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The Anti-Aging Products Market size is forecast to increase by USD 18.96 billion, at a CAGR of 6.45% between 2022 and 2027. The market's growth hinges on various factors, notably the demographic shift toward an increasing older population, driving demand for anti-aging and skincare solutions. Moreover, the rising beauty consciousness among people, spurred by social media and beauty influencers, fuels market expansion. Additionally, the surge in research and development activities fosters innovation, leading to advanced formulations and novel products catering to diverse consumer needs. These factors collectively propel the growth of the beauty and skincare market, offering opportunities for industry players to capitalize on evolving consumer preferences and market dynamics while addressing the diverse skincare needs of an aging population.
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This market report extensively covers market segmentation by end-user (skincare, hair care, and others), distribution channel (supermarkets and hypermarkets, online, pharmacy and drug stores, and specialty stores), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is propelled by a convergence of factors, including the rising demand for multi-functional cosmetic products catering to various skincare needs. Additionally, the proliferation of technological developments has led to the emergence of innovative formulations such as serum masks and cosmeceutical skincare items. Changing lifestyles and social transformations have also fueled the market as individuals seek for the betterment of themselves. However, challenges persist, including concerns over harmful ingredients like synthetic compounds and plastic, urging a shift towards organic and herbal products. Moreover, addressing the skincare needs of younger generations presents both opportunities and challenges for market players. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing older population is notably driving the market growth. The population of elders is increasing significantly. This is the result of a combination of factors such as advances in medical care, improved living conditions, and declining fertility rates. In recent years, the number of elderly people in their 30s to 45s has been increasing, and the demand that make them look youthful is increasing. According to the World Bank Group, the 30- to 34-year-old population in the United States increased from 6.32% in 2019 to 7% in 2021. Middle-aged people have a heightened fear of old age due to the high prevalence of extrinsic signs of aging. Intrinsic aging, or chronological aging, leads to changes in the appearance of the face, such as loss of skin elasticity and collagen, reduction of skin collagen, melanogenesis, and hair follicles, the appearance of lines and wrinkles, and increased hyperpigmentation.
Similarly, extrinsic aging caused by factors such as climate, pollution, stress, and diet leads to damage to the dermis affecting collagen and elastic fibers. Motivated to look youthful, middle-aged people have turned to anti-aging skin and hair care products. Rising demand for skin care products such as facial cream & lotion and skin lotions will boost the growth of the market during the forecast period.
The availability of online products is a key trend influencing the market growth. With the high penetration of the internet, there is a growing awareness of buying online. For example, about 90% of Internet users between their 30s and 49s in the United States purchased cosmetics through the manufacturer's website. Moreover, about 80% of 50-64-year-old internet users in the United States purchased cosmetics through portals such as online beauty store sites. Products such as anti-aging creams, lotions, and serums are sold online, and sales through online channels are gradually becoming established to meet the growing needs of consumers.
Cosmetic companies are increasingly using online platforms to sell their products in different regions. Such platforms also help customers save time by reducing retail store visits and allowing businesses to interact directly with customers. Anti-aging products are also sold by third-party companies such as Walgreens, Amazon, and eBay. Such portals offer a wide range to reach places and regions where suppliers and distributors are scarce. It means that companies are selling online. Thus, the growing number of digital portals offering products such as medical devices and anti-aging factors are helping consumers around the world to easily compare prices and product features and purchase products. This is anticipated to drive the growth of the market during the forecast period.
The high cost of anti-aging products is challenging the market growth. Cosmetic products such as anti-aging creams, serums, and other anti-aging face products are expensive due to the presence of expensive ingredients and factors such as packaging and advertising costs that are included in the final price of the product. Companies invest heavily in the innovation and development of cosmetic products such as anti-aging products. Also, ingredients such as peptides and retinol used are expensive. The product contains a combination of antioxidants and nourishing moisturizers to improve the appearance of fine lines and wrinkles.
