Anti Aging Products Market– Statistics And Analysis & Forecast To 2025
Posted by Mrudula Anil Karmarkar on May 19th, 2021
The global anti aging products market size is expected to reach USD 51.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% over the forecast period. Rising consumer awareness regarding personal grooming and increasing concerns over the adverse effects associated with aging are expected to have a positive impact on the market growth.
The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Furthermore, growing awareness regarding the hazardous effects associated with the chemically processed anti-aging products is expected to promote the use of natural products. As of 2016, 57% of the U.S. women claimed to prefer natural skin care products for their daily usage. Therefore, consumers are increasingly preferring natural cosmetic oils and serums due to their ability to penetrate the skin easily.
The hair care segment is expected to be the fastest growing segment, expanding at a CAGR of 6.0% from 2019 to 2027. Aging is related to the loss of volume, hair thinning, and dryness. Therefore, rising importance of moisturizers, shampoo, and hair oils to cover grey hair, improve softness of hair, and increase shining features is expected to remain a favorable factor. Furthermore, growing application of hair care among men in order to maintain hair growth for a longer time is expected to be a key trend in the near future.
Supermarkets and hypermarkets was the largest segment, accounting for over 50.0% share of the global revenue in 2018. Availability of a wide range of products in a same selling window is a major factor driving the consumers to purchase from supermarkets. It has been observed that majority of the consumers prefer this distribution channel due to the availability of products. The online category is expected to be the fastest growing category as consumer preferences are shifting towards e-commerce portals due to the convenience of doorstep delivery services.
Further key findings from the report suggest:
North America accounted for more than 35.0% share of the global revenue in 2018. High consumer spending on maintaining personal appearance is contributing to the market growth. To prevent the sign of aging, one-third of the U.S. adults use anti-aging products on a daily basis. Asia Pacific is expected to be the fastest growing region from 2019 to 2025. Growing disposable income and rising consumer awareness regarding the usage of anti-aging skin care in emerging economies including China and India are driving the market.
Key industry participants include Estée Lauder Inc.; Bioderma; Procter & Gamble; PhotoMedex, Inc.; Beiersdorf Limited; Lumenis; Clarin’s; Kiehls’s; pmdbeauty.com & Age Sciences Inc.; Cellex-C International Inc.; and The Boots Company PLC. Product innovation is expected to remain a critical success factor in the near future.
Intrinsic aging leads to changes in facial appearance such as collagen, loss of skin elasticity melanin production, decrease in dermal collagen, and hair follicles. Consumers are more interested in using these products to limit the occurrences of the above-mentioned problems. Over the past few years, demand for cosmetic surgical procedures has been continuously increasing across the globe as a result of growing appearance consciousness and rising aging population.
Concerns over facial appearance are mostly observed among the women population, which is driving them to opt for various cosmetic procedures such as dermal fillers, Botox, facelift, and chemical peels. As per the report of ISAPS, in 2016 around 8,548,597 injectable procedures such as dermal fillers and Botox were performed at a global level.
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Skincare accounted for the largest share of over 60.0% share in 2018. Companies are investing in research and development to come up with innovative products. Oils and serums are increasingly used as compared to creams and lotions as they can easily penetrate the skin. Features including non-greasy lightweight texture that help it to penetrate the skin easily is another factor driving the consumers to purchase this product. Furthermore, rising awareness about the usage of chemicals in anti-aging products is driving consumers to use natural products. For instance, in 2016, 57% of U.S. women claimed to prefer natural skincare products for their daily usage.
Key manufacturers include Estée Lauder Inc.; Bioderma; Procter & Gamble; PhotoMedex, Inc.; Beiersdorf Limited; Lumenis; Clarin’s; Kiehls’s; pmdbeauty.com & Age Sciences Inc.; Cellex-C International Inc.; and The Boots Company PLC. The manufacturers are focusing on product innovations to attract more customers. For instance, in January 2018, Estée Lauder launched a product line under the brand, Perfectionist Pro collection. The collection includes the Rapid Firm + Lift Treatment Acetyl Hexapeptide-8, which helps the skin to repair naturally.
Grand View Research has segmented the global anti aging products market on the basis of product, distribution channel:
Anti Aging Products Outlook (Revenue, USD Billion, 2015 - 2025)
Anti Aging Products Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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