The North American anti-aging market was worth USD 17.44 billion in 2022 and is estimated to grow at a CAGR of 5.20%, reaching USD 22.47 Billion by 2027. North America is expected to have a leading share of the global market.
The growing focus on skin and beauty by both men and women is one of the major factors propelling the anti-aging market in the North American region. Compared to men, a more significant number of women are using anti-aging products to look young. According to recent studies, nearly 60% of people are using anti-aging products in America. Most women prefer these anti-aging products to increase self-confidence among women in society and workplaces. In the recent past, even men started using this product to look younger.
YOY growth in the aging population is boosting the anti-aging market in the North American region. Around 18% of the population of America is now aged 60 or more, and these people are more prone to anti-aging issues. Due to increasing aging, most people suffer from skin problems such as wrinkles, dark sport, acne, etc. To get young looks and reduce this issue, people started using these anti-aging products, boosting the growth rate of the anti-aging market in this region.
Increasing technological advancements in the production of anti-aging products are further accelerating market growth. The key market participants focus on developing new products such as creams, devices, oil, and powder based on user preferences. Some of the manufacturers also manufacture customized products based on user issues. In addition, key players focused on manufacturing products with natural ingredients with no side effects, where most people are showing interest in buying related natural products such as creams, oil, and others.
Rising awareness of anti-aging products and strong social media influence promote anti-aging market growth in the North American region. The key market participants are investing aggressively in advertising and marketing their products and running numerous campaigns to create awareness of their products to boost sales. Social media is crucial in promoting activities and helping market participants effectively reach their target audience.
However, factors such as high costs associated with anti-aging treatments, side effects of using anti-aging products, lack of awareness of advanced products, and the unavailability of some products and treatments in underdeveloped areas are primarily restricting the growth rate of the anti-aging market in the North American region.
This research report on the North American Anti-Aging Market has been segmented and sub-segmented into the following categories:
Regionally, North America had a 32.8% share of the global anti-aging market in 2021 owing to the growing beauty consciousness and availability of beauty products over online platforms, rising adoption of anti-aging treatments, and increasing employment among women.
The U.S. anti-aging market is expected to dominate the North American region, followed by Canada during the forecast period. The anti-aging market in the U.S. contributes a significant share of revenue to North America. The market is partitioned into New York, Texas, the District of Colombia, Washington, and others. New York is dominating the United States anti-aging market and is anticipated to expand further at a high pace during the forecast period owing to the factors such as the emergence of digital marketing, e-commerce, the rise in several beauty specialist retailers, and the growing demand for anti-aging products among youth and teenagers. The anti-aging market in Texas has contributed significantly to the U.S market. It is likely to grow further with steadily increasing CAGR during the forecast period due to the commercialization of social media and the development of innovative products to cater to a wide range of customer bases. Increasing investments from crucial market players available in this region are expected to boost the growth of the anti-aging market in the U.S during the forecast period.
The Canadian anti-aging market is anticipated to register a healthy CAGR during the forecast period. Due to the growing population suffering from wrinkles and sagging problems, the market in Canada is anticipated to grow during the forecast period. In Canada, beauty clinics have offered various skin treatments according to the skin type for anti-aging.
KEY MARKET PLAYERS:
A few major companies operating in the North American Anti-aging market profiled 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.
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