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.
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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.
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.
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A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global premium self-tanning products market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global premium self-tanning products market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, products portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the premium self-tanning products market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from premium self-tanning products industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global premium self-tanning products market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global premium self-tanning products market more reliable and accurate.
