Premium Self-Tanning Products Market to Reach USD 360 Mn by 2030, Expanding at a CAGR of 6% - Analysis by TMR

The cosmetic sector has evolved at a rapid pace over the past decade, largely driven by rapidly changing consumer preferences, advancements in technology, and growing awareness regarding new materials and ingredients. Additionally, due to the increasing focus on environmental protection and sustainability, several cosmetic brands have resorted to green and sustainable manufacturing processes. At present, one of the most captivating trends across the cosmetic industry is that of self-tanning products. Self-tanning products have garnered immense popularity over the past four to five years, and this trend is expected to continue during the forecast period.

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Market Size and Growth

Sunless tanning has amassed considerable popularity among consumers, especially due to the ill effects of long-term skin tanning under the sun. The rise in the millennial population around the world is one of the biggest drivers of the overall growth of the global premium self-tanning products market, as demand continues to grow at a consistent pace. In addition, engaging social media marketing campaigns and increasing awareness regarding various self-tanning products available in the market have propelled the sales of non-premium as well as premium self-tanning products upward-a trend that is likely to continue during the forecast period. At the back of these factors, along with the rise in disposable income, particularly in developing regions including Asia Pacific, the global premium self-tanning products market is on course to reach the US$ 360 million mark by the end of 2030.

Market Segmentation

Premium self-tanning products have emerged as an ideal solution to improve physical appearance and look younger. As more consumers shy away from exposing their skin to dangerous tanning beds and harmful UV rays of the sun, the demand for self-tanning products is anticipated to grow at an impressive pace. Within the cosmetic sector, several companies are entering the premium self-tanning products market, sensing the growing popularity of self-tanners. At present, a number of premium self-tanning products, including lotions, sprays, and foams, are available in the market for a range of skin tones-another factor that is projected to provide an impetus for the growth of the global premium self-tanning products during the assessment period. As self-tanning products are primarily healthier than sun and tanning booths, consumers are opting for premium self-tanning products-a trend that is likely to garner further momentum as awareness levels grow.

Regional Analysis

Consumer preferences have played an imperative role in influencing the growth of the global premium self-tanning products market, as brands continue to develop products in line with consumer preferences. While sunless tanning is becoming increasingly popular worldwide, several players in the current premium self-tanning products market are investing resources toward the development of safe and highly effective self-tanning products made of ingredients from sustainable and environment-friendly sources. Moreover, the surge in the number of vegan populations around the world has created considerable demand for vegan premium self-tanning products, prompting a number of brands to roll out vegan self-tanning products to capture this niche set of consumers. While vegan premium self-tanning products are gaining considerable traction, consumers are also increasingly opting for organic and natural premium self-tanning products that are free from toxic chemicals and ingredients.

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Market Drivers and Challenges

The onset of the novel COVID-19 is expected to hinder the growth of the global premium self-tanning products in 2020. As governments around the world are increasingly focusing on curbing the spread of the novel COVID-19 virus, shopping malls, showrooms, retail stores, etc., are shut in several regions of the world. Thus, the offline sales of premium self-tanning products have taken a major hit. Moreover, the stagnation in the supply of raw materials and hindrance in production are likely to have an adverse impact on the premium self-tanning products market. This factor across the globe is expected to impact the market in terms of demand-supply gap filling, ease of access, and just-in-time delivery of products.

Market Trends

Research has found that consumers are more likely to buy skincare products online if they knew the company was concerned about the environment, leading to a rising preference for brands that are environment-friendly. Consumers embracing Instagram trends of self-tanning at home during the quarantine period is fueling the rise in sales of premium self-tanning products. The exponential growth in the spending power of the middle-class population across third-world countries, which is also popularly trending as Premiumization, is anticipated to have a positive impact on the premium self-tanning products market. Consumers in developing economies such as India, Brazil, and China are becoming more attracted to luxury brands and are willing to pay extra for superior quality products.

Competitive Landscape

Detailed profiles of manufacturers of premium self-tanning products have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. Key players operating in the premium self-tanning products market include Luna Bronze, REBLX, TAN-LUXE, Josie Maran Cosmetics, PZ Cussons Beauty LLP, Tan Towel International Pty Ltd, James Read, Inc., Islestarr Holdings Limited, Dr. Dennis Gross Skincare LLC, and Lancome. Prominent manufacturers in the premium self-tanning products market are increasing investment in innovative products to fulfill the needs of end users. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions and tie-ups with local premium self-tanning products providers.

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Future Outlook

The global premium self-tanning products market is expected to grow at an impressive CAGR of ~6% during the forecast period. The market growth can be primarily attributed to factors such as rising purchasing power of the middle-class population in both developing and developed regions, availability of a range of premium self-tanning products for different skin tones, increasing awareness regarding various benefits of premium self-tanning products, and brand transparency related to the source of ingredients. Market players should focus on boosting their sales via online platforms by investing in effective and engaging digital marketing strategies to establish a solid footing in the global premium self-tanning products market landscape.

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