TAGS: Skin Care
According to a new report by Grand View Research, the global anti-aging products market size is expected to reach USD 61.71 billion by 2028. It is expected to expand at a CAGR of 5.4% from 2021 to 2028.
Demand for Facial Creams
Rising awareness among consumers regarding age-related skin problems, such as fine lines, wrinkles, and dullness of skin, coupled with their 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.
Rising inclination toward green and plant-based products has piqued the interest of many manufacturers to provide chemical-free products. The facial cream and lotion product segment led the market in 2020. Facial cream demand is expected to rise over the anticipated period owing to the increasing acceptance of serums, toners, and retinol creams with anti-aging benefits. Moreover, manufacturers are focusing on research activities to manufacture creams with new technologies to boost their effectiveness.
Asia Pacific - Dominant Region
The hypermarket and supermarket segment emerged as the largest distribution channel segment in 2020 as it is the most popular outlet among consumers for purchasing daily-use items including skincare products and cosmetics.
Asia Pacific dominated the market in 2020. The expansion of the chemical industry in developing countries, such as India, Taiwan, and China-backed by regulatory support is expected to ensure continuous raw material access to anti-aging product manufacturers. This is likely to be a positive factor for the manufacturers of skincare products in Asia Pacific.
The market players face stiff competition from each other as some of them are among the top skincare manufacturers and have a large customer base.
Range of Anti-aging Ingredients
Source: Grand View Research