Self-Tanning Products Market Size Will Achieve USD 3,085 Million by 2030 growing at 6.3%

The Global Self-Tanning Products Market Size accounted for USD 1,821 million in 2021 and is projected to attain a size of around USD 3,085 million by 2030 growing with a CAGR of 6.3% for the forecast period 2022 to 2030, as reported by Acumen Research and Consulting

Rising incidences of skin cancer in the region at an alarming rate is resulting in consumers' interest in the adoption of modern solution such as skin lotions and pills. Major players operating in the country are investing high in R&D activities and focused on the development of safe reliable products. Changing consumer standards and high spending capacity is resulting in demand for products with better effects. The government is imposing various regulations related to the use of harmful chemicals in beauty products this is resulting in manufacturers' approach towards the introduction of organic products. Major players focused on enhancing the business through strategic acquisition and increasing the customer base this is expected to impact the growth of the market for the self-tanning product in this region. In 2020, Crown Laboratories, Inc. a specialty pharmaceutical company, and Hildred Capital Partners, LLC in collaboration acquired Vita Liberata, Ireland based company that specializes in sunless tanning and skincare products. This acquisition is expected to help the company to enhance its business presence and increase its revenue share.

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A gradual rise in awareness among consumers related to the traditional tanning process, high spending by consumers on beauty products, and the introduction of modern solutions such as pills and gels by major players are major factors expected to drive the global self-tanning products market growth. Increasing consumer preference towards online distribution channels is one of the recent self-tanning products market trends that are fueling the industry value.

• In 2020, ST TROPEZ a beauty product brand launched a new Self Tan Express Bronzing Gel that uses skin-caring ingredients such as Hyaluronic Acid to help skin keep moisturized and help the tan last longer. This product launch is expected to help the company to enhance its customer base and increase revenue.

• In 2020, Bondi Sands an Australian self-tanning brand expanded its product range with its first-ever line of body care products. The company offers more than 20 self-tanning products from gradual tanning milk to mists and lotions. This is expected to help the company to increase its product offering and attract new customers.

• In addition, increasing acquisition activities by players in order to increase the product portfolio and revenue share is expected to boost the growth of the self-tanning product market.

• In 2020, PZ Cussons a manufacturer of Imperial Leather soaps and Carex handwashes acquired the tanning brand St Tropez. This acquisition is expected to help the company to enhance its business.

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COVID-19 Impact on the Global Self-Tanning Products Market Revenue

The COVID-19 pandemic is predicted to have a significant impact on self-tanning product market growth, particularly in 2020. Because self-tanning products are not considered as essential by governments in some countries, both production and demand have suffered significantly. In addition, low availability and rising raw material prices as a result of severe supply chain disruption are providing obstacles to the primary manufacturers of these items, stifling market growth. However, as the incidence subsided, the restrictions were abolished, resulting in a rise in product sales.

Self-Tanning Products Market Dynamics

Favorable business policies by the government of developing countries and the surfacing of small & mid-size enterprises with innovative solutions are factors expected to support the self-tanning products market share. Factors such as stringent government regulation related to product approval and the high cost of products are expected to hamper the growth of the global self-tanning products market. In addition, side-effect of these products is expected to challenge the self-tanning product market growth. However, factors such as increasing investment by major players for R&D activities and focus on the introduction of organic solutions are expected to create new opportunities for players operating in the target market. In addition, major players focused on strengthening the distribution channel are expected to support the self-tanning products market revenue.

Self-Tanning Products Market Segmentation

The global market for self-tanning products is divided into product, distribution channel, end-use, and region segments. The market is divided into lotions, gels, and others based on the product type. According to our self-tanning product industry data, lotions dominated the market in 2021 and are expected to maintain their dominance during the anticipated timeframe of 2022 to 2030.

The market is divided into three segments based on distribution channels: supermarkets and hypermarkets, convenience stores, and online. According to the self-tanning products market forecast, the sub-segment of supermarkets and hypermarkets would have the greatest self-tanning goods market share in 2021. The growing consumer preference for purchasing self-tanning products from supermarkets and hypermarkets because of the shopping experience provided by these outlets is likely to drive segmental expansion. However, the online distribution channel sub-segment is expected to increase at the quickest rate between 2022 and 2030. The market for online channels is expanding as a result of the shift in consumer purchasing from physical to online channels caused by the emergence of the COVID-19 pandemic.

Furthermore, the end-use segment is bifurcated into men and women. According to our self-tanning products market forecast, women will have the biggest market share from 2022 to 2030, while males will grow at the quickest CAGR.

Self-Tanning Products Market Regional Outlook

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the self-tanning products industry.

The market in North America is expected to account for a major revenue share in the global self-tanning products market due to increasing consumer spending on beauty products. Consumers are more conscious about the way they look they are more focused on the adoption of smart and safe beauty practices.

The market in the Asia Pacific is expected to witness faster growth in the self-tanning product market over the forecast period due to rising awareness among consumers related to UV rays. In addition, rapid urbanization in developing countries and higher consumer spending on cosmetic brands are factors expected to support the growth of the self-tanning product market. Players are focused on enhancing the business in emerging economies in order to increase the customer base and the introduction of innovative products from players are factors expected to boost the growth of the self-tanning product market.

Self-Tanning Products Market Players

Some of the leading self-tanning products companies are Estée Lauder Companies, Kao Corp. L'Oréal Group, Procter & Gamble, Unilever, Beiersdorf, Johnson & Johnson, Avon Products, Inc., Shiseido Co. Ltd., and Swallowfield. The market is highly competitive due to the presence of a large number of players operating on a global level.

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