by Anti-aging products are cosmetic products used to postpone or conceal the visible effects of skin aging due to sun exposure, smoking, pollution and other environmental factors. These products contain ingredients that hydrate the skin and reduce fine lines and wrinkles to give it a youthful appearance. Some common anti-aging products include anti-wrinkle creams, serums, eye creams and facial masks. Consumer demand for anti-wrinkle creams has risen rapidly over the past decade due to growing consciousness about personal care and appearance. The rising middle class in developing countries has increased their disposable income to spend on expensive anti-aging creams and serums to maintain youthful looks. Further, the influence of social media and digital platforms have made consumers more aware of the availability of such products and their benefits.
The global anti-aging products market is estimated to be valued at US$ 21.36 billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Demand for Natural and Organic Products: The key driver for the growth of anti-aging products market is the rising demand for natural and organic anti-aging solutions with no harsh chemicals and preservatives. Consumers are increasingly opting for products comprising natural actives derived from plants rather than synthetic ingredients to treat signs of aging skin. This growing preference can be attributed to rising awareness about the potential side effects of using chemical-based formulas on sensitive skin over the long run. Manufacturers are innovating their product lines with natural anti-aging ingredients like hyaluronic acid, retinol, peptides, antioxidants, aloe vera and jojoba oil to cater to this demand. Further, as highlighted earlier, the rising demand for better appearance is also fuelling immense opportunities in the global anti-aging market.
Segment Analysis
The global anti-aging products market is segmented based on the product type, demographics, distribution channel and geography. Among product types, skincare products dominate the market with around 40% share owing to increase in the skin problems and aging signs among the consumers. It is followed by haircare products segment due rising concerns over hair loss problem with growing age.
PEST Analysis
- Political: The regulations regarding the use of ingredients in the anti-aging products vary across countries. Stringent norms may restrain the market growth.
- Economic: Rising disposable income and growing working women population have boosted the spending on personal care products globally which drives the demand for anti-aging products.
- Social: Increasing awareness about aging signs and its management through products via social media and advertisement has impacted the purchase decision making of consumers.
- Technological: Continued investment in research for developing advanced formulations with combination of natural and clinical tested ingredients help the key players launch new innovative products to meet the dynamic consumer needs.
Key Takeaways
The global anti-aging products market is expected to witness high growth at CAGR of 8.7% during the forecast period of 2023 to 2030. The global anti-aging products market is estimated to be valued at US$ 21.36 billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regionally, Asia Pacific region is expected to showcase fastest growth for anti-aging products market owing to rising geriatric population, growing middle class and increasing disposable income in the region. Countries like China, India, Japan and South Korea dominate the regional market due to increasing aging population, rising urbanization, growing adoption of western lifestyle and massive consumer base in the countries.
Key players:
Key players operating in the anti-aging products market are Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlaneand L’Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins. Unilever dominates the market with wide range of anti-aging brands like Dove and Ponds whereas L’Oreal captures major share through its brands like Vichy, La Roche-Posay, and SkinCeuticals.
