Self-Tanning Products Market Analysis By Key Players, Share, Revenue, Trends, Size, Growth, Opportunities, and Regional Forecast To 2029
The global self-tanning products market size was valued at USD 1.0 billion in 2021. The market is projected to grow from USD 1.04 billion in 2022 to USD 1.58 billion by 2029, exhibiting a CAGR of 6.1% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Self-Tanning Products Market, 2022-2029.”
Shut Down of Stores and Malls during Pandemic Decreased Product Demand
The implementation of lockdown across the globe owing to COVID-19 resulted in the shutdown of stores of non-emergency-related products involving beauty goods. The shutting down of stores has negatively affected the sales of numerous beauty products, including self-tanning products. Additionally, owing to the coronavirus, manifold sufferers across the globe, which is dominating modify the consumer expenditure behavior, also had an adverse effect on the market growth.
Fortune Business Insights™ lists out all the self-tanning products market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- PZ Cussons Plc. (St Tropez Inc.) (U.K.)
- Bondi Sands (Australia)
- Tan-Luxe (Future Beauty Labs) (U.K.)
- Isle of Paradise (U.K.)
- Pradas Glow (U.S.)
- Kao Corporation (Jergens) (Japan)
- Coola LLC. (U.S.)
- Clarins (France)
- Johnson & Johnson Services, Inc. (Neutrogena) (U.S.)
- Crown Laboratories, Inc. (Vita Liberata) (U.S.)
- Avalon Natural Products, Inc. (Alba Botanica) (U.S.)
- L’Oréal S.A. (France)
- Skinerals (U.S.)
The report offers a global study of the market along with present trends and impending predictions to disclose approximate revenue. A rounded review of any forthcoming prospects, jeopardies, competitions or driving aspects is also stated in the report. A thorough and methodical regional examination is offered.
Drivers and Restraints:
Surging Urban Population and Advertisement Expenditure to Bolster Demand
Individuals living in urban spaces across the globe are being greatly alert regarding the usage of self-tanning products, owing to being open to numerous skincare products, involving self-tanning in comparison to people residing in rural areas and this promotes the demand for the product. Additionally, rising expenditure on advertising and promotional programs by market key companies are predicted to have a favorable effect on the market development.
The lack of knowledge of the existence of self-tanning between a major number of individuals living in emerging and under-established countries is hampering the self-tanning products market growth. Similarly, the product is observed to be less useful among individuals with deeper skin tones and that dampens the usage among a huge number of consumers. This results in constraining the product demand.
Europe to Appear as Dominating Region Backed by Existence of Important Companies
Europe holds the largest market share, and the size was valued at USD 339.58 billion in 2021. Crucial market companies, such as Loreal, Clarins, and others, are extensively fixated on expanding their retail stores across the European region.
Asia Pacific is predicted to display a considerable growth in the forthcoming years. The surging fondness toward beauty products among the youth populace is playing a substantial part for the increasing product demand.
North America is expected to demonstrate a considerable growth prospect during the forecast period. The surging development of beauty salon businesses in North American nations results in an upsurge in the requirement for products, which is projected to contribute to the market development remarkably.
South America is projected to hold an impressive self-tanning products market share in the impending years. The steady economic development in South American nations is leading to greater expenditure on beauty products and is anticipated to have a widespread effect on the market growth.
By product form, the market is fragmented into self-tan lotion, self-tan spray, self-tan oil, self-tan mousse, self-tan drops, self-tan wipes, and others. Self-tan lotion holds the major market share on account of the ease of use and low risk of application errors on the skin, thereby increasing the preference for lotion product form.
Based on end-user, the market is segmented into household and commercial.
By distribution channel, the market is fragmented into offline and online.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Coalitions Between Corporations to Safeguard their Brand Recognition in the Market
Fundamental companies in the market are incessantly rooting for operative tactics to endorse their products and inaugurate their positions in the market. One such vital stratagem is to inaugurate novel products by teaming up with other corporations to expand their reach to end-users.
Key Industry Development:
March 2021: Bali Body collaborated with HSN for the introduction of self-tanning products. This includes one hour express self-tanner which is a quick-drying, lightweight, streak-free, making it ideal for achieving quick and even color.
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