Anti-Aging Products Market

Market Overview

The global anti-aging products market size was valued at USD 42.10 billion in 2021 and is projected to reach USD 71.73 billion by 2030, registering a CAGR of 6.1% from 2022 to 2030.

 As we age, the human body experiences biochemical changes that cause the body to deteriorate gradually. Such physical effects are visible on a person's skin and hair. There are numerous anti-ageing products on the market to address the same problems. Antiaging products are typically moisturizer-based cosmeceutical skincare items that claim to make users look younger by minimizing, concealing, or preventing the signs of ageing skin. These symptoms include sagging, wrinkles, dyspigmentation (brown spots), erythema (redness), solar elastosis (yellowing), keratoses (abnormal growths), and poor texture.

Despite widespread demand, it has not been established that many anti-ageing products and treatments have significant or long-lasting beneficial effects. According to one study, the most effective creams reduced wrinkles by less than 10% over 12 weeks, which is invisible to the naked eye. According to a different study, inexpensive moisturizers are just as effective as expensive anti-wrinkle creams. When extrapolated to a twelve-month basis of comparison, a study found that a proprietary blend of ingredients had a positive effect after six months of daily application. The statistical approaches taken to demonstrate this have drawn criticism. Antiaging creams have traditionally been marketed to women, but products designed with men in mind are becoming more prevalent. Antiaging product marketing has been fired for allegedly supporting ageism, especially against women.

Market Dynamics

Global Anti-Aging Products Market Driver

Increasing Awareness of Aging Signs

The global anti-ageing market is driven by younger generations' growing awareness of body and skin care antiaging products. Since skin problems are becoming more prevalent due to pollution, poor eating habits, alcohol consumption, etc., people are more likely to take care of their skin. The growing desire for youthful appearance and health is one of the factors influencing the demand for various antiaging products like creams, lotions, gels, etc. Many people choose different skin care procedures and cosmetic enhancements to improve their skin's appearance, reduce pigmentation, repair UV damage, etc. Increased ageing in the population and the number of market players offering cutting-edge treatments to treat your skin are both significantly boosting the market's growth. Additionally, the growing senior population in emerging economies is to blame for the global upsurge in sales of antiaging goods.

Strengthening Distribution Channels

The market is expanding due to rising antiaging product sales through various distribution channels. Sales of antiaging products are boosted by the expansion of pharmacies, online retailers, and other types of stores. Manufacturing firms in the global anti-ageing market are concentrating on supplying herbal and organic products to consumers to meet their growing demand. The increasing competition between domestic and foreign brands is driving the global antiaging market. To meet consumer demand, businesses in the antiaging market are creating cutting-edge products. Innovative products are becoming more widely available thanks to manufacturers. Numerous ongoing research projects drive the market to produce products that do not harm your skin. The global anti-ageing market is anticipated to experience growth for the forecast period due to rising consumer awareness of harmful ingredients used in the production of antiaging products.

Global Anti-Aging Products Market Restraint

Natural ingredients like hyaluronic acids are used as raw materials to create anti-wrinkle products. Packaging and raw materials are included in the cost of goods sold, which has increased. In addition, the cost of the finished product is significantly influenced by the main component of the packaging, plastic. Prices for advanced science and technology ingredients, such as synthetics, UV agents, fatty acids, SPF ingredients, and essential oils, have increased. Due to rising transportation and processing costs, the cost of natural ingredients such as Quillaja Saponaria, Acacia concinna or Sapindus, honey, jojoba, and algae has increased. Prices have risen due to the surge in demand and subsequent shortage of these natural ingredients. Manufacturers have increased product prices and reduced profit margins due to the price increase. One of the main things impeding the global antiaging market's expansion is this.

