Increasing Brand Transparency and Consumer Awareness Generate Immense Global Interest for Self-tanning Products
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. In addition, due to the increasing focus on environment 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 the self tanning products. Self-tanning products have garnered immense popularity over the past four to five years and the trend is expected to continue during the forecast period.
Sunless tanning has amassed notable 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, the sales of non-premium as well as premium self-tanning products have moved in the upward trajectory– a trend that is likely to continue during the forecast period.
At the back of these factors, along with the rise in the disposable income particularly in developing regions, including Asia Pacific, the global premium self-tanning products market is on course to reach US$ 360 Mn mark by the end of 2030.
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Growing Inclination toward Looking Younger to Drive Demand
Premium self-tanning products are expected to gain considerable popularity around the world in the next few years. Self-tanning products have emerged as an ideal solution to improve physical appearance and look younger. In addition, as more number of consumers are shying 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, sensing the growing popularity of self-tanners, several companies are entering the premium self-tanning products market. 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.
Niche and Evolving Consumer Preferences Shape Market Growth
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 due to which, a number of brands are rolling 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. In addition, organic and natural premium self-tanning products are also likely to gain faster approval from regulatory authorities in comparison with that of products developed from unnatural ingredients.
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Offline Sales Drop in 2020 Due to COVID-19 Pandemic
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 supply of raw materials and hindrance in the 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. The impact of COVID on the premium self-tanning products market is anticipated to remain high compared to other suncare products, as majority might not consider premium self-tanning products as essential in response to the needs of other personal care commodities.
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The global premium self-tanning products market are 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.
Premium Self-tanning Products Market: Overview
· According to a latest market report published by Transparency Market Research on the premium self-tanning products market for the period 2020–2030 (wherein 2020 to 2030 is the forecast period and 2019 is the base year), expansion of the industrial sector across the globe is expected to drive the premium self-tanning products market
· Globally, the revenue generated by the premium self-tanning products market accounted for ~US$ 200 Mn in 2019, which is expected to expand at a CAGR of ~6% in terms of value during the forecast period
Rising Trend of Premiumization across the Globe: Key Driver of Global Market
· 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.
· Premiumization of self-tanning products, in term of efficacy and environment friendliness, is anticipated to remain a key factor in the upcoming years. Sustainability and awareness regarding the environment is anticipated to have a noteworthy influence on the decisions regarding type of materials and active ingredients used to make both the product as well as packaging. The ability of market participants to efficiently meet the expectations of their eco-friendly consumers is likely to drive the premium self-tanning products market in the forthcoming years.
Easy Accessibility of Premium Products Owing to Growth of e-Commerce to Drive Premium Self-tanning Products Market
· Fast and low cost delivery coupled with ease of access to premium self-tanning products that were earlier presumed to be a luxury has reversed the trend in the premium self-tanning market. Accessibility has become a key priority of sellers now, attributed to the buying trend of shoppers. It was found that nearly 81% of beauty shoppers referred to digital platforms during their buying process, with majority stating ease as a key driving factor. Some of the prominent convenience factors include intuitive website layouts, easy-to-navigate stores, product trial availability, and suitable advice and recommendations that enable simplified decision-making.
Increasing Popularity of DHA-free Self-tanning Products: Key Trend of Global Market
· Research has found that consumers are more likely to buy skincare products online if they knew the company was concerned about the environment, due to the 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
Premium Self-tanning Products Market: Competition 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
o Luna Bronze
o Josie Maran Cosmetics
o PZ Cussons Beauty LLP
o Tan Towel International Pty Ltd
o James Read, Inc.
o Islestarr Holdings Limited
o Dr. Dennis Gross Skincare LLC