PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1593750
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1593750
Global anti-aging market is projected to witness a CAGR of 7.14% during the forecast period 2024-2031, growing from USD 80.03 billion in 2023 to USD 138.95 billion in 2031. The market for products used to manipulate the aging signs in the body is booming at a high pace owing to the rising consciousness about beauty standards and high disposable income of people coupled with medical advancements that enable the alteration of aging signs in the body.
Anti-aging products are cosmetic and treatment ranges that are marketed to combat the visible effects of aging, like wrinkles, fine lines, and skin discoloration. The products include serums, creams, masks, and supplements characterized by active ingredients, including retinol, hyaluronic acid, or antioxidants. Anti-aging products are in high demand for several reasons. The aging population worldwide is seeking a way to stay young-looking and heightened beauty awareness, and this impact is heightened due to social media leaving people more concerned with regimens towards their skin, therefore surmounting consumer spending on anti-aging products. Innovative ingredients and the development of new technology continue to fuel this trend since brands are still launching new products that prove to be effective. In addition, the growing tendency among consumers to adopt wellness and self-care practices has enabled skincare to be included in their health, which has contributed to rapid market growth in the anti-aging sector. For instance, in August 2024, Purple Pompa Beauty Culture Private Limited launched a new skincare line focused on anti-aging and skin rejuvenation. The innovative products incorporate advanced ingredients to promote youthful skin and enhance overall complexion. This launch reflects the brand's commitment to providing effective skincare solutions tailored to modern needs, targeting various skin concerns while ensuring quality and efficacy. The range is designed to cater to diverse skin types, appealing to a broad consumer base.
Growing Consciousness About Aging Signs to Boost Market Demand
Rising awareness about the manifestations of aging triggers a higher demand for anti-aging products. As a result of this fading look from wrinkles and fine lines and sagging skin, it has become quite easy for the young generation to apprehend that there is a real need to maintain a youthful appearance. Social media has intensified this awareness, further driven by social celebrities and advertisements set to make one's appearance young. The growing wellness and self-care focus promotes consumer spending on rejuvenation and revitalization products. Brands respond to the increased interest in the sector with new formulations featuring advanced ingredients like peptides and antioxidants. What matters here is the need to remove aging signs, fostering and interrelated societal requirements that ascribe value to younger age groups; consequently, sales increase with developments within the anti-aging category. For instance, according to a study published in Cureus Journal in October 2023, there is a significant shift in attitudes has been observed, with over 50% of United States women aged 18-24 considering the use of anti-aging regimes important and the number up from fewer than 20% in the year 2012.
Advancements in Ingredients and Novel Formulations Drive Market Growth
Innovative ingredients and innovative formulations fuel the growth in the anti-aging product market. Advances in dermatological research have led to the discovery of potent compounds like peptides, growth factors, and botanical extracts that address some specific signs of aging much more effectively than their predecessors. Also, these ingredients enhance the product's overall effectiveness, focusing on consumers looking for visible results. New formulations, such as encapsulated technologies and multi-functional products, improve absorption and targeted delivery, making them more appealing for anti-aging treatments. Innovation does not only boost consumer confidence in productivity with the product but also assures loyalty to the brand. This has further emphasized the necessity of natural and sustainable ingredients and increased appeal. As consumers become better informed and discerning, demand will grow for highly developed formulations that promise transformative results, an added driver of competition and investment in research and development within the anti-aging market.
For instance, in July 2024, SkinCeuticals (L'Oreal USA S/D, Inc.) launched P-TIOX, a clinically backed wrinkle-modulating peptide serum designed to reduce contraction lines and improve skin radiance. This innovative serum combines advanced peptides and synergistic actives, showing effectiveness in just one week and significant results in twelve weeks. P-TIOX is intended for all skin types and can complement neurotoxin injections or be used independently for needle-free wrinkle correction.