Additionally, bio-based active ingredient blends are scarce, expensive to obtain, and require long extraction times, further increasing the cost of the product. In addition, anti-aging treatments are also very expensive. Therefore, the high cost, which is not affordable for many people, significantly impedes the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CHANEL Ltd: The company offers different types of anti-aging products under its different brands namely the Pure Gold collection, La Prairie, Platinum rare collection, and the skin caviar collection.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is driven by various factors, including the demand for multi-functional cosmetic products that offer comprehensive skincare solutions. Anti-wrinkle creams and serum masks are gaining popularity in the market, catering to individuals seeking effective personal care products. Changing lifestyles and technological developments have also influenced the beauty industry, with brands like Organic Harvest focusing on organic formulations. Social transformations have led to increased awareness among consumers, driving the adoption of cosmeceutical skincare items. However, challenges persist, including poor eating habits, alcohol consumption, and the presence of harmful ingredients such as plastic and synthetic compounds in skincare products.
The market share growth by the skincare segment will be significant during the forecast period. The skin care segment is currently dominating the market and is expected to remain dominant during the forecast period. Anti-aging skin care products include topical creams for improving skin tone, including lotions and serums. These products are widely used as they smooth out the appearance of wrinkles on the skin. Due to other factors, such as the increasing aging population and technological advances in manufacturing anti-aging skin care, the aging products market has grown significantly.
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The skincare segment was valued at USD 33.38 billion in 2017 and continued to grow until 2021. People around the world recognize the importance of anti-aging skin care routines and regimens to protect the health of their skin. For instance, ultraviolet (UV) radiation in sunlight causes premature skin aging, resulting in fine lines on the skin and a lack of smoothness. Therefore, it is necessary for individuals to increase cellular activity, reduce the time taken by the epidermis for its replacement, increase collagen production, and reverse the accumulation of damage to the skin due to free radicals caused by UV exposure. The usage of anti-aging products such as moisturizers increases the moisture content in the skin, increases firmness, and improves skin texture and elasticity while enabling deep cellular rejuvenation, thereby reducing the appearance of fine lines, wrinkles, and pigmentation. ALLERGAN, Avon Products, Clarins, REVLON, Shiseido Company, SkinFood, and SOKO GLAM are some of the companies that offer anti-aging skin care products. Therefore, increasing demand for anti-aging skin care products as an integral part of an individual's skin care regimen has led to the growth of the market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is the largest contributor to the market, with the United States being the leading country. US-based Nu Skin Enterprises offers ageLOC Elements and Future Serum, which cleanses, purifies, regenerates, moisturizes, and reveals youthful skin. Many other companies are also investing heavily in the market in this region with the goal of designing, developing, and bringing to market safer and more effective products. Thus, the wide presence of manufacturers of anti-aging products offering a variety of creams and serums ensures the availability of a wide range of products, thereby meeting the growing demand for these products in the country. An increase in the number of people using as part of their skincare routine in Canada, along with the presence of domestic anti-aging product manufacturers, is expected to lead to the rapid growth of the market in this region.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market is driven by various factors, including the growing desire among individuals for the betterment of themselves through skincare routines. Consumers are increasingly turning to products with oils, blended formulations, and pure organics to achieve enhanced skin tones and address diverse skin types. These products are readily available in various retail channels such as supermarkets, hypermarkets, and online stores, catering to the needs of both women and men, including younger generations. With a focus on body and skin care, consumers seek solutions ranging from body wash to facial serums. However, challenges arise from the presence of synthetic ingredients and the need for SPF ingredients to protect against environmental factors.
In addition, the market thrives on diverse channels, including Online Retail, providing convenient access to skincare solutions for cosmetic enhancements and skin care procedures. Consumers are increasingly inclined towards herbal and organic products enriched with beneficial components like fatty acids and essential oils. From body moisturizer to facial mask, these products cater to varying needs and are available in various retail outlets such as Hypermarkets & Supermarkets and Pharmacy & Drug Stores. Additionally, specialized formulations serve as boosters for skin and hair, addressing specific concerns like hydration and rejuvenation, shaping the market's dynamic landscape.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.45% |
Market growth 2023-2027 |
USD 18.96 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.55 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, Japan, France, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., CHANEL Ltd., Developlus Inc., LOccitane Groupe SA, LOreal SA, Lotus Herbals Pvt. Ltd., LVMH Moet Hennessy Louis Vuitton SE, Mountain Valley Springs I Pvt. Ltd., Natura and Co Holding SA, Nu Skin Enterprises Inc., Orlane SA, Revlon Inc., The Estee Lauder Companies Inc., Himalaya Wellness Co., The Procter and Gamble Co., Unilever PLC, Beiersdorf AG, Groupe Clarins, Oriflame Holding AG, and Shiseido Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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