Anti-Aging Products Market

Anti-aging Products Market Size & Growth 2022-2027:

Anti-aging Products Market size is determined to develop at a compound annual growth rate (CAGR) of 6.5% over the anticipated period 2022-2027

Anti-aging is a term widely used for the processes that either stop or slow down the body’s physical changes that occur as a result of aging. Based on demographics, the primary concerns are the aging of skin and hair among other concerns. The anti-aging market provides a variety of products to its consumers including anti-wrinkle and anti-stretch creams, UV absorbers, and others. Anti-aging products are enriched with antioxidants and they help in the hydration of the skin. Hair-related aging problems are taken care of by various hair colors, conditioners, shampoo, oils, and serums.

In recent years, the anti-aging products market has witnessed stability with a decent growth rate. The market of anti-aging products and services is being fueled by not only the aging population but the growing consciousness among the younger generation regarding physical appearance. Growing health and beauty concerns are foreseen to impel the business growth in the foreseen years. The demand for safer, more effective, and innovative anti-aging products attracts investments in the Research & Development department by the leading companies. The market will also be driven by advancements in technology, strict regulations, and the growing demand for natural products.

Market Growth Rate and Trends:

• One of the key trends for the popularity of the anti-aging products market is the availability of online platforms. Penetration of the internet is leading to the growing awareness about anti-aging products among potential customers. Sales through the online platform have made the products easily accessible to consumers across the world.
• Rising aged population across the globe – With the improvement in the healthcare system, life expectancy has increased around the world. Almost every country in the world is witnessing a growth in the number of their aged population. The global trend to maintain physical appearance among the population has led to the prosperity of the anti-aging products market.  The market surge can also be attributed to the improved purchasing power in developed and developing nations.
• Due to awareness regarding the side-effects of the products, companies are actively involved in Research & Development activities for the development of organic products and expansion of their product portfolios.

Impact of Covid-19 on the Market Anti-aging Products Market:

Anti-aging products market is part of the Beauty and Personal care Industry (BPC). In the Covid-19 pandemic's wake, the industry has witnessed a decline but not very severe as compared to the other industries. The pandemic has shifted the consumer behavior in the industry towards products that are safe and reliable. Products with longer shelf life and minimal contamination risk are expected to stand out in the following years. The pandemic has uplifted the online business platforms forcing the businesses to shift to E-commerce channels in order to survive in the declining economy.

Market Dynamics:

Anti-aging Products Market Drivers:

• Growing demand for cosmetic products with multiple functions like anti-wrinkle creams are driving the growth of the anti-aging products market. Beauty consciousness and aesthetic appearance are the primary factors for the growth of the anti-aging products market.
• The varying lifestyle of individuals coupled with improved purchasing power on personal care products is leading to market growth. The presence of online platforms has made the availability of products easier for the consumer with a wide range of options to choose from.
• The market is being fueled by the technological advancement in the industry along with the development of a variety of products resulting in frequent product launches. The development of organic products has marked a surge in consumer demand. Technological giants are increasingly investing to identify the root cause of aging and find a solution.
• The adoption of anti-aging products among the younger generation has led to the expansion of the anti-aging products market’s customer base.
• The rising population of people aged 35 years or more has seen an inclination towards anti-aging products due to the growing beauty consciousness among both genders. With the overall growing stress among individuals, early aging is prevalent among the population. The market is also expected to be boosted by the increasing medical tourism for cosmetic surgeries.

Market Restraints:

• Side-effects of the chemicals present in the anti-aging products act a restraint for the market growth. These chemicals damage the skin. To overcome this challenge, companies are involved in the development of organic products.
• Another restriction for the anti-aging products market comes with the obtainment of raw materials to produce anti-wrinkle products.

ANTI-AGING PRODUCTS MARKET REPORT COVERAGE:

Market Segmentation:

Anti-aging Products Market Product:

• Skincare
• Haircare

The skin care segment dominated the market and is expected to retain its dominance over the forecast period. The segment held 57.75% of the market share in 2018. The segment contains a variety of products. Regular R&D investments in the development of new products are expected to drive the segment growth.

Anti-aging Products Market Demography:

• Generation X
• Generation Y
• Baby boomers

The baby Boomers segment owned 36.81% market share in the year 2018. Generation X is anticipated to witness the highest compound annual growth rate (CAGR) in the forecast period owing to their consciousness regarding appearances and willingness to spend money on the products. Generation Y is expected to witness a significant CAGR. Generation Y refers to people born between 1980-1990. Promotional activities and increased marketing will spur the demand for anti-aging products in Generation Y.

Anti-aging Products Market Distribution Channel:

• Supermarkets & Hypermarkets
• Convenience Stores
• Online

In 2018, the supermarkets & hypermarkets segment owned over 50% of the market share. Extensive promotional campaigns lead to growth in the segment. Currently, the online segment is experiencing growth and is expected to register a significant share in the market at the end of the forecast period. The expected CAGR for the online segment is 7.3% in the forecast period.

Geographical and Regional Presence:   

• North America
• Europe 
• Asia Pacific
• Latin America
• The Middle East and Africa 

In 2018, North America held the majority of the anti-aging market share, which accounted for over 35%. The majority of the population in the U.S. believes in living a healthy lifestyle. Therefore, a significant proportion of adults have daily usage of anti-aging products.

Asia Pacific region is expected to grow with the highest CAGR in the forecast period. Increasing awareness among the population and improved purchasing power are the drivers for the market growth in this region. Countries in the Asia Pacific comprise a large population of Generation X which will serve as a favorable factor for market growth.

South America is also expected to pick up the pace in anti-aging product market growth owing to the growing middle-class population and increased expenditure on aesthetics in countries like Brazil. The rapid aging of the population in the Middle East & Africa is likely to popularize the anti-aging market in the forecast period.

Competition in the marketplace:

The major proportion of the market share is held by a few prominent players in the industry. The major strategy adopted by the companies in order to increase their customer base is to introduce new and innovative products with organic ingredients. Companies are expanding their product portfolios to offer a variety of products to consumers based on their choice, skin type, and purchasing power.

Recent Developments:

In 2018, Estee Lauder successfully launched a line of products under the brand Perfectionist Pro collection after 10 years of R&D. The products launched aim to help in repairing the skin naturally with the assistance of Rapid Firm + Lift Treatment Acetyl Hexapeptide-8.

In 2013, Calico Company was introduced by Google. The focus of the company was on health and well-being, particularly for aging and the diseases associated with it.

Major Key Players:

• Allergan
• PhotoMedex
• Orlane
• L’Oreal
• Olay
• Beiersdorf
• Johnson & Johnson
• Shiseido
• Lumenis
• Proctor & Gamble