TAGS: Skin Care
According to the report by Transparency Market Research, the global anti-aging market was valued at USD 163.8 Bn in 2020 and is projected to expand at a CAGR of 4.4% from 2021 to 2028.
Impact of COVID-19 on Anti-aging Market
Aging is defined as cycles of biochemical activities in the body caused by factors, which affect the body over a period internally as well as externally and leads to degeneration of body affecting beauty, health, and fitness of an individual.
The anti-aging market has evolved over the centuries and modern technology has contributed with widening its reach in products, services, and devices. Anti-aging products provide a market, which has high adoption as it, is comparatively affordable and available than services and devices.
The market is anticipated to be driven by the availability of well-established infrastructure, presence of major market players, and increase in average life expectancy and the median age. The anti-aging market witnessed sluggish growth during the COVID-19 pandemic as compared to the non-COVID-19 period.
According to a research article published in the Journal of the American Academy of Dermatology, there was a significant reduction in the search volume index related to cosmetic procedures from 71.8 to 45.1 during the COVID-19 pandemic.
Rising Awareness in Younger Generation & Geriatric Population to Fuel Market
The geriatric population is a key driver of anti-wrinkle products across different regions. Consumers prefer using anti-wrinkle and different skin care lotions to look young. This boosts the growth of the global anti-aging market.
Japan has the largest number of people aged over 65 and the trend is expected to continue over the next few years. The number of people aged 65 years and above is increasing in Europe, China, and in the U.S. as well. In the U.S., women prefer anti-wrinkle creams to hide the signs of aging, which acts as a driver of the anti-aging market in North America.
The anti-aging market is not only driven by population turning old, but also by the young population who is willing to delay the process of aging (especially with their appearance) and start from their mid-thirties to care about their skin, hair, and body. A large percentage of the young population is experiencing drastic environmental changes and sedentary lifestyle, which has increased health problems, and have made them more conscious about their looks, appearance, and health.
Female & Creams to be Highly Lucrative Segment to Dominate Market
In terms of product, the global anti-aging market has been classified into serums, gels, creams, and others. The creams segment dominated the global anti-aging market in 2020 and the trend is projected to continue during the forecast period. Creams are the most diverse and widely used forms of skincare products.
The segment is driven by increase in availability, ease of use, customer preference, and rise in the number of beauty shops. Based on target group, the global anti-aging market has been bifurcated into male and female. The segment is likely to be driven by increase in the number of women developing premature wrinkles due to changing lifestyle, stress, and improper eating habits affecting the skin and availability of a range of anti-wrinkle products for women.
Hyaluronic Acid & Facial Care Treatment as Key Segment
In terms of ingredient, the global anti-aging market has been categorized into retinoid, hyaluronic acid, alpha hydroxy acid, and others. Anti-wrinkle creams containing hyaluronic acid are often advertised as an efficacious option for the treatment of wrinkles and have even been presented as an option equal to some medical procedures. Hyaluronic acid (HA) has critical moisturizing property and high-water retention capacity, especially for human skin.
In terms of treatment, the global anti-aging market has been split into body treatment and facial treatment. Demand for products that help in retaining and obtaining fairer skin and prevent wrinkles is rising. Hence, manufacturers are launching a range of products that target issues ranging from anti-aging and eliminating blemishes to skin brightening.
Range of Anti-aging Ingredients
Source: Transparency Market Research