Emerging Trends in the Anti-Aging Products Market: A Holistic Overview

Emerging Trends in the Anti-Aging Products Market: A Holistic Overview

The 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 Overview:
Anti-aging products are cosmetic products used to reduce the signs of skin aging. These products contain ingredients that improve texture, reduce fine lines and wrinkles, treat sun spots, and provide hydration that restore youthful glow and elasticity. Anti-aging creams, serums, and gels are widely used as they improve the appearance of aging skin and delay further signs of aging.

Market key trends:
One of the key trend driving the growth of anti-aging products market is rising skin concerns among geriatric population. According to United Nations, globally geriatric population aged over 65 is growing rapidly and is expected to be over 1.5 billion by 2050, up from 703 million in 2019. Aging causes natural changes in skin such as loss of collagen, elastin, hyaluronic acid which leads to appearance of wrinkles, lines, and dark spots. Therefore, with growing geriatric population who are more susceptible to aging skin problems, demand for anti-aging products is increasing significantly. This is resulting in new product launches catering to the needs of aging population.

Porter's Analysis

• Threat of new entrants: Low barriers to entry due to low initial capital required. However, established brands have strong customer loyalty and economies of scale.
• Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products. They can easily switch to other brands based on price and quality.
• Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as raw materials can be sourced from multiple suppliers.
• Threat of new substitutes: Threat of substitutes is high as alternative anti-aging products keep emerging from new entrants.
• Competitive rivalry: Intense competition among existing major players to gain market share.

SWOT Analysis

• Strengths: Wide product portfolios, global brand recognition, extensive distribution channels and marketing capabilities of major players.
• Weaknesses: High research and production costs, rising competition from local and private labels, vulnerability to economic slowdowns.
• Opportunities: Untapped growth potential in emerging markets, evolving consumer preferences towards natural/organic products, increasing spending on personal care globally.
• Threats: Stringent regulations, high customer expectation regarding product quality and claims, increasing environment consciousness.
  
  

Key Takeaways

The global Anti-Aging Products Market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing consumer spending on personal care products and growing aging population globally. The anti-aging product market size for 2023 is US$ 21.36 Bn.

The Asia Pacific region dominates the global market currently due to rising disposable incomes, growing middle class segment and changing lifestyles in countries like China, India and South Korea. North America is anticipated to be the fastest growing region with expected CAGR of over 9% during the forecast period.

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 product innovation, celebrity endorsements and expanding premium retail stores worldwide to strengthen their foothold.