by Anti Aging Products Market is Estimated to Witness High Growth Owing to Increasing Skin Care Concerns Among Global Population
Anti-aging products are cosmetic products used to reduce the appearance of aging spots like wrinkles, fine lines, age spots and loss of skin elasticity. These products contain ingredients that reduce the signs of aging by moisturizing, exfoliating and improving skin texture. The increasing demand for easy to use and non-surgical skin care products is driving the growth of the anti-aging products market.
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 operating in the Anti Aging Products market
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.
Key opportunities in the market
Rising disposable incomes, increase in number of working women population and growing personal care industry offer lucrative opportunities for existing as well as new players in the global anti-aging products market. Innovation in product development to cater to specific consumer needs also presents growth opportunities over the forecast period.
Global expansion of the market
The increasing trends of combination therapies of non-surgical procedures for anti-aging treatment and growing geriatric population are driving the demand for anti-aging products globally. With rising health and skincare consciousness, the market is expected to witness robust growth in Asia Pacific and Latin American regions over the next few years.
Market drivers
Changing lifestyles and increasing pollution levels are major factors accelerating skin aging prematurely. Due to the growing demand for products addressing premature skin aging concerns, the global anti-aging products market is driven by factors such as stress, exposure to sun and harmful rays, and unhealthy dietary patterns. The rising preference of consumers towards organic and natural anti-aging ingredients based products is another key growth driver in the market.
PEST Analysis
Political: The government regulations regarding the marketing, distribution and sale of anti-aging products are stringent in most regions. Regulations related to ingredients, claims, and safety testing impact the demand trends.
Economic: Rising disposable incomes, increased health awareness and growing women workforce are major demand drivers for premium anti-aging products. However, economic slowdowns can negatively impact the spending on these products.
Social: Changing lifestyles, rising social media influence, and growing concerns regarding self-appearance have increased the social acceptance of anti-aging treatments and products. Consumers are more open to using such products at younger ages.
Technological: Technologies like medical-grade peels, laser resurfacing, and injectables are gaining popularity. Product formulations are also improving with advanced delivery systems and active ingredients extracted using green technologies.Stem cell therapy and gene therapy are new areas being researched for anti-aging applications.
The Asia Pacific region leads in terms of value, driven by large population and improving disposable incomes in countries like China, Japan and South Korea. With rapid urbanization, rising middle class and high growth rates, Southeast Asian countries like Indonesia, Thailand and Vietnam are also emerging as fast growing markets.
North America remains the second largest market globally, characterized by high per capita spends on premium anti-aging products and treatments. However, the fastest growth is witnessed in Latin American countries led by Brazil, Mexico and Argentina. Rising affluence, growing expatriate population and increased social acceptance of such products are boosting the demand. The African region is still in a nascent stage but is expected grow at a higher pace over the coming years.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
