Global Anti-Aging Market Set for Rapid Growth to Reach Around USD 216.52 Billion in 2022
Consumer awareness of age-related skin concerns such as fine lines, wrinkles, and dullness, combined with a growing willingness to pay on treatments that help them declare their skin’s youthfulness, is likely to drive market demand over the forecast period. Globally, the COVID-19 pandemic impacted demand for cosmetics, particularly anti-aging products. Sales have plummeted in countries like the United States, India, Brazil, Russia, and the United Kingdom, which are among the worst-affected. Many skincare cosmetics firms have historically relied on China for completed products as well as raw ingredients, disrupting the production and distribution of these items.
The global anti-aging products market was worth USD 40.49 billion in 2020, and it is predicted to increase at a CAGR of 5.4 percent from 2021 to 2028.
Although ageing is a natural process, external variables such as air pollution, alcohol intake, and UV exposure have been shown to contribute to accelerated ageing of skin cells. Anti-aging creams and lotions play an important function in a person’s life by helping to maintain a youthful glow and moisturization. According to a poll conducted by Real Self in 2020, 62 percent of Americans utilised anti-aging products on a daily basis.
China is a big contributor to the global cosmetics and skincare market’s growth, both in terms of consumption and production, particularly in the areas of anti-aging, skin lightening, and sun care. According to China’s seventh population census, around 40.08 percent of the population is between the ages of 30 and 54. Anti-aging products are predicted to be in high demand in the country due to the country’s big young population.
A recent shift in consumer taste for organic and natural products has emerged from a growing predisposition toward plant-based alternatives. Many firms are offering anti-aging products made with chemical-free substances in this regard. For example, Alpyn Beauty, a skincare company, sells a chemical-free Plant Genuismelt moisturiser with bakuchiol that brightens skin and protects it from wrinkles and free radicals.
Furthermore, the natural beauty movement has spawned a slew of cross-over goods. These products combine the benefits of cosmetics and wrinkle treatment to help individuals protect their natural skin. For example, Lancôme, which is part of the L’Oreal group, sells anti-aging genifique serum in its makeup and cosmetics.
In 2020, the face cream and lotion segment had the greatest market share of more than 50.0 percent, and this is likely to continue throughout the forecast period. These are carefully made products that aid in the retention of moisture, firmness, and elasticity in the facial skin, hence reducing wrinkles and creases. People have traditionally been worried about their facial look and are willing to spend a lot of money on such products, which is a crucial driver driving the category.
Furthermore, as consumer concerns about animal welfare and the environment grow, more people are choosing for cruelty-free products, driving up demand for vegan or plant-based ingredient blends in skincare products. Demand is projected to be driven by new product launches and advancements. For example, in January 2019, Drunk Elephant released A-Passioni, a vegan anti-wrinkle cream that restores the skin’s young appearance with vegan and gluten-free ingredients.
From 2021 to 2028, the eye cream and lotion segment is predicted to grow at the fastest rate of 6.6 percent. These lotions are intended for use on the delicate skin behind the eyes. The skin around the eyes is extremely delicate and prone to ageing. As a result, goods like eye creams and lotions aid in the fight against early signs of ageing including wrinkles and lines beneath the eyes, which is expected to propel the segment.
Eye creams with a high concentration of active pharmaceutical components including ceramides, niacinamide, and alpha-hydroxy acids reduce or eradicate dark circles, age lines, and wrinkles, as well as hydrate and treat puffiness around the eyes, from a variety of well-known brands. For example, Estee Lauder, a well-known skincare and cosmetics company, offers a variety of eye products, including night repair, concentrated recovery eye masks, and eye balms containing vital medicinal ingredients.
Insights into Distribution Channels
In 2020, the hypermarket and supermarket segment accounted for roughly 45.0 percent of the market. Due to significant consumer predisposition for purchasing skincare items from supermarkets and hypermarkets, which enjoy high customer preferences, the segment is expected to continue its dominance during the projection period.
Supermarkets in regions such as North America and Latin America have bought a considerable number of grocery stores, giving them more clout with suppliers. Supermarkets are a good choice for all types of customers since they provide substantial benefits to customers such as freedom of choice, lower pricing, and great visibility of worldwide brands.
From 2021 to 2028, the specialty shop segment is predicted to grow at the fastest rate of 6.3 percent. Consumers are increasingly turning to these stores for skincare products, particularly those looking for a certain brand or product. Customers also consider these businesses to be a good alternative to shopping for cosmetics in crowded retail stores because they reduce the need to wait in long queues at check-out.
In 2020, Asia Pacific will have the greatest market share, accounting for about 40.0 percent. Due to rising worries about acne, sunburns, melanoma, and the detrimental effects of UV radiation and pollutants, rising use of skincare products and cosmetics in emerging economies such as China and India is expected to favourably influence market growth.
Consumers in the region are becoming increasingly concerned about early indications of ageing, which is projected to drive demand. According to a research published by Cosmetics Design Asia in 2017, 30% of urban Chinese customers aged 20 to 49 believed their skin condition revealed early indicators of wrinkles or creases. In this sense, nearly 39% of Chinese women in this age bracket say anti-aging products are an important element of their skincare routine.
From 2021 to 2028, Central and South America are predicted to grow at a substantial CAGR of 5.4 percent. Women’s employment rates in Central and South America have risen dramatically, with women accounting for about 53% of the region’s total workforce. Women’s disposable income is rising, allowing them to spend more on high-end cosmetics and skincare, such as anti-aging treatments.
Insights into Key Companies and Market Share
Many multinationals as well as domestic firms compete in the anti-aging sector, making product pricing extremely competitive. In addition, many cosmetics merchants have entered the marketing field in order to meet rising consumer demand.