April 20, 2024

Anti-Aging Products Market is Estimated to Witness High Growth Owing to Increasing Beauty Consciousness

The anti-aging products market comprises products used to treat or prevent signs of aging like wrinkles, dark circles, dryness, age spots etc. Anti-aging products include face/eye creams, serums, oils, moisturizers, cleansers, exfoliators, toners and masks. They help combat the visible signs of aging and rejuvenate the skin with active ingredients like retinol, peptides, hyaluronic acid, coenzyme Q10, collagen boosters etc. The increasing beauty consciousness among both men and women coupled with rising disposable income has spurred the demand for anti-aging products.

The Global anti-aging products market is estimated to be valued at US$ 21.36 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.

Key Takeaways

Key players: Key players operating in the anti-aging products market are Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlane, L’Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins.

Key opportunities: Transition towards organic/natural ingredients, customized products based on skin concerns, and rising e-commerce sales present significant opportunities in the anti-aging products market.

Global expansion: Leading companies are expanding geographically through both online and offline channels to meet the rising demand from emerging countries in Asia Pacific and Latin America.

Market drivers

Increasing disposable incomes: Rising disposable incomes in developing nations have made premium anti-aging products more affordable and accessible to a wider consumer base globally. This is expected to drive the market during the forecast period.

Growing beauty consciousness: Heightened appearance consciousness, changing lifestyles and aspiration for youthful looks have propelled the demand for anti-aging cosmetic products globally among both men and women. This is acting as a key growth driver.

PEST Analysis

  • Political: The anti-aging products market is regulated by government laws and regulations related to product testing, labeling, and marketing claims. Regulations aim to protect consumer interest and ensure product safety.
  • Economic: Rising disposable incomes and growing elderly population are major drivers of demand. Customers are also willing to spend more on high-end premium anti-aging brands for perceived benefits.
  • Social: Growing societal focus on youthful appearance and longevity has increased demand for anti-aging treatments and products. Social media further enables customers to access information and reviews online before purchase.
  • Technological: Ongoing R&D is helping develop more effective ingredients backed by scientific evidence. Customers also expect continuous product innovation, personalized solutions, and multi-functionality in a single product.

The Asia Pacific region currently accounts for the largest share of the global anti-aging products market in terms of value. China, Japan, South Korea and other East Asian countries have seen rising spending on premium skin care and face creams driven by their aging populations and influence of western beauty standards. Growing middle class incomes are also supporting the market growth.

North America is the fastest growing regional market for anti-aging products. Prominent market growth factors include high disposable incomes of consumers, popularity of cosmetic procedures and treatments, and technologically advanced anti-aging solutions available in the region. Further, the large customer base seeking youthful appearance and awareness about chronic diseases support market expansion.