Global Anti-Aging Products Market Opportunities

The rise in Online Stores and Digitalization

The trend of online stores has also propelled the market by giving manufacturers a cost-effective, time-bound, quick response mode of sale and distribution. Additionally, e-commerce gives businesses a valuable tool for tracking and studying consumer behaviour, which aids in developing targeted marketing and advertising strategies. Customers are increasingly choosing the convenience of not going to a store, which has presented a challenge to supermarkets and hypermarkets. Growing Internet usage and the entrance of new retailers (such as Amazon, etc.) into e-commerce have helped to support the trend. Globally, the number of Internet users has increased rapidly. Encouraged by the rise in online activity, businesses like Unilever and Procter & Gamble have partnered with online trading firms to take advantage of e-advantages commerce and boost sales and profit margins. To capture consumers' attention, these businesses prioritize online advertisements. The ever-growing base of consumers who prefer technology-oriented goods and services, an increase in disposable income, and a rise in consumer awareness of anti-wrinkle goods and services support online retailers.

Regional Analysis

According to the region, the market is segmented into North America, Europe; Asia Pacific; Central & South America and Middle East & Africa.

The region with the largest share was Asia-Pacific. Due to rising concerns about acne, sunburns, melanoma, and the damaging effects of UV rays and pollutants, there is an increased consumption of skincare products and cosmetics in China and India, two emerging markets. This is likely to have a positive impact on the anti-aging products market growth. Consumers in the area are increasingly worried about the early signs of ageing, which is predicted to increase demand. A sizable CAGR is anticipated for Central and South America. Women's employment rates have significantly increased in Central and South America. Women now have more disposable income, spending more on high-end skincare and cosmetics, including antiaging products.

Segmental Analysis

The Global Anti-Aging Products Market share is segmented into product, distribution channel and region. The product segment is divided into Body Wash, Body Moisturizer, Eye Cream & Lotion, Facial Cleanser, Facial Mask, Facial Serum, and Facial Cream & Lotion. The facial creams and lotions market had the largest market share and is anticipated to dominate during the forecast period. These products are specially made to aid in retaining moisture, firmness, and elasticity in the facial skin, thereby reducing the appearance of wrinkles and lines. People have a long history of being very concerned with their facial appearance and are not afraid to spend a lot of money on such products, which is a significant factor driving the segment. The market for eye cream and lotion is anticipated to grow at the fastest rate. These creams are intended to treat the delicate area around the eyes. The skin around the eyes is extremely delicate and prone to dehydration.

The distribution channel market is categorized into hypermarkets & Supermarket, Pharmacy & Drug Stores, Specialty stores, Online, and Others. The largest share was accounted for by the supermarket and hypermarket segments. Due to the high consumer propensity to buy skincare products from supermarkets and hypermarkets, as these establishments enjoy high customer preferences, the segment is expected to maintain its lead throughout the forecast period. The segment for speciality stores is anticipated to have the fastest CAGR. Consumers have been gravitating toward buying skincare products from these shops, particularly those looking for a specific brand or item. Customers also view these shops as a respectable substitute for busy retail stores when purchasing cosmetics because they eliminate the need to wait in lengthy checkout lines.

Recent Developments

• In June 2022, The Estée Lauder Companies (ELC) announced the opening of its new, state-of-the-art distribution centre in Galgenen, Switzerland, in order to accommodate the dynamic and future expansion of its global Travel Retail business. Travel Retail, which encompasses duty-free environments such as airports, downtown locations, airlines, cruise ships, and border shops, is one of the company's fastest-growing channels and reaches more than three billion consumers annually. This new 300,000-square-foot facility increases the company's Swiss distribution footprint. It has allowed ELC to remain at the forefront of providing its luxury beauty products and personalised services to international travellers.
• In April 2022, in collaboration with Walmart, OLAY North America and Pantene North America launched new Boosters for skin and hair to meet consumers' evolving personal care needs. With the new Booster collection, OLAY and Pantene are empowering consumers to personalize their very own routine with products that fit their day-to-day emotional issues.
• In February 2022, Olay Body Unveiled New Fearless Artist Series to Elevate Stories of Women of Color in Art and Science. Olay Body launched the Fearless Artist Series, a new collection of body washes that feature bottle artwork designed by African American artist Avery Williamson and formulas specially crafted by a diverse team of women. The Fearless Artist Series is part of Olay Body's ongoing commitment to elevate stories of women of colour in STEAM (science, technology, engineering, art, and math) while increasing the representation and visibility of products designed for women of colour.