The self-tanning products market is expected to observe a surge in the growth rate during the forecast period of 2017-2026. This is because of a plethora of factors ranging from the rise in disposable income of the individuals as well as the growing need for avoiding the natural tanning process. Self-tanning products, also known as self-tanners give your skin a tanned look without your skin being exposed to the harmful UV rays. This factor makes the product a favorite among many individuals. Based on application, self-tanning products can be categorized in sprays, lotions, and creams.
- The entire world is almost in a complete lockdown due to the COVID-19 pandemic. Therefore, outdoor tanning is totally out of question. Due to this, many individuals will prefer self-tanning as a feasible option. The fear of social gatherings in big numbers is also going to be in the minds of the people for a long time. Hence, there is a possibility that instead of venturing out for outdoor tanning, people will prefer self-tanning products post COVID-19 crisis also. This factor may propel the growth of self-tanning products market during the forecast period.
- Due to stringent government policies, manufacturers in the self-tanning products market are shifting toward using natural ingredients. In addition, there is a growing awareness among individuals for using organic products. Hence, the use of natural ingredients in self-tanning products is a key trend that may help in propelling the self-tanning products market.
Prominent players in the self-tanning products market are consistently focusing on research and development activities for advancement and innovations in the self-tanning products. Greater emphasis is also being laid on improving the output rate of the self-tanning products through various additions. Mergers and acquisitions are also common in the self-tanning products market. A 75 percent share acquisition in Italian personal care company, Equilibra by Unilever recently is a classic instance
Getting the natural tan from outdoor treatments can be time-consuming, discomforting, and temporary. People from different cultures seeking solutions on tanning their skin are growing inclined towards products that facilitate skin tanning indoors. The demand for self tanning products continues to gain traction as cosmetic companies strive to make the skin tanning process more comfortable and convenient for the consumers. By using distinct odors, specialized chemicals, and healthy ingredients, cosmetics companies are enhancing their range of self tanning products.
According to Transparency Market Research’s recently published report, the global demand for self tanning products is poised to expand steadily at a CAGR of 5.3%. The report further projects that by the end of 2026, nearly US$ 5.5 Bn worth of self tanning products will be sold globally. The study has assessed a range of factors influencing the growth of the global self tanning products market. Among which, the growing importance of tanning in controlling the global incidence rate for non-melanoma skin cancer is expected to bolster the demand for self tanning products in the foreseeable future. The study also projects that proactive lifestyles of consumers will bar them from outdoor tanning, which will translate into higher demand for self tanning products during the forecast period.
Creams and Lotions to Remain in Great Demand
The report estimates that majority of products being sold in the global self tanning products market will be in the form of creams and lotions. Easy applicability of self-tanning creams and lotions will fuel their global sales, and consumers were continue to be predominantly inclined towards them through 2026. By the end of the forecast period, creams and lotions being sold in the global self tanning products market will bring in an estimated US$ 3.7 Bn revenues. The report further reveals that female end-users of self tanning products will be relatively high than their male counterparts. Over the forecast period, more than three-fourth of self tanning products being sold globally will be used by women. The demand for self tanning products among male will lose traction towards the end of 2026.
Modern Trade Outlets to Register Highest Sales
In 2017 and beyond, majority of self tanning products sales will remain concentrated in the modern trade segment. The modern trade outlets will account for more 40% of sales recorded in the global self tanning products market throughout the forecast period. Online sales of self tanning products, on the other hand, are expected to register fastest revenue growth at a CAGR of 7.3%.