The size of the APAC anti-aging market is predicted to register a CAGR of 5.69% from 2023 to 2028 and the regional market worth is expected to be valued at USD 11.28 billion by 2028 from USD 8.55 billion in 2023.
Asia-Pacific region is anticipated to observe the utmost growth among all regions. The growing number of cosmetic surgeries, increasing aging population and rising consumer awareness are key factors driving the growth of the anti-aging market in the Asia-Pacific region. The presence of countries with the highest population, rapidly changing lifestyles among people and increasing investments in R&D activities are further propelling the growth of the anti-aging market in the Asia-Pacific region. Asia-Pacific is the world's most populous region and a massive market for anti-aging products. Countries such as Korea and Japan use advanced technology for cosmetics due to the availability of sufficient investments to conduct R&D activities. Among various anti-aging products, serum products have a higher absorption capacity than emulsions, essential oils, and e-agent oils and the demand for serum products has been gradually growing over the last few years.
The e-commerce platforms and social media are expected to create opportunities for the companies operating in the Anti-aging market in the Asia-Pacific region. The market participants in this region have been using online platforms to attract more customers and increase global sales. The cosmetics industry (including the anti-aging sector) is a supply-oriented market where the Internet has expanded beauty and personal care product sales. Social media platforms such as Instagram and YouTube increase awareness of anti-aging products, devices, and treatments.
The presence of developing economies in the APAC region provides consumers with the facility to purchase more anti-aging products and services, boosting the market growth in both product and service markets. In addition, the aging market presents one of the most significant opportunities, mostly due to its higher disposable income. Thus, all companies in the cosmetic industry are strategizing to tap the profitable anti-aging market.
However, lack of awareness in this region is a factor hampering the market growth.
This research report on the APAC anti-aging market has been segmented and sub-segmented into the following categories:
By Products Type:
Based on the region, the Asia-Pacific region is the fastest-growing market for anti-aging equipment and products due to the growing number of beauty treatments and the increasing number of consumer awareness meetings and seminars. In 2019, the Chinese anti-aging market accounted for the largest share of the anti-aging market in the Asia-Pacific region, mainly due to the growing elderly population and increased awareness of beauty therapies. The growing aging population and development in medical tourism have expected market growth in China. In addition, eye skincare achieved much more shares in 2019. The increasing aged population and variant preferences for anti-aging products will foresee the growth.
The Indian Anti-Aging Market is the fastest-growing market and is predicted to grow at a CAGR of 12% during the forecast period. Owing to changes in lifestyle, advanced innovations in cosmetics, and escalating healthcare expenditures are majorly elevating the market growth in India. As a result, serum and cream products are the top-selling anti-aging products in India.
The Japanese anti-aging market is another fastest-growing country due to its research and development activities. In addition, the adoption of a modern lifestyle and the introduction of new products such as serums, creams, and new age essences is creating the demand for anti-aging products and services in Japan and driving the Japanese market growth. Japan has an advanced skincare industry, with the rapid adoption of new technologies in launching new products majorly prompting the market value. In addition, the trend towards cosmetic procedures with various treatment procedures like Botox, Dermal fillers, and other laser therapies is elevating the demand for the Japanese anti-aging market.
The growth of the South Korean anti-aging market has been leveraging at a higher rate for the past few years due to the growing aging population. The rising expenditure on skin care products with the growing disposable income in urban cities is also likely to fuel the South Korean market growth. For instance, the Per Capita Expenditure on skincare in South Korea is expected to reach USD 108.2 by the end of 2026 from USD 81.3 in 2021. South Korean teenagers adopt using skincare products at an early age, which is contributing to gearing up the market growth rate. Creating awareness of the availability of various products through social media influencers is additionally to fuel the South Korean anti-aging market. Innovation in the research and development area and the highest investment in R&D are propelling the anti-aging market in South Korea.
The Singapore anti-aging market is anticipated to have promising growth opportunities in the near future. Attracting customers to seek advanced medical treatment, especially among the aging population, is greatly influencing the demand for the market. Singapore is one of the countries that have a high reputation for medical tourism, which will eventually fuel the demand for the market. The high prevalence of minimally invasive procedures in beauty clinics is likely to surge the market growth rate in the coming years.
KEY MARKET PLAYERS:
Some of the leading companies profiled in the Anti-aging market in this report are Coty Inc., Personal Microderm, Beiersdorf AG, Photomedex Inc., Lumenis Ltd, Alma Lasers Ltd. Solta Medical Inc., Cynosure Inc., L’Oreal, SA, and Allergan Inc.
Japan, China, and South Korea are among the leading contributors to the market in the Asia-Pacific region.
The APAC anti-aging market is expected to grow at a CAGR of 5.69% from 2023 to 2028.
High competition, counterfeit products, and the need for continuous innovation are some of the major challenges to the APAC anti-aging market.
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