Aging is brought about by a cycle of various biochemical processes in the body that affect it, both internally and externally. Anti-aging products are designed to reduce or diminish the effects of aging and include powdered supplements, skin creams, and facial masks. A new research report by IMARC Group, titled “Anti-Aging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 47 Billion in 2017. The report further anticipates the market to cross US$ 73 Billion by 2023, at a projected CAGR of 7.5% over the forecast period.
Global Anti-Aging Market Scenario:
The market has experienced several technological innovations over the past several years. Efforts have been made to enhance the efficacy and safety of the anti-aging products and procedures. Furthermore, manufacturers have been focussing on aggressive marketing strategies, and brand and product endorsements by celebrities, which are also playing a crucial role in influencing consumers and driving the growth of the anti-aging industry.
Market Drivers/Constraints:
- As a result of advancement in the field of medicine, the average life-span of an individual has increased as compared to the earlier times. This has led to a rise in the population of people aged 50 years and above, which is significantly contributing to the demand for anti-aging products.
- With increasing focus on physical appearances, both young and old consumers are seeking out anti-aging and preventive skin and hair care solutions. This trend, coupled with the rising consumer base for quick and effective anti-aging solutions, has boosted the demand for various anti-aging products.
- Due to technological developments, and introduction of safer and more effective anti-aging cosmetics in the market, the consumer-base of these products has rapidly expanded, thereby facilitating the market growth.
- The market is restrained by factors such as high costs of research and development, and manufacturing, strict regulations for manufacturers and the presence of counterfeit products.
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Product Type Insights:
There are a large number of anti-aging products available in the market for the varying needs of the consumers. Currently, anti-wrinkle products dominate the market, accounting for the majority of the total share. They are followed by anti-pigmentation products, sunscreen products and hair care products.
Demographic Insights:
The anti-aging market has been segmented on the basis of key demographic factors such as age, gender and income group. Currently, people belonging to the age group of 35-55-year account for majority of the total consumption, and the market is dominated by females and people belonging to high-income group.
Industry Insights:
Since most signs of aging like wrinkles, cellulite, pigmentation and sagging, start appearing on the skin first, the anti-aging skin care market currently represents the largest industry, holding more than half of the total share. It is followed by anti-aging hair-care industry and anti-aging dental-care industry.
Devices and Technology Insights:
The major devices used for anti-aging procedures include microdermabrasion devices and aesthetic energy devices, which are further classified into radio frequency devices and ultrasound devices.
Regional Insights:
On a geographical front, the United States accounts for the largest share in the global anti-aging market on account of high consumer awareness regarding anti-aging products. The United States is followed by Japan, France, Brazil, Germany, China, South Korea and Italy.
Competitive Landscape:
There is high internal rivalry in the anti-aging industry. With the presence of prominent domestic as well as international players, it is very difficult for a firm to survive in the global anti-aging market. Some of the leading players operating in the market are:
- Allergan
- L’Oréal
- Beiersdorf
- Estee Lauder
- Procter & Gamble
- Shiseido
- Unilever
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