Company News, Marketing News

Global Self-Tanning Products Market Projected to be $2 Billion by 2033: Future Markets Insight, Inc.

From 2023 to 2033, the market research firm predicts the self-tanning products market will expand at a CAGR of 5.9%.

The global self-tanning products market net worth is estimated to be around $1.1 billion this year.
From 2023 to 2033, Future Markets Insight, Inc. predicts the self-tanning products market will expand at a CAGR of 5.9%. By following this strong growth rate, the global self-tanning products market valuation is anticipated to reach $2 billion by 2033.

Self-Tanning Reduces Skin Cancer Risk 

The popularity of sunless tanning solutions is soaring as people prioritize achieving a light skin tone to acquire an attractive appearance. The usage of self-tanning products helps reduce the risk of skin cancer as conventional ones involve exposing skin to sunlight in order to get a tanned appearance. However, speculations of skin cancer and other illnesses brought on by tanning products might limit the opportunities for market players.
Self-tanning products for women accounted for almost 65% of the market revenue in 2022 and the preceding years. According to a Popsugar Beauty post from July 2021, nearly 60% of women in the United States use self-tanners frequently. The product segment of self-tanning solutions only for men is anticipated to witness a strong growth rate through 2033. The quest for a sun-kissed glow is particularly regarded to drive this segment during the forecast period.
Tight limitations on DHA in self-tanners and increasing knowledge of its negative effects are favoring organic and natural lotions. For illustration, the sales of self-tanning products by a top organic skincare and cosmetics brand, Vita Liberata, have increased substantially in recent years. In an effort to reach new consumer groups, local manufacturers are launching new self-tanning solutions that include natural and organic components. Moreover, it is anticipated to offer profitable chances through the expansion of regional demand for self-tanning products and solutions.

Market Performance Picks Up Post Pandemic 

The demand for self-tanning products over conventional tanning products is a recent development in the cosmetics industry. The absolute growth of the market during the period between 2018 and 2022 was just above $0.5 billion. Per the market survey reports by FMI, the market performance of the product is picking post pandemic.
Online shopping outlets gained and retained the self-tanning product sales performance during this period by providing home delivery services. Further, these websites include detailed product information and user reviews, assisting consumers in product comparison and decision-making.
Bluecore global data reveals that online sales of cosmetic products increased by an average of 127% in June 2020 compared to 2019. Comparable to this, L’Oreal stated that their sales over online platforms increased from 15.6% in 2019 to 26.6% in 2020. Future prospects for self-tanning producers are highly lucrative, owing to the proliferation of e-commerce channels.

Self-tanning Product Users Prefer Lotion over Cream 

Per the FMI report, more than 55% of the market share was accounted for by the self-tanning lotion category in 2022. In the foreseeable term, the growing number of product offerings by different brand names could enlarge the self-tanning lotion segment.
Unlike self-tanning creams, self-tanning lotions have a low oil content which makes them acceptable among youths. Nonetheless, it is anticipated that self-tanning gels are gaining in popularity and could grow at a quick rate.

Online Sales Channels Present Growth Opportunities for Self-Tanning Products

With a revenue share of more than 55% on average, the supermarkets and hypermarkets distribution channel segment lead the market. However, during the period from 2023 to 2033, the online sales channel segment is predicted to grow at a notable rate.
With the significant proliferation of e-commerce websites, the sales of self-tanning products are no more limited to their country of origin. Availability of home delivery for several brands with steep discounts, the online sales channel segment is growing at a prominent rate. Further, many businesses are adding augmented reality and virtual reality components to their online websites for better customer acquisition.

The US Acquires a Lion’s Share of the Global Market Revenue 

During the course of the assessment, the United States presented a significant growth potential with the growing vogue for tanned skin fashion. The presence of many key market participants is helping the self-tanning products business in the country to flourish.
A substantial portion of the demand for self-tanning products might come from the rising number of beauty salon companies in the United States. The Small Business Development Center Net Organization reported in May 2020 that 77,000 new beauty salons were established in the United States. It is anticipated that high spending by women fueled by their high labor force involvement might have a favorable effect.
Countries in South America are also expected to experience notable development in the production and consumption of self-tanning products during the projected years. Countries like Argentina and Chile are particularly recognized to support the growth of the United States self-tanning products market through 2033.

