Global anti-aging market is forecasted to grow at a CAGR of 6.5% during the forecast period (2020 - 2025).
- The market is driven by the increasing demand for multi-functional cosmetic products such as anti-wrinkle creams by women. Also, rising consumer spending power on personal care products and changing lifestyles are fueling the demand for preventive anti-aging solutions. Furthermore, technological developments in the beauty industry coupled with newly formulated products with different flavors and essence have resulted in frequent product launches by the leading companies that further fuel the global market growth. For instance, in February 2019, Organic Harvest, India’s leading organic personal care brand launched certified organic serum masks in five different variants which include anti-wrinkle mask and anti-acne mask.
- Geographically, North American dominates the market, followed by Europe. The Asia Pacific and South American regions have been witnessed to have the fastest growth in the global anti-aging products market.
- However, the factors restraining the global market by side effects of chemical-based anti-wrinkle creams and the price of raw materials needed to manufacture anti-wrinkle products.
Key Market Trends
Escalating Aging Population Across the Globe
The world’s population is aging and virtually every country in the world is experiencing growth in the number and proportion of older persons in their population. Population aging is poised to become one of the most significant social transformations of the twenty-first century, with implications for nearly all sectors of society, therefore, and therefore demand for the betterment of themselves. Also, the high purchasing power of the customers from the developed and the developing countries contribute to surge the market growth. According to the American Society for Aesthetic Plastic Surgery, in 2014, Americans spent around USD 8.5 billion on cosmetic procedures and nearly a total of 28,315 cosmetic procedures was performed in the United Kingdom, in 2017. However, due to the awareness of the side-effects of these procedures, consumers are willing to prefer a more convenient and organic alternative to these methods. Thus, a wide range of anti-aging products is available in the market for different needs of the consumers, where anti-wrinkle products dominate the market, accounting for the majority of the total share.
Asian countries to drive the global market for anti-aging products
The growth of anti-aging products in Asian countries including China, Japan, Singapore, India, and Australia is increasing significantly. Consumers are seeking skincare products with oils, including blended formulations and pure organics, to provide healthy fixes for dry and damaged skin. Enhanced skin tone is another contributing factor to the rising demand for organic products. Also, in terms of distribution channels, online store sales for personal care products are growing at a faster rate, attracting many vertical specialists like Amazon, Walmart, Flipkart, etc. who are riding on increasing e-retailing growth and vying for a significant pie in online healthy snacks space.
The market is dominated by players, like L’Oreal, Procter & Gamble, The Est?e Lauder Companies Inc., and Oriflame Cosmetics AG. The major strategy adopted by the leading companies to attract the major share of consumers is the introduction of new products and technologies, in order to offer the consumers with a wide range of products, to choose from specifically, according to the skin types.
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