The global anti aging products market to reach USD 162.87 billion by 2024, driven primarily by ageing problems such as wrinkles, fine lines, skin tanning, crow’s feet surrounding eyes, greying of hair and balding or hair loss. Rising ageing population of baby boomers and high demand from generation X is also one of the major factors for the growth of anti-aging products market.
Antioxidants such as Vitamin C and retinol present in anti-aging products help in keeping the skin hydrated and reduce the effect of sun and prevent further damage. Rising consumer awareness regarding these ingredients is expected to fuel market growth.
Research on ingredients and production of creams, shampoos and serums tackling specific ageing problems have resulted in the development of the market. Stringent UFDA regulations coupled with the increase in safety levels have been a major driving factor to gain public trust. Moreover, introduction and implementation of regulations for labelling packed products displaying the minutest information is expected to be a positive influencing factor.
North America was the largest market and is projected to witness steady growth on account of high penetration of the products. Awareness regarding ageing has resulted in consumers purchasing one, two or more products at a time. Increasing consumer awareness regarding the benefits of these products by applying them daily is anticipated to drive the demand in Asia Pacific over the projected period, at a CAGR of 6.4%.
Intensification in an urban lifestyle, healthy routine, fashion awareness, cultural & environmental awareness and the huge population of over 60 years of age worldwide have been the key drivers. Frequent problems such as dark circles, fine lines, and wrinkles faced by the baby boomers are key reasons for the upsurge in the sales of anti aging products. The rise in demand for natural and organic products is anticipated to provide opportunities for growth.
The market for the anti-aging product is highly fragmented which makes it highly competitive. Some of the key players in the market include Revlon, Procter & Gamble, L’Oreal, Avon Products, COTY INC., Lotus Herbals, Oriflame Cosmetics AG, Missha, Unilever, and SKINFOOD. Each of these vendors has a broad portfolio, where products are differentiated on the basis of problems.
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Hexa Research has segmented the global anti aging products market based on demography, product, and region:
Segmentation by demography, 2014 - 2024 (USD Million)
• Baby Boomers
• Generation X
• Generation Y
Segmentation by product, 2014 - 2024 (USD Million)
Segmentation by region, 2014 - 2024 (USD Million)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analysed
• Procter & Gamble
• Avon Products, Inc
• Lotus Herbals
• COTY INC.
• Oriflame Cosmetics AG