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.
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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.
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.