Anti-aging products help reduce signs of skin aging like fine lines, wrinkles, dark spots, and loss of firmness and elasticity. These products contain active ingredients like retinol, hyaluronic acid, peptides, antioxidants and sunscreens that aid collagen production in skin, moisturize deeply, and protect skin from sun damage. People are increasingly adopting anti-aging creams, serums, gels and lotions to diminish the visible signs of aging.
The global 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 Opportunity:
Increased beauty consciousness among individuals aged above 35 years is expected to drive the anti-aging products market. A growing number of people in this age bracket are concerned about their appearance and try various anti-aging treatments and products to slow down signs of aging. With rising disposable income and growing affordability, consumers are willing to spend more on premium anti-aging skincare and makeup products. This accelerating demand from the senior population represents a major opportunity for manufacturers to launch innovative anti-aging solutions tailored to their needs and propel market growth.
Porter's Analysis
- Threat of new entrants: Low cost of production and availability of supply chain has led to growing new entrants in the market. However, established brands have strong brand recognition and distribution channels which poses entry barriers.
- Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and transparency in price comparison. They can easily switch to other brands based on price and features.
- Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitute suppliers. However, branded products leverage contract manufacturing to maintain control over quality and supply.
- Threat of new substitutes: New treatment procedures and natural alternatives pose substitution threat. However, anti aging products effectively markets novelty in formulations to attract consumers.
- Competitive rivalry: Intense competition exists amongst established brands to gain market share. Companies adopt strategies focused on product innovation, celebrity endorsements and aggressive marketing.
SWOT Analysis
- Strengths: Growing geriatric population drives demand. Wide product portfolio and aggressive marketing by key players.
- Weaknesses: High prices of premium products limits sales. Ongoing need to invest in R&D to stay ahead of innovation.
- Opportunities: Emerging economies offer huge untapped market. Increasing disposable incomes boosts trials across categories. Growing awareness on anti aging supplements and procedures.
- Threats: Shift to natural alternatives and non-surgical treatments. Stringent regulations over cosmetic products quality and claims. Economic slowdowns impact discretionary spending.
Key Takeaways
The global anti aging products market is expected to witness high growth. It is driven by factors such as increased aging population, growing interest in personal care, desire to look and feel youthful. The market recorded a valuation of US$ 21.36 Bn in 2024 and is expected to reach over US$ 35 Bn by 2030, expanding at a CAGR of 8.7% during the forecast period.
Regional analysis Asia Pacific dominates the anti-aging products market and is expected to grow at fastest CAGR during forecast period. Countries such as China and India have a large aging population and rising middle class disposable incomes. This presents immense potential for expansion of products across supermarkets, hypermarkets and e-commerce channels which is being tapped by manufacturers.
North America holds significant market share supported by high penetration of premium brands. Europe also provides substantial opportunities due to large elderly consumer base and cultural acceptance of these products. Increasing sales of multifunctional and clinically-approved products boosts growth in developed markets.
Key players operating in the anti aging products market are Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlane, L'Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins. These companies focus on expanding lucrative categories such as anti-wrinkle creams, serums, and eye treatments through extensive branding and innovative formulations.
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