Transparency Market Research delivers key insights on the global premium self-tanning products market. In terms of revenue, the global premium self-tanning products market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global premium self-tanning products market report.
In this market report, TMR predicts that the exponential growth in the spending power of the middle class population across developing countries, popularly trending as Premiumization, is anticipated to have an affirmative impact on the premium self-tanning products market. Consumers in developing economies such as India, Brazil, and China are becoming more attracted to luxury brands and are willing to pay extra for the superior quality products.
Premiumization of self-tanning products, in term of efficacy and environment friendliness, is anticipated to be a key factor in the upcoming years. Sustainability and awareness regarding the environment is anticipated to have noteworthy influence on the decisions regarding type of materials and active ingredients used to make both the product as well as packaging. The ability of market participants to efficiently meet the expectations of their eco-friendly consumers is likely to drive the premium self-tanning products market in the forthcoming years.
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In terms of type, the premium self-tanning products market has been segmented into facial self-tanners and body self-tanners. During the forecast period, the market is anticipated to be dominated by the body self-tanning products segment. In the report, based on form, the premium self-tanning products market has been segmented into gel, lotion, spray, oil, cream, and others.
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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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.
Easy Accessibility of Premium Products Owing to Growth of e-Commerce to Drive Premium Self-tanning Products Market
- Fast and low cost delivery coupled with ease of access to premium self-tanning products that were earlier presumed to be a luxury has reversed the trend in the premium self-tanning market. Accessibility has become a key priority of sellers now, attributed to the buying trend of shoppers. It was found that nearly 81% of beauty shoppers referred to digital platforms during their buying process, with majority stating ease as a key driving factor. Some of the prominent convenience factors include intuitive website layouts, easy-to-navigate stores, product trial availability, and suitable advice and recommendations that enable simplified decision-making.
Increasing Popularity of DHA-free Self-tanning Products: Key Trend of Global Market
- Research has found that consumers are more likely to buy skincare products online if they knew the company was concerned about the environment, due to the rising preference for brands that are environment-friendly.
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