by Anti-aging products help reduce signs of aging such as wrinkles, fine lines, dark spots and hydrates the skin. They contain ingredients like retinol, hyaluronic acid and peptides that boost collagen production and protect skin from sun damage. The growing middle class population and rising disposable incomes in emerging economies have increased the demand for premium anti-aging skincare products. With busy lifestyles and increased pollution exposure, there is higher consumer awareness about early skin aging signs and benefits of preventive care.
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 key trends:
One of the key trends in the anti-aging products market is the growing demand for organic and natural anti-aging products. Consumers are increasingly interested in natural products with minimal synthetic ingredients due to growing health consciousness. They are also concerned about potential side-effects of chemicals in anti-aging creams and serums. Key players are focusing on using natural plant-based extracts like aloe vera, green tea, chamomile, and lavender that effectively delay skin aging in eco-friendly packaging. Another trend is the emergence of anti-pollution skin care ranges, as exposure to vehicle emissions and other types of pollution accelerates premature skin aging. Products containing minerals that bind to pollution particles to protect and soothe skin are gaining traction.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants in the anti aging products market is moderate. Growing market with increasing demand provides opportunity but well established brands make it difficult for new players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and price sensitivity. Buyers can switch to substitutes based on pricing.
- Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternatives and substitutes in market.
- Threat of new substitutes: Threat of new substitutes is high due to wide availability of alternatives and changing consumer preferences.
- Competitive rivalry: Competition is high among major players to sustain and increase their market share. Market is dominated by few leading brands.
Key Takeaways
The global anti aging products market is expected to witness high growth. The market size for 2024 is projected to reach US$ 21.36 Bn, indicating notable expansion. 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.
Regional analysis: Asia Pacific region is expected to witness fastest growth in anti aging products market led by the countries like China and India. North America currently dominates the market due to high consumer awareness and spending on personal care.
Key players: Key players operating in the anti aging products market are Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlaneand L’Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins. Major players are focusing on new product innovations and expanding their distribution channels to strengthen market position.
