Anti-aging Products Market size is determined to develop at a compound annual growth rate (CAGR) of 6.5% over the anticipated period.

Anti-aging is a term widely used for the processes that either stop or slow down body’s physical changes that occur as a result of aging. Based on demographics, the primary concerns are the aging of skin and hair among other concerns. Anti-aging market provides a variety of products to its consumers including anti-wrinkle and anti-stretch creams, UV absorbers, and others. Anti-aging products are enriched with antioxidants and they help in the hydration of the skin. Hair related aging problems are taken care by various hair colors, conditioners, shampoo, oils, and serums.

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In recent years, anti-aging products market has witnessed stability with a decent growth rate. The market of anti-aging products and services is being fueled by not only the aging population but the growing consciousness among the younger generation regarding physical appearance. Growing health and beauty concerns are foreseen to impel the business growth in the foreseen years. The demand for safer, more effective, and innovative anti-aging products attracts investments in the Research & Development department by the leading companies. The market will also be driven by the advancements in technology, strict regulations, and the growing demand for natural products.

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Market Growth Rate and Trends

One of the key trends for the popularity of anti-aging products market is the availability of online platforms. Penetration of internet is leading to the growing awareness about anti-aging products among potential customers. Sales through online platform has made the products easily accessible to consumers across the world.
Rising aged population across the globe – With the improvement in the healthcare system, life expectancy has increased around the world. Almost every country in the world is witnessing a growth in the number of their aged population. The global trend to maintain physical appearance among the population has led to the prosperity of anti-aging products market. The market surge can also be attributed to the improved purchasing power in the developed and developing nations.
Due to awareness regarding the side-effects of the products, companies are actively involved in Research & Development activities for the development of organic products and expansion of their product portfolios.
Impact of Covid-19 on the Market:

Anti-aging products market is part of the Beauty and Personal care Industry (BPC). In the Covid-19 pandemic wake, the industry has witnessed a decline but not very severe as compared to the other industries. The pandemic has shifted the consumer behavior in the industry towards products that are safe and reliable. Products with longer shelf life and minimal contamination risk are expected to stand out in the following years. The pandemic has uplifted the online business platforms forcing the businesses to shift to E-commerce channels in order to survive in the declining economy.

Market Dynamics

Drivers:

Growing demand for cosmetic products with multiple functions like anti-wrinkle creams are driving the growth of anti-aging products market. Beauty consciousness and aesthetic appearance are the primary factors for the growth of anti-aging products market.
Varying lifestyle of individuals coupled with improved purchasing power on personal care products is leading to the market growth. Presence of online platforms have made the availability of products easier for the consumer with a wide range of options to choose from.
Market is being fueled by the technological advancement in the industry along with development of variety of products resulting in frequent product launches. Development of organic products have marked a surge in the consumer demand. Technological giants are increasingly investing to identify the root cause of aging and find a solution.
The adoption of anti-aging products among the younger generation has led to the expansion of anti-aging products market’s customer base.
Rising population of people aged 35 years or more have seen an inclination towards anti-aging products due to growing beauty consciousness among both the genders. With the overall growing stress among individuals, early aging is prevalent among the population. The market is also expected to be boosted by the increasing medical tourism for cosmetic surgeries.
Restraints:

Side-effects of the chemicals present in the anti-aging products acts a restraint for the market growth. These chemicals damage the skin. To overcome this challenge, companies are involved in the development of organic products.
Another restriction for the anti-aging products market comes with the obtainment of raw materials to produce anti-wrinkle products.
Recent Developments

In 2018, Estee Lauder successfully launched a line of products under the brand of Perfectionist Pro collection after 10 years of R&D. The products launched aim to help in repairing the skin naturally by the assistance of Rapid Firm + Lift Treatment Acetyl Hexapeptide-8.

In 2013, Calico Company was introduced by Google. The focus of the company was with the health and well-being, particularly for aging and diseases associated with it.

Market Segmentation & Segmentation Growth

Product:

Skincare
Haircare
Skincare segment dominated the market and is expected to retain its dominance over the forecast period. The segment held 57.75% of the market share in 2018. The segment contains a variety of products. Regular R&D investments in the development of new products is expected to drive the segment growth.

Demography:

Generation X
Generation Y
Baby boomers
Baby Boomers segment owned 36.81% market share in the year 2018. Generation X is anticipated to witness the highest compound annual growth rate (CAGR) in the forecast period owing to their consciousness regarding appearances and willingness to spend money for the products. Generation Y is expected to witness a significant CAGR. Generation Y refers to people born between 1980-1990. Promotional activities and increased marketing will spur the demand for anti-aging products in Generation Y.

Distribution Channel:

Supermarkets & Hypermarkets
Convenience Stores
Online
In 2018, supermarkets & hypermarkets segment owned over 50% of the market share. Extensive promotional campaigns lead to growth in the segment. Currently, the online segment is experiencing growth and is expected to register a significant share in the market at the end of the forecast period. The expected CAGR for the online segment is 7.3% in the forecast period.

Geographical and Regional Presence

Global anti-aging market can be divided into five major key regions based on geography: North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.

In 2018, North America held the majority of anti-aging market share, which accounted for over 35%. The majority of the population in the U.S. believes in living a healthy lifestyle. Therefore, a significant proportion of adults have daily usage of anti-aging products.

Asia Pacific region is expected to grow with the highest CAGR in the forecast period. Increasing awareness among the population and improved purchasing power are the drivers for the market growth in this region. Countries in the Asia Pacific comprise a large population of Generation X which will serve as a favorable factor for market growth.

South America is also expected to pick up the pace in anti-aging product market growth owing to the growing middle-class population and increased expenditure towards aesthetics in countries like Brazil. The rapid aging of the population in the Middle East & Africa is likely to popularize the anti-aging market in the forecast period.

Competition in the marketplace:

The major proportion of the market share is held by a few prominent players in the industry. The major strategy adopted by the companies in order to increase their customer base is to introduce new and innovative products with organic ingredients. Companies are expanding their product portfolios to offer a variety of products to the consumers based on their choice, skin types, and purchasing power.

Key Players

Allergan
PhotoMedex
Orlane
L’Oreal
Olay
Beiersdorf
Johnson & Johnson
Shiseido
Lumenis
Proctor & Gamble