Anti-aging Market to Witness a Robust CAGR of 6.0% by 2027
Posted by Sachin Darakhe on January 2nd, 2020
Transparency Market Research (TMR) has published a new report titled, “Anti-aging Market for Anti-wrinkle Products - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global anti-aging market for anti-wrinkle products was valued at US$ 8,400.0 Mn in 2018 and is projected to expand at a CAGR of 6.0% from 2019 to 2027. Rise in popularity of multi-functional cosmetic products, increase in the geriatric population, and launch of anti-wrinkle creams & serums in emerging markets in Asia Pacific are anticipated to augment the global anti-aging market for anti-wrinkle products from 2019 to 2027.
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Rise in Awareness about Skin Care Cosmetics
Awareness about the use of skin care cosmetics to reduce pimples, wrinkles, acne, and other skin problems is increasing, especially among the youth and adults. Additionally, significant emphasis on personal care among the elderly population and lifestyle changes boost usage of anti-wrinkle creams. Men are as much concerned about facial care as women and the trend of using anti-wrinkle creams and serums is growing among men. Furthermore, increase in the use of branded anti-wrinkle products for anti-aging among a majority of the upper- and middle-class women and men in developed countries is expected to fuel the growth of the market in developed regions such as North America. Popularity of skin firming creams and other cosmetic products coupled with online availability of branded creams is likely to boost the growth of the anti-aging market for anti-wrinkle products.
Increase in Geriatric Population
Increase in the geriatric population is one of the major drivers of anti-wrinkle products. In Asia Pacific, Japan has the world’s largest geriatric population, with 33% of the total population aged 60 and above in 2015. Increase in the geriatric population preferring anti-wrinkle products to look younger and rise in preference for anti-aging cosmetic products among women are likely to drive usage of anti-aging cosmetics. Women are concerned about signs of aging and are keen on facial treatments to reduce aging of skin.
Asia Pacific Market to Grow at Rapid Pace
In terms of revenue, the anti-aging market for anti-wrinkle products in Asia Pacific is projected to expand at a high CAGR during the forecast period. Rise in availability of hyaluronic acid-based creams, surge in awareness about the benefits of hyaluronic acids such as hydration of skin & hair, and increase in the geriatric population are likely to drive the market from 2019 to 2027. Strengthening distribution channels, strategic acquisitions, and strong product portfolio catering to skin care needs of regional customers are factors anticipated to create opportunities for the market players in Asia Pacific.
Strategic Approaches by Market Players Boost Market Share
The report also provides profiles of leading players operating in the global anti-aging market for anti-wrinkle products. These include Procter & Gamble Co., Johnson & Johnson, Unilever plc, Shiseido Company, Limited, ZO Skin Health, Inc., L’Oréal Paris, The Estée Lauder Companies, Inc., Beiersdorf, and PHYTOMER. These players have acquired a number of companies in the cosmetics industry to expand presence in the market. In September 2017, Unilever plc acquired Carver Korea to expand geographic presence and strengthen product portfolio. In 2018, ZO Skin Health, Inc. opened its center in India expanding its high-end health solutions portfolio in Asia Pacific. In March 2015, L’Oréal Paris signed production and distribution partnership with CFAO for Ivory Coast to strengthen its distribution channels and expand presence in markets in Africa.
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About the AuthorSachin Darakhe
Joined: August 12th, 2019
Articles Posted: 296
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