by The Anti Aging Products Market is poised to grow by embracing shifting consumer preferences
The anti-aging products market consists of various skincare, haircare and other products aimed at reducing the signs of aging. Anti-wrinkle creams, serums and gels work by boosting collagen production to diminish fine lines and crow’s feet. Moreover, products containing hyaluronic acid, vitamins C and A restore skin moisture and elasticity. Other popular options include eye creams for dark circles, peptide serums and retinol formulations. The growing geriatric population and increasing consumer awareness about early skin aging have fueled massive demand for anti-aging items in recent years.
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 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, Orlane and L’Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins. Innovation and new product launches catering to evolving preferences have helped these companies grow significantly.
The growing demand can be attributed to changing lifestyles, rising disposable incomes and increasing self-care culture. Consumers are now more conscious about their appearance and invest heavily in skincare regimens. Moreover, the stigma around aging is reducing as people openly discuss related issues.
The market is also witnessing strong growth in developing regions. Manufacturers are investing in these new markets and bringing customized formulations suited to different skin types. Further, e-commerce has enabled easy access to premium brands from remote locations, augmenting worldwide expansion.
Market Key Trends
The anti-aging products market is increasingly embracing natural and environment-friendly formulations. Traditional synthetic ingredients are replacing with herbal alternatives like aloe vera, cucumber, peach leaf and grapeseed oils known for their anti-oxidant and calming properties. Moreover, multifunctional products with anti-pollution actives are gaining traction as outdoor exposure enhances early signs of aging. Sustainability and wellness-oriented trends are also influencing new launches in the anti-aging space.
Porter’s Analysis
Threat of new entrants: Low economies of scale in research, manufacturing and marketing poses barriers for new companies.
Bargaining power of buyers: Large retailers exert pressure on prices whereas small segment of loyal customers has less influence on pricing.
Bargaining power of suppliers: Suppliers of raw materials and contract manufacturers hold some power as switching costs are involved for companies.
Threat of new substitutes: Alternative anti-aging products from other categories provide competition but quality natural based products have dedicated customer base.
Competitive rivalry: Intense competition amongst major multinational companies to gain market share and frequent new product launches marks the industry dynamics.
Geographical Regions
North America region accounts for the largest value share in the anti-aging products market owing to widespread adoption of anti-aging cosmetic products and heightened consumer spending on personal care. Rising anti-aging awareness through social media campaigns and marketing initiatives also drive the regional market.
Asia Pacific region is poised to be the fastest growing market during the forecast period with China, Japan and South Korea emerging as highly lucrative countries. Rapidly growing middle class population, increasing disposable incomes and changing lifestyle trends are fueling the demand for premium anti-aging skin care products in the region. Rising cosmetic consumption and growing importance of outer beauty further supports the regional market expansion.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
