TAGS: Sun Care
According to a new report by Grand View Research, the global self-tanning products market size is expected to reach USD 1.31 billion by 2030, registering a CAGR of 4.5%.
Rising preference for healthy and tanned skin, especially among female consumers, has given rise to increased spending on self-tanning products. Furthermore, increased acceptance of self-tanning products among men, coupled with growing celebrity endorsements, is expected to drive the product demand.
Segments with the Largest Revenue Share
The lotions product segment held the largest revenue share in 2021 and is expected to maintain dominance over the forecast period. Lotions are lightweight, contain little oil, and have high water content, making them one of the most popular sunless tanning alternatives, especially in hot and humid climates to prevent greasiness. The supermarkets & hypermarkets segment accounted for the largest revenue share in 2021
Many consumers prefer buying self-tanning products from hypermarkets & supermarkets due to the shopping experience offered by these stores. The availability of expert assistance along with physical verification of products is another major factor contributing to the growth of this segment. The market is consolidated in nature owing to the presence of many strong major players.
Key Highlights of the Report
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The Asia Pacific is projected to register the fastest growth rate over the forecast period.
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The expansion of the chemical industry in India and China, both of which are backed by regulatory support, is expected to ensure continuous raw material access to self-tanning product manufacturers and thus, be a positive factor for the market growth in the Asia Pacific.
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The gels segment is projected to register the fastest CAGR during the forecast period due to the increasing product launches.
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The online distribution channel segment is expected to register the fastest growth during the forecast period.
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Key players in the market are increasingly launching e-commerce websites in lucrative markets owing to the rising internet penetration and increasing propensity of mobile shopping among consumers.
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Key players in the market are increasingly launching e-commerce websites in lucrative markets owing to the rising internet penetration and increasing propensity of mobile shopping among consumers.
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Source: Grand View Research