by The global Anti-Aging Products Market is estimated to be valued at US$ 21.36 Bn in 2023 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 Overview:
Anti-aging products are cosmetic products aimed at reducing the appearance of aging skin and combating facial creases, fine lines, wrinkles and also repair skin damage caused by sun exposure and air pollutants. The major types of anti-aging products available in the market include anti-wrinkle, sun protection, haircare, skincare and makeup products. Anti-aging products help in reducing skin aging by stimulating elastin and collagen production, restoring moisture barrier of skin, providing antioxidants for cellular rejuvenation and photoprotection from UV rays. The rising aging population, increasing awareness about personal care and growing demand for natural and organic anti-aging solutions is expected to drive the growth of anti-aging products market over the forecast period.
Market key trends:
One of the key trends gaining traction in the anti-aging products market is growing popularity of natural and organic anti-aging solutions. Consumers are increasingly looking for skin care products made from natural extracts, vitamins and herbal ingredients to address their anti-aging needs in a safer manner. This is boosting adoption of natural anti-aging creams containing natural oils, plant extracts, antioxidants and herbal actives. Another trend is multi-functional anti-aging products offering holistic skin care benefits rather than single-point solutions. Companies are launching anti-aging skin care ranges targeting various signs of aging like lines/wrinkles, dark spots, dullness and lack of firmness at the same time. This is fueling demand for anti-aging skin care regime kits and value packs.
Porter’s Analysis:
- Threat of new entrants: Low capital requirement and established brand value of existing players make entry difficult for new players in the anti-aging products market.
- Bargaining power of buyers: Buyers have high bargaining power due to availability of numerous brands and product variations offering similar benefits.
- Bargaining power of suppliers: A few major players dominate the supply landscape, giving them significant influence on pricing.
- Threat of new substitutes: Alternatives like cosmetic surgeries pose moderate threat, although anti-aging products address non-invasive alternatives.
- Competitive rivalry: Intense competition between major brands drives higher marketing spends and product innovations.
Key Takeaways
The global anti-aging products market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing consumer awareness about aging signs and benefits of anti-aging solutions. The market size for 2023 is US$ 21.36 Bn.
Regional analysis: North America dominates the anti-aging products market owing to early adoption of new technologies and high disposable income in the US and Canada. Asia Pacific exhibits highest growth led by rapidly growing cosmetics industry in China and India.
Key players operating in the anti-aging products market are Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlane, L’Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins. Key players are focusing on customized products for millennials through innovative delivery systems and ingredients.
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