Merck KGaA and the Chinese Cosmetics Manufacturer Pechoin Group Established a Strategic Partnership
In August 2020, to develop herbal technology and launch a new product line called the Pechoin Zhenyan anti-wrinkle repair series, Merck KGaA engaged into a strategic partnership with the Chinese cosmetics company Pechoin Group.
Rising Older Population to Boost Market Growth
The elderly population, in general, prefers to use anti-aging products to seem younger. As a result, the demand for anti-aging products is fueled by the expanding elderly population. The United Nations Department of Social Affairs' study "World Population Aging 2019-Highlights" estimates that by 2050, 1 in 6 people worldwide will be older than 65, up from 1 in 11 in 2019. The use of anti-aging products among the elderly population is necessary because skin aging causes various skin problems, including increased susceptibility to skin infections, increased radiation sensitivity, collagen degradation, and decreased subcutaneous fat problems compared to younger skin. This is anticipated to drive the anti-aging market.
Anti-aging Market Growth is being Hampered by the Availability of Fake Products
The wide range of knockoff anti-aging products encourages people to purchase unbranded, low-quality products, which may eventually encourage them to utilize products containing hazardous ingredients. Consumption of these anti-aging products causes undesirable skin issues such as skin wrinkles, rashes, and puffiness, which lowers consumer incentive to purchase additional cosmetics and further inhibits market growth. Additionally, firms must make significant investments in R&D to provide cutting-edge skincare products, and as a result, this element serves as an entry barrier for the anti-aging sector.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the anti-aging market plan acquisitions to improve their brand recognition globally. For instance, in September 2018, Ellipse AS, a business that creates and sells laser-based and intense pulse light (IPL) platforms for various medical and aesthetic skin treatments, was acquired by Syneron Medical Ltd.
- In April 2020, for three products, including Restylane Vital, Restylane Lyft Lidocaine, and Restylane Lidocaine, Galderma SA obtained licenses from China's National Medical Products Administration (NMPA). This allowed the Restylane portfolio to grow in China. These items were developed to increase skin health while also enhancing skin beauty.
- Estee Lauder
- Procter & Gamble
- The market in North America is expected to gain a huge portion of the global anti-aging market share in the coming years. The greater knowledge of aging symptoms, sedentary lifestyles, and rising obesity rates is blamed for this.
- The increasing disposable income and the growing acceptability of skin rejuvenation & resurfacing procedures are two additional factors that encourage customers in the region to use these products.
- In Europe, the growth in this region is primarily driven by an increase in the use of cosmetic procedures, a rise in the number of seminars and conferences held to raise consumer knowledge, and a rise in the number of people over the age of 65.
|Market Size in 2022||USD 62.3 Billion|
|Market Forecast in 2030||USD 90.9 Billion|
|Compound Annual Growth Rate||6.50%|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product, By Target Group, By Ingredient, By Distribution Channel, By Treatment and By Geography|
|By Target Group||
|By Distribution Channel||