by Anti-aging Market Outlook 2030
The global anti-aging market was valued at US$ 163.8 Bn in 2020
It is estimated to expand at a CAGR of 4.4% from 2021 to 2030
The global anti-aging market is expected to surpass the value of US$ 284.8 Bn by the end of 2030
Analysts’ Viewpoint on Anti-aging Market Scenario
Companies in the anti-aging market are mainly focused on production of good quality products to cater the increasing demand from consumers across the globe. The growing adoption of beneficial products to hide skin wrinkles and aging signs is fueling the sales of anti-aging products. Technological advancements in product manufacturing, increasing presence of market players, and research & development activities to find proper ingredients to use in anti-aging products are positively affecting the market growth. Collaborative efforts of product manufactures and healthcare specialists can help overcome the challenges in the anti-aging market. However, high cost of raw materials used in the manufacturing of anti-aging products and shortage of natural ingredients are factors hampering global market growth.
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Impact of Coronavirus Pandemic on Anti-aging Market
The global anti-aging market is negatively affected by COVID-19 due to extended lockdowns and reduced sales of anti-aging products. Manufacturers in the global anti-aging market are creating potential opportunities, owing to increasing demand for these products across the globe. Manufacturers are taking efforts to recover from losses due to COVID-19 outbreak and exploring different opportunities to overcome challenges in the anti-aging market. North America holds major share of the anti-aging market due to rising awareness about personal care, increasing pollution, stress, unhealthy lifestyles. The increasing disposable income, along with rising importance to appearance is driving the anti-aging market.
Increasing Awareness of Aging Signs in Younger Generation Driving Global Market
The growing awareness of anti-aging products for body and skin in younger generation is driving the global anti-aging market. People are more likely to take care of their skin due to rising skin complications due to pollution, unhealthy eating, alcohol consumption, etc. The increasing efforts of people to look young and healthy is a factor driving the demand for various anti-aging products such as, creams, lotions, gels, etc. Many people are opting for various skin care treatments, cosmetics procedures for improving their skin, appearance, reduce pigmentation, and damage caused by ultraviolet rays, etc. Surging aging population and rising presence of market players operating in the global anti-aging market to provide innovative solutions to cure your skin are contributing to the market growth to a great extent.
In addition, rising geriatric population in emerging economies is also responsible for the increasing sales of anti-aging products across the globe. Thus, there is a consistent demand for anti-wrinkle products from aging people across different regions. Consumer preference to use anti-wrinkle creams and lotions to look young and beautiful is driving the global anti-aging market. Asia Pacific countries such as Japan is expected to account for the largest market share due to high geriatric population.
Product manufacturers from Asia Pacific are focusing on product innovations to gain potential growth opportunities in the anti-aging market during the forecast period. In order to hide the signs of aging, women are more likely to use anti-aging products. This factor acts as a key driver of the anti-aging market in North America.
Strengthening Distribution Channels in Anti-aging Market
The increasing sales of anti-aging products through various distribution channels is driving the growth of the market. The rising number of online stores, pharmacies, and other stores boost the sales of anti-aging products. Manufacturing companies in the global anti-aging market are focusing on fulfilling the rising demand from consumers by providing herbal and organic products. The global anti-aging market is driven by the rising competition between the local and international brands. Companies in the anti-aging market are developing innovative products to fulfil demands of consumers. Manufacturers are increasing the availability for an innovative range of products. Various ongoing research activities in manufacturing the product that does not harm your skin is driving the market. The increasing awareness of some of the harmful ingredients used for manufacturing of anti-aging products is expected to drive the global anti-aging market during the forecast period.
Adoption and Investment in Anti-aging Products Globally
In North America, people have started investing in anti-aging products to look young. Women are more likely to opt for anti-aging products. Rise in such trends is creating value-grab opportunities for companies and manufacturers operating in the anti-aging market. Increasing disposable income, popularity of anti-aging products, skin rejuvenation & resurfacing treatments, growing geriatric population, and rising in number of skin problems are some of the factors boosting the anti-aging market in North America.
Surging cosmetics procedures, technological advancement in dermatology, and rapidly increasing market contributors are driving the global market. Investment in research and development activities in surgical procedures, along with awareness and acceptance of skin care procedures are factors responsible for the growth of the anti-aging market in Asia Pacific.
Anti-aging Market: Overview
The global anti-aging market for the historical period 2017–2019 and forecast period 2021–2028, rise in the consumer demand for anti-aging solutions, along with increase in lifestyle standards and income among the global population is the major factor projected to boost the growth of the global anti-aging market during the forecast period
Rise in Awareness among Consumers about Age-related Skin Problems: Key Driver
Rise in awareness among consumers about age-related skin problems such as fine lines, wrinkles, and dullness of skin, and increase in propensity to spend on products that help them to preserve skin youthfulness are expected to drive the global market during the forecast period
The COVID-19 outbreak has hampered demand for cosmetics, including anti-aging products, globally. Primarily, countries such as the U.S., India, Brazil, Russia, and the U.K., which are some of the most adversely affected, have witnessed significant decline in sales.