European Self-Tanning Products Market Evolving with An Increase in Organic Goods Awareness

Currently, Europe has a substantially high demand for self-tanning products in comparison to other geographic regions' market share. In 2022, the total sales of self-tanning goods in Europe were estimated to be more than 35% of global sales. One of the key drivers propelling the sales of self-tanning products is the region's deep-rooted cosmetics and personal care sector.
The adoption of vegan and organic skin care products is also becoming popular, which tends to strengthen the market further. Leading global market players like L’oréal and Clarins are concentrating on growing their retail locations to further strengthen this trend. It is also potentially going to increase product accessibility for customers in Europe and support market expansion during the projected period.

Online Sales Channels Could Drive Sales of Self-Tanning Products in Asia Pacific Countries

Consumers in Asia Pacific nations, such as Japan and South Korea, are now spending more money on cosmetic and personal care items. Cultural influence and a sophisticated sense of style could be the key factor for the self-tanning products market's expansion.
Asia Pacific market is also projected to benefit from the growing importance of skincare goods in China and India. Increasing concerns about skin health and damaging UV radiation are anticipated to popularize the product in such tropical countries.
The demand for self-tanning products in Asia Pacific countries is mostly driven by growing online sales channels. Further, the market could grow favorably due to the increasing internet penetration contributing to advertisements for beauty products.
The Middle East and South Africa may emerge as a lucrative option for global suppliers of self-tanning products in the near future. A rising proportion of tourists in Europe and North America is regarded as the significant factor behind this regional market opportunity.

Market Competition is Growing Through the Emergence of Regional Players

Many well-established cosmetics industries and several small- and medium-sized enterprises make up a highly diversified market of self-tanning products. The most important strategic action in this industry to obtain a competitive edge is new product releases with evolving customer demands.

Recent Developments by Self-Tanning Producing Industries

Hyaluronic acid was introduced as a component in the Self-Tan Quick Bronzing Gel from St. Tropez in May 2020. Using Intelligent Shade Technology, it provides three colors in one for a more natural-looking tan, streak-free results, and even color fading.
In August 2021, Cosmopolitan and Devoted Creations partnered in August 2021 to introduce a collection of cruelty-free, and vegan tanning creams. Sunless Mousse, Quick Body Bronzer, Sun Lotion with Shimmer, Overnight Sunless Lotion, and Liquid Sunshine Tanning Water constitute the CosmoSun product line.

How Manufacturers Can Scale Their Businesses 

Global players can work with regional companies to develop sunless tanning products or best fake tans based on local appeal. Moreover, it is envisaged that increasing product lines with different brandings can turn into an exclusive strategy for business growth.
Key players may concentrate mainly on working with celebrated individuals in the entertainment industry for brand promotion and simulate mass interest. Also, the utilization of social media can aid in promoting the brand with backlinks for its products on e-commerce websites.
Key Players Profiled in the Self-tanning Products Market Report include Bondi Sands Pty Ltd; PZ Cussons Plc.; Supernova UK Pty Ltd; Epic Etailers LLC; HotHouse Beauty Ltd; Johnson & Johnson Services, Inc.; Coty Inc.; Edgewell Personal Care Co; Artesian Tan; Beauty By Earth; Charlotte Tilbury; Coco & Eve; James Read; L’Oréal SA Paris; Luna Bronze; St. Tropez; The Estée Lauder Companies Inc.; Shiseido Co., Ltd.; Beiersdorf AG; Avon Products, Inc.; Isle of Paradise; Pradas Glow; Kao Corporation; Coola LLC.; Crown Laboratories, Inc.; and Avalon Natural Products, Inc.

Keep up with the story. Subscribe to the Happi free daily

Related Breaking News