Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Anti Aging Products Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”, forecasts that the market for Global Anti Aging Products Market is expected to grow at a CAGR around 5.6%
Rising consumer awareness of skin problems due to aging is expected to drive the market. These problems include wrinkles, skin dullness, fine lines, and vanishing youthfulness due to environmental effect among others. Moreover, increasing proclivity to spend on skin and beauty products also drives the demand throughout the forecast period. The skin care market has seen significant growth due to an aging population and developments in technology employed in creating anti-aging skin care products. Such factors drive the global anti aging product market.
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North America held the majority of the market share in 2020 and is expected to maintain its dominance over the estimated period. The market has grown significantly as the number of people using anti-aging products in this region has increased. Furthermore, due to the availability of well-established infrastructure, the presence of key market players, and rising average life expectancies and median ages in the region, the United States is expected to hold the majority of the market share throughout the forecast period. Increasing investments from key market players in this region, as well as the commercialization of social media and the development of innovative products to cater to a wide range of customer bases, are expected to boost the growth of the anti-aging product market in the United States during the forecast period.
Due to the wide availability of innovative products, numerous skin care brands, and high urbanization rate, Asia Pacific has an increasing market share. The growing chemical industry in the countries such as South Korea, China, India coupled with supportive regulations will provide manufacturers with constant supply of raw materials. This is helpful and beneficial to Asia Pacific skincare product manufacturers. Furthermore, due to healthy lifestyles and consumer beauty awareness, Europe is expected to hold a decent market share over the forecast period.
Impact of COVID 19
COVID-19's global pandemic has had a significant influence on the healthcare and cosmetics industries. Revenues of worldwide cosmetics and beauty industry players slumped by 20 to 30 percent in 2020 due to global supply-chain failure. However, the market grew steadily since 2021 and showing a promising trend for the future. Furthermore, wearing a quarantine mask causes short and long-term skin problems such as redness, changes in skin elasticity, pores, acne, and transepidermal water loss. Such factors are increasing the demand of anti aging product in upcoming periods.
The market for anti aging product is segmented based on product, distribution channel outlook, and region. Based on product, the market is segmented as body moisturizer, body wash, facial cleanser, eye cream & lotion, facial serum, facial mask, facial cream & lotion. Based on distribution channel outlook, the market is separated by pharmacy & drug stores, hypermarket & supermarket, specialty store, online and others.
By product segment, the facial cream and lotion segment lead the market in 2020. Rising awareness among consumers regarding age-related skin problems is increasing demand of anti aging product market. Moreover, the lotion has a higher water content as well as it is a typical mixture of water and droplets of oil which keep the skin hydrated for a long time. By distribution channel segment, the hypermarket and supermarket segment emerged as the leader in the market in 2020. Factors such as freedom of selection, lower price, and high visibility of a large range of products, and reasonable gross discounts and offers make them suitable for all types of customers.
The market is fragmented with the presence of a large number of global and regional players such as Estée Lauder Inc., Procter & Gamble, Beiersdorf Limited, Shiseido, Revlon, Unilever, L’Oreal, POND'S, among others.
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