Aging is a physiological change. However, extrinsic factors, including air pollution, alcohol consumptions, and exposure to UV rays are considered to have a detrimental effect on skin cell contribution to premature aging. Anti-aging creams and lotions play a vital role in an individual’s life by supporting in the preservation of a youthful glow and miniaturization. According to a survey by Real Self, around 62% people in the U.S. used anti-aging products in 2020 as a part of their daily skincare routine.
China is one of the major countries contributing to the growth of the global anti-aging market in terms of consumption as well as production, including anti-aging, skin lightening, and sun care. According to the seventh population census in China in 2020, about 40.08% of the population is aged between 30 and 54. The presence of the large young population is anticipated to drive the demand for anti-aging products in the country.
Rise in Online Stores and Digitalization Present Lucrative Opportunities
The trend of online stores has also driven the market by providing a cost-effective, time bound, quick response mode of sale and distribution channel to manufacturers. Additionally, e-commerce provides an efficient tool for companies to monitor and study consumer behavior, thereby helping them to design targeted marketing and advertising strategies. This has challenged supermarkets and hypermarkets, as customers increasingly prefer the convenience of not visiting a store. The trend has been further supported by growing Internet penetration and entry of new retailers (Amazon, etc.) in e-commerce.
The number of Internet users has grown exponentially across the globe. Encouraged by the rise in number of people active over the Internet, companies such as Unilever and Procter & Gamble have tied up with online trading companies to leverage the benefits of e-commerce and expand revenue and profit margins. These companies focus on online advertisement to gain attention of consumers.
Online stores are supported by the ever-increasing base of customers with affinity toward technology oriented products and services, rise in disposable income, and surge in consumer awareness about anti-wrinkle products and services
Increase in the buying power of consumers will attract them to buy branded products. Due to advertising and changing lifestyles, consumers are moving toward high quality products. Increase in consumer spending power presents a major opportunity in the anti-aging market in Asia Pacific.
High Cost of Raw Materials Hamper Market Growth
Raw materials used in the manufacture of anti-wrinkle products include natural ingredients such as hyaluronic acids. According to a published news article, the cost of goods sold, which includes packaging and raw materials, has increased.
Additionally, the primary ingredient used for packaging i.e., plastic, has a significant impact on the overall product cost. According to the same study, technologically and scientifically advanced ingredients such as synthetics, UV agents, fatty acids, SPF ingredients, and essential oils have witnessed an increase in prices.
Prices of natural ingredients such as Quillaja saponaria, Acacia concinna or Sapindus, honey, jojoba, and algae have increased due to transportation costs and higher processing cost. Surge in demand and shortage of these natural ingredients have also pushed prices up.
Rise in prices has induced manufacturers to decrease profit margins and increase product prices. This is one of the major factors hampering the growth of the global anti-aging market. However, this is a temporary phase and is expected to be overcome in the near future. To avoid such manufacturing cost concerns, most companies plan to open subsidiaries for raw material supply. Hence, the impact of this restraint is expected to be moderate during the forecast period.
Anti-aging Market: Competition Landscape
This report profiles major players in the global anti-aging market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global anti-aging market is highly fragmented with the presence of a number of international as well as regional players
Leading players operating in the global anti-aging market are
- Procter & Gamble Co.
- Johnson & Johnson
- Unilever plc
- Shiseido Company, Limited
- ZO Skin Health, Inc.
- L’Oréal Paris
- The Estée Lauder Companies, Inc.
- Beiersdorf
- PHYTOMER, among others
Key Questions Answered in Anti-aging Market Report
- What is the scope of growth of product companies in the global anti-aging market?
- What will be the Y-o-Y growth of the global anti-aging market between 2017 and 2028?
- What is the influence of changing trends in technologies on the global anti-aging market?
- Will North America continue to be the most profitable market for anti-aging product providers?
- Which factors are anticipated to hamper the growth of the global anti-aging market during the forecast period?
- Which are the leading companies in the global anti-aging market?
Anti-aging Market – Segmentation
Product
- Serums
- Creams
- Gels
- Others
Target Group
- Male
- Female
Ingredient
- Retinoid
- Hyaluronic Acid
- Alpha Hydroxy Acid
- Others
Treatment
- Body Care
- Facial Care
- Distribution Channel
- Pharmacies
- Stores
- Online Stores
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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