Global Tanning Products Market to Reach Valuation of US$ 2.7 Bn by 2027: Industry Probe

February 28, 2020, Domain: Consumer Goods & Retail

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Tanning Products Market (Product: Lotion, Mousse, Cream, Sprays & Mists, Gel, Oil & Serum, Others [Towelettes, Sticks, etc.]; Ingredient: Natural/Organic and Chemical-based; Skin Type: Normal, Dry, and Oily; Category: Premium and Mass; End User: Men and Women; and Distribution Channel: Online [Company-owned and e-Commerce] and Offline [Hypermarkets/Supermarkets, Drug Stores, Departmental Stores, Conventional Stores]) – Global Industry Dynamics, Trends, and Forecast, 2020–2027,’ the global tanning products market is expected to reach US$ 2.7 Bn by 2027 and expand at a CAGR of 6.2% from 2019 to 2027

Overview

  • The global tanning products market was valued at US$ 1,575.8 Mn in 2018 and is expected to expand at a CAGR of 6.2% from 2019 to 2027. Growing awareness about skin cancer and lifestyle changes are anticipated to boost the global market for tanning products in the near future.

  • Europe held the major share of the global tanning products market in 2018, followed by North America and Europe

  • The Middle East & Africa and South America tanning products market are expected to witness slow growth during the forecast period. A rise in disposable income, ease of use, and convenience are expected to contribute to the growth of the tanning products market in the Middle East & Africa, and South America.

Driving Factors

  • Increasing awareness of skin cancer is boosting the sale of tanning products in the global market. Sunbathing often leads to exposure to harmful UV rays, which often leads to skin cancer and other skin issues. Hence, to get the tanned look, consumers are opting for tanning products.

  • Moreover, tanning products unlike sun tanning provide even and instant tanning. These products also come in several shades, which is significantly contributing to the growth of the global tanning products market.

Key Challenges

  • Consumers in the Asia Pacific and Middle East & Africa are more inclined towards white and pale skin. They prefer whitening products over tanning products. This is a major challenge restraining the growth of the global tanning products market.

Market Preference

  • In terms of product, the lotion segment is witnessing increased demand. Increased demand for lotion is owing to its lightweight, non-greasy nature. In terms of ingredients, the chemical-based segment held the major share in the global market in 2018. DHA, being the main ingredient in the majority of tanning products is driving the sales of the chemical-based tanning products.

  • In terms of skin type, the normal skin segment accounts for the major share in the global tanning products market. Based on the category, the mass segment held the major share in the global tanning products market in 2018.

  • Based on end-user, the women segment is the major contributor to the growth of the global tanning products market

  • In terms of distribution channel, offline is expected to be the most attractive segment during the forecast period due to the preference of consumers for offline shopping

  • In terms of region, the Europe region accounts for the major share of the global tanning products market, followed by North America and the Asia Pacific

  • Europeans are more inclined towards dark skin tone as dark tone hides any flaws in the skin. Moreover, in Europe dark skin tone also signifies wealth and a luxurious lifestyle.

Competition Landscape

  • The tanning products market is dominated by several players that are focused on the development of new products to cater to the rising demand

  • The report includes the below-mentioned pointers of major players operating in the global tanning products market:

    • Competition Matrix

    • Company Overview

    • Product Profiling

    • Market Share Analysis (2018)

    • Product Innovation

    • Business Strategies/Recent Developments

      • Technological advancements

      • Key Mergers & acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered Under the Scope:

  • Avon Products, Inc.

  • Beiersdorf AG

  • Christian Dior SE

  • Clarins Group

  • Johnson & Johnson

  • Kao Corporation

  • L'Oréal S.A.

  • The Estée Lauder Companies Inc.

  • The Procter & Gamble Company

  • Unilever

Market Segmentation/Research Scope

Tanning Products Market– Global Industry Dynamics, Trends, and Forecast, 2019–2027

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