The global anti-aging products market is projected to reach USD 51.5 billion by 2025, and is estimated to grow at a CAGR of 5.2% from 2019 to 2025, according to a new report by Million Insights. The growing awareness regarding adverse effect of aging and increasing focus on personal hygiene are anticipated to fuel the demand for the market in forthcoming years. Additionally, rising demand for personal care products and increasing product development are anticipated to propel the market demand in the next few years.
The rising awareness regarding the harmful chemical used in the anti-aging products and its adverse effects on the skin are projected to create a huge opportunity for natural and organic products. Thus, growing preferences for natural products are projected to positively affect the market growth. For instance, according to a U.S report published in 2016, 57% of women in the U.S prefer to use natural ingredients in personal care products.
The hair care segment is anticipated to see significant growth over the forecast period, owing to the rising number of hair problems such as hair thinning, dryness and loss of volume. The segment is anticipated to register a CAGR of 6.0% over the forecast period, 2019 to 2025. Owing to the increasing demand for hair care products, manufacturers are introducing various products and solutions such as shampoos, moisturizers, colors and therapies, which is expected to bode well for the segment growth.
Growing consciousness regarding personal appearance in developing nations like Brazil, India and Thailand is projected to augment the growth of antiaging products market in upcoming years. Further, with the rising number of distribution channels, product availability and easy accessibility, rural areas are expected to foresee significant penetration over the next few years.
North America held more than 35% of the market share in 2018, owing to high spending on beauty & personal care products and shifting preferences of consumers towards modernized high-quality products. On the other hand, Asia Pacific is expected to witness significant growth over the forecast period owing to increasing consumers’ inclination towards heathy lifestyle and increasing purchasing power.
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Further key findings from the report suggest:
• The skincare segment has accounted for more than 60% of the market share in 2018.
• Hair care segment is expected to grow with a CAGR of 6.0%, during the forecast period, 2019 to 2025.
• Hypermarkets & Supermarkets segment has captured more than 50% of the market share in 2018.
• The online segment is anticipated to see the fastest growth over the forecast period, 2019 to 2025, with a CAGR of 7.3%.
• Asia Pacific anti-aging products market is projected to grow with the fastest CAGR of 6.3%, during the forecast period, 2019 to 2025.
Million Insights has segmented the global anti-aging products market on the basis of product, distribution channel and region:
Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Skin Care
• Hair Care
Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Supermarket & Hypermarket
• Convenience Store
Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa