The Asia Pacific Self-tanning Products Market would witness market growth of 4.5% CAGR during the forecast period (2021-2027).
Various favorable business regulations that are enforced by the governments of several developed countries, as well as the emergence of small and mid-size enterprises with creative solutions, are likely to encourage the growth of the self-tanning product market. Moreover, factors such as increased investment in R&D by numerous market players along with their rising focus on the introduction of organic solutions are also anticipated to open up new chances for businesses in the target market. Along with that, significant companies focused on expanding the distribution channel are projected to assist the market's growth.
The wellness business is steadily adjusting to changing consumer preferences, and self-tanning products are increasingly using natural chemicals. To boost their brand credibility and value, leading companies are likely to focus on the development of goods that offer a more authentic and natural tan. Additionally, numerous major companies in the self-tanning product market are projected to extend their product portfolio in order to improve their position across the market. While regulatory organizations throughout the world have established a robust framework for the manufacture and marketing of self-tanning goods manufacturers are expected to strive toward getting their products approved.
Due to the growing number of young working people with more disposable income, Asia Pacific is expected to have a significant footprint in the self-tanning product market. It would also drive higher consumption of personal care goods, including self-tanning. For example, according to the data released by UNICEF in October 2019, South East Asia is anticipated to have the highest youth labor force, with 1,00,000 people joining the workforce every day. Moreover, fierce competition among key market players like Loreal, Estée Lauder, Unilever, and others is driving the market forward by increasingly manufacturing products that are designed solely to meet the skin as well as climatic conditions of people in this region. The cosmetic sector in the Republic of Korea is one of the fastest developing markets for cosmetics and personal care, growing at almost 6% per year.
The China market dominated the Asia Pacific Self-tanning Products Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $81.9 million by 2027. The Japan market is poised to grow at a CAGR of 3.8% during (2021 - 2027). Additionally, The India market would exhibit a CAGR of 5.1% during (2021 - 2027).
Based on End User, the market is segmented into Women and Men. Based on Type, the market is segmented into Lotions, Gels and Others. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores and Online. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Self-tanning Products Market is Projected to reach USD 1.1 Billion by 2027, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avon Products, Inc., Shiseido Company, Limited, Clarins Group SA, L'Oreal Group, Estee Lauder Companies, Inc., Johnson & Johnson, Unilever PLC, Kao Corporation, Beiersdorf AG, and PZ Cussons plc.
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