by The Anti-Aging Products Market is estimated to be valued at US$ 21.36 Bn 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 Overview:
Anti-aging products refer to cosmetic products that are designed to reduce the appearance of aging, which include creams, serums, gels and other beauty products that help diminish wrinkles, fine lines, dark spots and loss of suppleness of the skin. These products contain anti-aging ingredients such as retinol, hyaluronic acid, peptides, antioxidants, vitamins A, C and E that slow down the aging process by boosting collagen production and hydrating the skin. Anti-aging products are applied topically and promise to hydrate, firm and rejuvenate the skin.
Market Dynamics:
Growing geriatric population worldwide combined with the rising consciousness about appearance are the key factors spurring the demand for anti-aging products. As per the United Nations Population Fund (UNFPA), the number of people aged 65 and over is projected to grow to more than double its size, from 703 million globally in 2019 to 1.5 billion in 2050. Seniors are more prone to skin aging signs like wrinkles and fine lines owing to reduced skin elasticity and lower collagen levels as age progresses. The desire to look and feel younger is driving the sales of anti-aging creams and serums. Moreover, rising disposable incomes coupled with increasing media influence are encouraging the adoption of premium cosmetic products, thereby propelling the anti-aging products market growth.
Segment Analysis
Anti-Aging Products market is dominated by the skin care segment which holds around 60% share of the total market. Within the skin care segment, the anti-wrinkle products sub-segment led the market accounting for over 30% share in 2022. Factors such as growing concern about early signs of aging like wrinkles, fine lines and age spots among people with increasing disposable incomes are driving the sales of anti-wrinkle products.
PEST Analysis
- Political: The government regulations regarding testing of ingredients used in anti-aging products are getting stringent over the years to ensure safety. Various standardization bodies monitor and regulate the sector.
- Economic: Rising working women population, growing elderly population and increasing disposable incomes in developing nations are fueling the economic growth of anti-aging products market.
- Social: Changing social norms, growing acceptance of cosmetic procedures and emergence of “self-care” culture are positively impacting the social factors.
- Technological: Various new technologies related to active ingredients, bioengineering and formulation development are allowing manufacturers to develop more effective anti-aging solutions with minimal side effects. Advanced device-based therapies are also gaining traction.
Key Takeaways
The global Anti-Aging Products market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing spending on personal care products and growing geriatric population globally.
The North America region dominated the market accounting for over 35% share in 2023 due to rising obsession with youthful appearance among millennials and generation Z in countries like U.S. and Canada. The Asia Pacific region is projected to be the fastest growing region during the forecast period owing to growing middle class population with increasing disposable incomes in India and China.
Key players operating in the anti-aging products market include Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlane, L’Oreal and Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins. These key players are adopting strategies like new product launches, mergers, acquisitions and partnerships to gain higher market share.
