that the average SBMindex across the 50 countries is 414 points, indicating that there is still a significant portion of the sunscreen market left to explore. With further calculations, in the rapidly changing environmental landscape, the average SBMindex should ideally be between 500 and 600 points per country.
For sunscreen manufacturers, this could be good news, as it suggests there are still many markets to tap into. In the next segment, we will develop an “Ultraviolet and Sunscreen Readiness Index” (SBRindex). In the future, as environmental pollution intensifies and UV radiation becomes stronger, leading to increased diseases like skin cancer and greater societal competitiveness, countries and individuals that are well-prepared for UV exposure will have a competitive edge. Therefore, the SBRindex is set to become another critical metric.
To see the detailed list of the 50 countries assessed with the SBMindex, click below.
“Click here for free access to detailed SBR Index data for 50 countries!”