LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global self-tan products market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
The advent of natural and organic ingredients in self-tan products is one of the major trends being witnessed in the global self-tan products market 2019-2023. The demand for incorporating natural and organic ingredients in self-tan products is growing, which are considered to be safe, have no harmful side effects, and be of higher quality than most synthetic products. Typically, self-tan products are made of synthetic ingredients that may harm the skin. As natural and organic products have little or no harmful effects, a number of key manufacturers, including L’Oréal Group and Unilever, are launching natural and organic self-tan products to capture a greater market share. Self-tan products manufactured with organic ingredients such as argan oil, jojoba oil, coconut oil, shea butter, Monoi de Tahiti oil, black tea extract, aloe vera gel, and raw honey not only provide tanning but also deeply moisturize the skin. Thus, the growing popularity of natural and organic self-tan products is likely to continue during the forecast period, resulting in the growth of the global self-tan products market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global self-tan products market is the availability of self-tan products with multiple benefits:
Global self-tan products market: Availability of self-tan products with multiple benefits
The growing popularity of self-tan products, such as lotions, gels, sprays, creams, and mousse, with multiple functionalities, is a driving factor in the global self-tan products market. The key competitors in the market, including Clarins, Kao Corporation, and Procter & Gamble, are developing products with not only self-tanning features but also anti-aging and skin moisturizing and soothing properties. These products are targeted mostly at mass consumers who prefer multifunctional products. Many self-tan products act as moisturizers and soothing creams as well. The demand for multifunctional products is higher in developed countries, particularly in the US, Germany, Canada, and the UK. Therefore, this convergence between skin care and self-tan products is driving the sales for self-tan products considerably, providing a significant growth opportunity during the forecast period.
According to a senior analyst at Technavio for research on cosmetics and toiletry, “The rising awareness about disadvantages and harmful health effects of natural tanning is one other factor that is majorly contributing to the growth of the market. Natural tanning poses risks to the skin and health in general. In addition, exposure to the sun while taking sun-sensitizing drugs can result in rapid and severe sunburns, hives, and rashes; furthermore, there is an increased risk of skin cancer. Individuals with human immunodeficiency virus infection are the most prone as they consume sun-sensitizing drugs.”
Global self-tan products market: Segmentation analysis
The global self-tan products market research report provides market segmentation by product (lotions, gels, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 44% share, followed by the EMEA and APAC respectively. During the forecast period, the Americas is expected to register the highest incremental growth as the market in the Americas is mature, owing to the early adoption of different types of sun-tan products, with women being the primary consumers in this market.
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Five Forces Analysis
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- Vendors covered
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