A growing number of cosmetic procedures are being conducted globally, the older population is increasing, technology is advancing, and people are becoming more aware of cutting-edge cosmetic procedures, all promoting the rise. The anti-aging market is driven by innovative anti-aging treatments and products including plastic surgery, breast implants, botulinum toxin injection therapies, etc., that offer long-term outcomes due to technological developments and significant research and development efforts. The introduction of safer, more effective anti-aging treatments that provide consumers with immediate effects has also been promoted by tight rules and regulations, expanding the market's growth prospects.
The anti-aging market is predicted to suffer from the recession. Businesses of all sizes experience decreased sales and earnings during a recession. They may also make it more difficult to obtain finance, make it harder to get paid and promote corporate bankruptcy. While every firm is affected differently by recessions, some of the challenges can be predicted based on the kind and size of the organization. While a small consulting firm can experience cash flow issues when clients delay paying invoices, a Fortune 500 company might be able to reduce costs by cutting roles and negotiating better terms with suppliers. Recessions can reduce credit options, make it more difficult to collect payments, and result in corporate bankruptcy.
Rising Awareness Among Individuals Related to Skincare Routine to Promote Market Growth
People around the world, particularly in emerging and developed nations, are becoming more aware of the effects of ageing skin and the myriad issues that come with it, including smoothness, dullness, reduced plumpness, and fine lines and wrinkles. The availability of cost-competitive products and anti-aging remedies, rising standards of living, rising incomes and purchasing power among middle-aged customers are only a few of the key variables anticipated to contribute to market revenue growth significantly. Recently, more people have taken part in reviews and surveys thanks to the increased visibility of these items online and on social media platforms, as well as reviews from customers who are currently using or have previously used anti-aging therapies. Major changes in hair and skin occur in the years before and during menopause, and many of the issues women experience are brought on by cascading estrogen levels. For many businesses, tackling these issues and offering substantial answers has created new opportunities. A few brands that have successfully cornered the industry and are increasing their anti-aging market revenue growth are Womaness, Pause, and Care.
Rising Cost of Anti-Aging Products to Limit Market Growth
Hyaluronic acids are natural chemicals that are used as the basis for anti-aging products. The cost of goods sold has increased, including raw materials and packaging. The primary material of the packaging, plastic, also has a major impact on the final product's price. The cost of substances used in cutting-edge research and technology, including synthetics, UV agents, fatty acids, SPF compounds, and essential oils, has increased. The price of natural components including Quillaja Saponaria, honey, Acacia concinna or Sapindus,jojoba, and algae has soared as a result of growing transportation and processing expenses. Due to the growth in demand and resultant lack of these natural substances, prices have increased.
Based on product, the anti-aging market is segmented into serums, creams, gels and others. The creams category dominated the market in 2022. Many cream-based anti-aging products are on the market, such as eye, face, and anti-wrinkle creams. They also help to shield the skin from damaging UV rays. Due to the popularity of creams among consumers, major players in the anti-aging cosmetics market are continually doing R&D to enhance them.
By Target Group
Based on target group, the anti-aging market is segmented into male and female. The female category dominated the market in 2022 because they tend to groom their skin more and care greatly about their appearance. Additionally, because women outlive men on average, a larger proportion of older women drives up demand for anti-aging products among women.
Based on ingredient, the anti-aging market is segmented into retinoid, hyaluronic acid, alpha hydroxy acid and others. The hyaluronic acid category dominated the market in 2022 because of the many advantages and functions that hyaluronic acid serves in your body. Hyaluronic acid helps skin flex and stretch while also minimizing lines and wrinkles. It has also been demonstrated to facilitate wound healing and lessen scarring. It is also authorized for injection beneath the skin are fillers made of collagen and hyaluronic acid, two natural proteins in your body. When used to heal acne scars or accentuate lips, these fillers aid in restoring the form and look of the body.
By Distribution Channel
Based on distribution channel, the anti-aging market is segmented into pharmacies, stores and online stores. The stores category dominated the market in 2022. Customers prefer supermarkets for beauty goods, including anti-aging ones, for several reasons, including the benefits of a variety of choices, availability of a wide range of standard items, lower operation costs translating into lower product costs, and greater discounts. For sellers as well, it is a very practical method of selling because there is no consumer haggling, allowing pricing to be set. The margin profit in supermarkets is typically maintained low, allowing for more profits. Increased sales of anti-aging products through supermarkets and hypermarkets are the outcome of such positive variables.
Based on treatment, the anti-aging market is segmented into body care treatment and facial care treatment. The facial care treatment category dominated the market in 2022. The global market is anticipated to grow faster during the forecast period due to rising consumer awareness of age-related skin issues such fine lines, wrinkles, and dull skin, as well as rising consumer propensity to spend on goods that maintain skin youth. A physiological change is aging as well. The contribution of skin cells to premature aging is thought to be negatively impacted by external variables such air pollution, alcohol intake, and UV exposure. Thus, this is driving the facial care treatment category.
North America is projected to hold the largest share of the anti-aging market over the forecast period. This is mostly due to three factors: a growing preference for non-surgical therapies, expanding consumer knowledge of at-home products, and an increase in the number of cosmetic procedures carried out in the United States and Canada. Other variables that motivate consumers to utilize these items in the region include the rising disposable income, the rising acceptance of skin rejuvenation & resurfacing procedures, the surging popularity of cosmetic products, the growing senior population, and the rising number of skin issues. On the other hand, Europe anti-aging market is anticipated to grow significantly. Due to the presence of well-known players and the growing elderly population in the area, this increase can be largely attributed to these factors. Additionally, Europe is the world's top exporter of cosmetic products, with gems and jewelry, cosmetics, and engineering products making up the majority of the exported stock. In addition, the region is seeing an increase in the number of surgical and non-surgical operations, which is helping the sector develop.
LIST OF KEY COMPANIES PROFILED:
- Estee Lauder
- Procter & Gamble
- In July 2020, Lancer Skincare will debut the Pro Polish microdermabrasion tool.
- In December 2019, Have & Be Co. Ltd, a global skincare company with locations in Seoul and the brands Dr. Jart+ and Do The Right Thing for men's grooming products, was acquired by Estee Lauder Companies Inc.
|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||