- Currently, anti-wrinkle products dominate the market, accounting for the majority of the total global market.
- The market is dominated by females and people belonging to high-income group.
- With increasing focus on physical appearances, both young and old consumers are seeking out anti-aging and preventive skin and hair care solutions.
A new research report by IMARC Group, the global anti-aging market was worth $50.2 billion in 2018. The report further anticipates the market to reach a value of $79.5 billion by 2024, at a projected CAGR of 7.98% over the forecast period. Aging is brought about by a cycle of various biochemical processes in the body that affect it, both internally and externally. Anti-aging products are designed to reduce or diminish the effects of aging and include powdered supplements, skin creams, and facial masks.
The market has experienced several technological innovations over the past several years. Efforts have been made to enhance the efficacy and safety of the anti-aging products and procedures. Furthermore, manufacturers have been focussing on aggressive marketing strategies, and brand and product endorsements by celebrities, which are also playing a crucial role in influencing consumers and driving the growth of the anti-aging industry.
As a result of advancement in the field of medicine, the average life-span of an individual has increased as compared to the earlier times. This has led to a rise in the population of people aged 50 years and above, which is significantly contributing to the demand for anti-aging products.
With increasing focus on physical appearances, both young and old consumers are seeking out anti-aging and preventive skin and hair care solutions. This trend, coupled with the rising consumer base for quick and effective anti-aging solutions, has boosted the demand for various anti-aging products.
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Due to technological developments, and introduction of safer and more effective anti-aging cosmetics in the market, the consumer-base of these products has rapidly expanded, thereby facilitating the market growth.
The market is restrained by factors such as high costs of research and development, and manufacturing, strict regulations for manufacturers and the presence of counterfeit products.
Some of the leading players operating in the market are:
- Estee Lauder
- Procter & Gamble