Anti-aging products help reduce signs of aging such as fine lines, wrinkles, dark circles and age spots through ingredients that hydrate, exfoliate and nourish the skin. The global anti-aging products market offers a wide variety of serums, creams, gels and other topical formulations containing antioxidants, peptides and retinoids that support collagen production and combat free radical damage.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing geriatric population across the world has emerged as a key driver for the anti-aging products market. According to the United Nations, the number of people aged 60 years and above is expected to grow to 2.1 billion by 2050 globally from 1 billion currently. With advancing age, skin becomes thinner, drier and less supple due to declining collagen synthesis. Aging skin is more prone to developing sagging, wrinkles and age spots. This has boosted demand for anti-wrinkle and anti-aging skin care products. Advanced anti-aging formulations aggressively target signs of aging to deliver youthful and radiant complexion.
SWOT Analysis
- Strength: Anti aging products market caters to increasing consumer demand for youthful appearance and has various natural and herbal product options.
- Weakness: High prices of premium anti aging skin care products limits volumes. Certain ingredients like retinol may cause skin irritation in some users.
- Opportunity: Emerging economies offer huge untapped market potential. Innovative product formulations focusing on specific anti aging concerns can boost sales.
- Threats: Slow economic growth impacts discretionary spending. Stringent regulations over new product claims and ingredients require extensive research and approvals.
Key Takeaways
The global anti aging products market is expected to witness high growth over the forecast period supported by rising geriatric population, increasing consumer affluence and greater attention to personal care and beauty regimens. 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.
Regional analysis comprises North America dominates the anti aging products industry currently owing to higher consumer disposable incomes and early adoption of premium skin care products. Asia Pacific is projected to be the fastest growing region on account of rising health and beauty awareness amongst vast population in countries like India and China.
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. These companies focus on rigorous research and development of clinically-tested formulations along with celebrity endorsements and customized marketing strategies to strengthen brand equity and capture greater market share.
