Anti-aging Market to Surpass Valuation of US$ 284.8 Bn by 2028, Notes TMR Study
- Firms in the global anti-aging market are focused on offering organic and herbal products in order to meet growing consumer demand
- The global anti-aging market is driven by consumer demand for anti-wrinkle lotions and creams in order to look young and attractive
Jan 27, 2022, 07:30 ET
ALBANY, N.Y., Jan. 27, 2022 /PRNewswire/ -- The global anti aging market is expected to rise at a CAGR of 4.4% during the forecast period, from 2021 to 2028. The global market was valued at US$ 163.8 Bn in 2020 and is expected to surpass valuation of US$ 284.8 Bn by 2028. Anti-aging products has evolved over the years, and latest technologies have helped to broaden its device, service, and product offerings. These products come with a high acceptance rate, as they are more affordable and readily available than services and equipment.
Sales of anti-aging product are being fueled by the increasing acceptance of therapeutic solutions to conceal skin wrinkles and age symptoms. Technological breakthroughs in product manufacturing, rise in the number of market participants, and R&D activities to find the most appropriate components to use in anti-aging products are contributing to the growth of the global anti-aging market.
The demand from aging population is estimated to be a major factor driving sales of anti-aging products. Anti-wrinkle and other skin care products are popular among consumers who want to appear younger. This factor is likely to contribute to the growth of the global anti-aging market. Japan has the most individuals above the age of 65 years, and this trend is anticipated to continue in the upcoming years. Increasing number of women in the U.S. use anti-wrinkle creams to address the symptoms of aging, which is expected to boost the anti-aging market in North America.
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Key Findings of Market Report
- The global anti-aging market is driven by increasing awareness about anti-aging products for the skin and body among the younger population. People are more willing to care for their skin as a result of rising skin problems caused by alcohol intake, pollution, and improper diet, among other factors. The growing desire among individuals to look youthful and healthy is expected to fuel the demand for anti-aging products such as gels, lotions, and creams.
- Rise in the availability of cosmetics online and a strong customer inclination toward online shopping due to offers and discounts, the online stores category is predicted to grow at a rapid growth rate
- In 2020, the creams category led the global anti-aging market, and this trend is expected to remain during the forecast period. Creams are the most common and multifunctional type of skincare product. Increasing availability, convenience of use, client preference, and the number of beauty stores are likely to drive this segment.
- Hyaluronic acid-based anti-wrinkle lotions are frequently promoted as a cost-effective alternative to medical treatments for treating wrinkles. Hyaluronic acid (HA) is an important moisturizer with high water retention ability, particularly for human skin.
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Anti-aging Market: Growth Drivers
- The number of Internet users has increased at an exponential rate across the globe. As such, firms such as Procter & Gamble and Unilever and have partnered with online trading companies to take advantage of the opportunities of e-commerce platforms and increase revenue and profit margins. To attract customers, many businesses rely heavily on Internet advertising.
- As customers' purchasing power grows, they will be more inclined to purchase branded goods. Consumers are gravitating toward high-quality items as a result of advertising and changing lifestyles. Rise in consumer purchasing power in Asia Pacific is likely to offer growth opportunities in the regional anti-aging market.
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Global Anti-aging Market: Key Players
Some of the key market players are
- The Estée Lauder Companies, Inc.
- Procter & Gamble Co.
- ZO Skin Health, Inc.
- L'Oréal S.A.
- Beiersdorf AG
- Johnson & Johnson
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Global Anti-aging Market: Segmentation
- Hyaluronic Acids
- Alpha Hydroxy Acids
- Body Care
- Facial Care
- Online Stores
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