TAGS: Sustainability / Natural Cosmetics Skin Care
According to a report by Grand View Research, the global anti-aging products market size was valued at USD 40.49 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2028.
Rising awareness among consumers related to age-related skin problems such as fine lines, wrinkles, and dullness of skin, coupled with an increasing propensity to spend on products that help them to proclaim their skin youthfulness, is expected to drive the market demand throughout the forecast period.
Assistance Offered by Facial Creams & Lotions
Although aging is a physiological change, extrinsic factors such as air pollution, alcohol consumption, and exposure to UV rays are known to have a detrimental effect on skin cells and contribute to premature aging. Anti-aging creams and lotions play a vital role in an individual's life by assisting in the preservation of a youthful glow and moisturization.
The growing inclination towards plant-based alternatives has resulted in a recent shift in consumer preference for organic and natural products. In this regard, many brands are providing anti-aging products based on chemical-free ingredients. For instance, the manufacturer of skin care products offers a chemical-free Plant Genuismelt moisturizer with bakuchiol that brightens skin and guards it against wrinkle and radical damage.
Moreover, numerous cross-over products have emerged under the natural beauty trend. These offer the dual functionality of makeup as well as wrinkle care to help people protect their natural skin.
The facial cream and lotion segment held the largest share of over 50.0% in 2020 and is expected to maintain its lead over the forecast period. These are specially formulated products to help the facial skin retain moisture, firmness, and elasticity, thus preventing wrinkles and lines. Historically, people are highly concerned about their facial appearance and do not shy away to spend exorbitantly on such products, which is a key factor driving the segment.
Furthermore, with the growing concerns over animal welfare and the environment, a number of consumers are opting for cruelty-free products, which has increased the demand for vegan or plant-based ingredient blends in skincare products. New product launches and innovations are expected to drive the demand.
The eye cream and lotion segment is expected to register the fastest CAGR of 6.6% from 2021 to 2028. These creams are designed for the treatment of the sensitive area beneath the eyes. The skin around the eyes is highly sensitive and is prone to lose elasticity. Thus, products such as eye creams and lotions help significantly to fight the early sign of aging such as wrinkles and lines under the eye, which is likely to drive the segment.
Various well-established brands offer eye creams with a high concentration of active pharmaceutical ingredients such as ceramides, niacinamide, and alpha-hydroxy acids that diminish or eliminate dark circles, age lines, and wrinkles as well as moisturize and treat puffiness of the eyes.
Distribution Channel Insights
The hypermarket and supermarket segment accounted for the largest share of over 45.0% in 2020. The segment is projected to maintain its lead throughout the forecast period owing to the high consumer inclination toward purchasing skincare products from supermarkets and hypermarkets as these places enjoy high customer preferences.
Since supermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands, it makes them a suitable platform for all types of customers.
The specialty store segment is expected to register the fastest CAGR of 6.3% from 2021 to 2028. Purchasing skincare items from these stores have been gaining traction among consumers, especially those who are in search of a particular brand or product. Customers also consider these stores a decent alternative to buying cosmetics instead of busy retail stores as it eliminates the need to wait in long check-out lines.
Regional Insights
The Asia Pacific captured the largest share of over 40.0% in 2020. The increasing consumption of skincare products and cosmetics in the emerging markets of China and India due to rising concerns such as acne, sunburns, melanoma, and the harmful effects of UV rays and pollutants are likely to positively influence the market growth.
Early signs of aging have become a common concern among consumers in the region, which is expected to spur the demand. Consumers aged between 20-49 years perceive their skin condition to reveal early signs of wrinkles or lines. In this regard, close to 39% of Chinese females in this age group stated that anti-aging products are a crucial part of their skincare routine.
Central and South America are expected to register a significant CAGR of 5.4% from 2021 to 2028. The employment rate of women in Central and South America has grown immensely, female participation is almost 53% of the total workforce in the region. The increasing disposable income of women is enabling them to spend more on premium cosmetics and skincare, including antiaging products.
Range of Anti-aging Ingredients
Source: Grand View Research
