A key factor driving the growth of the market is the increasing older population. In recent years, the older population between the age 30-45 has been increasing, leading to a growing demand for anti-aging products to look younger. The middle-aged people are increasingly witnessing aging anxiety due to the high prevalence of extrinsic signs of aging. Intrinsic aging or chronological aging leads to changes in facial appearance such as loss of skin elasticity and collagen, decrease in dermal collagen, melanin production, and hair follicles; appearance of lines and wrinkles; and increase in hyperpigmentation. Similarly, extrinsic aging caused by sources such as climate, pollution, stress, and diet results in damage to the dermis with effects on collagen and elastic fibers. Therefore, aging anxiety, concerns about changes in facial appearance, and motivation to look younger have led the middle-aged population to opt for anti-aging skin care and hair care products, which, in turn, will drive the growth of the global anti-aging products market.
This market research report on the global anti-aging products market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the online availability of products as one of the key emerging trends in the global anti-aging products market:
Global anti-aging products market: Online availability of products
The increasing internet penetration is leading to the rise in awareness about online purchasing of anti-aging products. Sales through online channels are gradually penetrating, as products such as anti-aging creams, lotions, and serums are sold online to meet the increasing needs of consumers. Cosmetic companies are increasingly adopting online platforms for selling their products in different regions. For instance, L'Oreal is offering products such as REVITALIFT Triple Power Intensive Anti-Aging Day Cream Moisturizer through its website to meet consumer demand. Thus, the increase in the number of digital portals offering medical devices and products such as anti-aging products helps consumers around the world to purchase products with ease, after comparing prices and product features. This, in turn, will drive market growth during the forecast period.
“Aesthetic appearance and beauty consciousness are gaining importance among individuals to look younger. Young men and women are incorporating changes in their lifestyles to retain younger-looking skin. Furthermore, the emergence of non-invasive anti-aging treatments and rising awareness about the benefits of treatments have further led to the popularity of anti-aging products in the market,” says a senior analyst at Technavio.
Global anti-aging products market: Segmentation analysis
This market research report segments the global anti-aging products market by product (skincare, haircare, and others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 30%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth of over 1%.
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Five Forces Analysis
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- Vendors covered
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