The Anti Aging Products Market is Expected to Witness High Growth Owing to Rising Consciousness Among Consumers Regarding Benefits of Anti Aging Products

 

The anti-aging products market comprises of a variety of skincare, haircare and makeup products that help reduce or conceal the effects of aging. These products address issues related to wrinkles, fine lines, dark spots, sun damage, dryness and loss of firmness, elasticity, discoloration and volume. The demand for anti-aging products is driven by increasing aging population across the globe and growing desire among consumers to look and feel younger and beautiful. Anti-aging products prevent further skin damage, hydrate and nourish the skin, reduce signs of aging to give a younger look.

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 of 2023 to 2030.

Key Takeaways

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. These key players are focusing on new product launches, mergers and acquisitions to expand their product portfolio and geographical presence.

There are significant growth opportunities in Asia Pacific region owing to rising aging population, increasing disposable incomes and growing awareness regarding anti-aging products. The demand is further expected to increase in Middle East and Latin American countries.

The key players are focusing on global expansion by entering into emerging markets of Asia Pacific, Latin America, Middle East and Africa through strategic partnerships and mergers and acquisitions. For example, Estee Lauder acquired Dr. Jart+ to expand its portfolio of skin care brands and enter South Korean market.

Market Drivers

Growing aging population globally: According to United Nations, the number of people aged 60 or above is expected to double by 2050. This large aging pool presents a big opportunity for anti-aging product manufacturers.

Rising disposable incomes: With improving economic conditions, people now have higher disposable incomes to spend on personal care and cosmetic products to look younger and beautiful.

Increasing awareness regarding benefits of anti-aging products: Consumers are well informed about various anti-aging solutions through online reviews, posts on social media influencing their purchase decisions.

Market Restraints

High pricing of premium anti-aging products: Luxury and clinically-tested anti-aging products with advanced formulations come at a higher price which restrains the overall market growth.

Side effects of certain chemicals: Some anti-aging creams contain synthetic chemicals like parabens, sodium lauryl sulfate, mineral oil, fragrance which may cause allergic reactions, acne breakouts in sensitive skin.

Segment Analysis

The Anti-aging products market can be segmented into skincare products, haircare products, and supplements. Skincare products dominate the anti-aging products market and account for over 65% of the total market share. Skincare products help address issues like hyperpigmentation, wrinkles, dark spots, and loss of elasticity. They contain ingredients like retinol, hyaluronic acid, peptides, antioxidants which help combat signs of aging.

Global Analysis

The North America region dominates the global anti-aging market and accounts for over 40% share. Growing concerns about personal appearance and focus on healthy aging among consumers drive market growth. Europe is the second largest market. Rising geriatric population and increasing disposable incomes propel anti-aging products demand.The Asia Pacific region shows fastest growth led by countries like China, India and Japan. Increasing middle-class population with higher spending on personal care products, growing awareness about anti-aging products supplements market growth. Latin America and Middle East & Africa also present lucrative opportunities for anti-aging products market.

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