Anti-Wrinkle Products Segment is Growing the Fastest in Anti-Aging Market
The anti-wrinkle market segment is developing very rapidly because of the awareness of customers regarding age-related problems concerning skin and people belonging to an elderly population. Consumers' willingness to spend money for the youthfulness of their skin has increased, and thus, the demand for effective solutions like creams and serums is also high. Growth in this space is primarily driven by new product launches, in which brands continually push formulations forward with newer, high-tech ingredients and technologies. For example, new products with advanced delivery systems increase the ingredients' efficacy. This chimes well with the fact that consumer expectations are now high on tangible results, and brand loyalty will move the anti-wrinkle market forward. For instance, in August 2024, Neutrogena JNTL Consumer Health (India) Private Limited) launched Visible Repair range with innovative solutions for early signs of aging. The Neutrogena Visible Repair range consists of three products: a serum, a regenerating cream, and an under-eye cream. This range features fast-acting retinol along with other powerful anti-aging ingredients that boost collagen production by 48% while preserving the skin's natural collagen. As a result, it enhances skin elasticity and firmness.
Asia-Pacific is Dominates the Anti-Aging Market
In Asia-Pacific, due to dominant influences from social media and K-Pop, perfection reflects a flawless and youthful appearance. The beauty ideals in South Korea include smooth skin, a slender V-shaped jawline, and large eyes, which are more often pursued through cosmetic surgical procedures, including double eyelid surgery and whitening treatments for the skin. Consequently, the increased popularity of K-pop has resulted in higher demand for anti-aging products because most consumers want to look younger. Such trends are socially exaggerated and made more important, especially when it comes to beauty products such as improving skincare or combating conditions associated with aging. Therefore, the anti-aging market in this region is dramatically changing in favor of skincare solutions that meet these ideals of beauty. The shifting paradigm of market players towards the expansion of such products further boosts the market; for instance, in September 2023, South Korea's hy Co., Ltd., formerly Korea Yakult, launched cosmetics made with fermented products using its self-developed lactic acid bacteria, broadening the use of probiotics beyond just improving intestinal health. They released the cream-type Leti 7714 Triple Lift-up Anti-aging Cream, which is their second cosmetic product utilizing skin lactobacillus 7714, a fermented product derived from cultured lactic acid bacteria.
Future Market Scenario (2024-2031F)
Nanotechnology is changing the anti-aging industry as it maximizes the delivery and efficacy of active ingredients in skincare creams, gels, serums, masks, and liquid treatments. These formulations use nanoparticles to penetrate deeper into the skin, thus targeting specific cells that are causing aging while improving the stability and bioavailability of compounds, such as antioxidants and peptides, thereby maximizing rejuvenation effects. Additionally, nanotechnology makes it possible to use a controlled release mechanism. Hence, active ingredients may deliver longer action to reduce the formation of fine wrinkles and lines. Advancements in areas such as nanoemulsions and nanocapsules are currently being developed to preserve sensitive actives from further degradation and remain effective over time. With increasing waves of consumers demanding more efficient and scientifically backed treatments, nanotechnology can only rise to center stage shortly for anti-aging treatments.
Key Players Landscape and Outlook
The anti-aging market is quite a mix of consumer products, and the pharmaceutical industry is fostering a huge number of market players, including various pharmaceutical, cosmetics, and consumer product companies. The market is highly active, with rapid technical advancements and innovative product launches. Recent market activities include acquisitions and product launches coupled with several other business deals.
In August 2024, Revance Therapeutics Inc., known for its anti-wrinkle injections, is set to go private in a USD 924 million acquisition by Crown Laboratories, Inc. This deal, which includes debt, reflects a strategic move to enhance Revance's market presence in the skincare industry. The transition aims to leverage Crown's resources and expertise to further develop and expand Revance's innovative anti-aging products, potentially offering consumers more advanced wrinkle reduction and skin rejuvenation solutions.
In January 2024, Bridgepoint Group plc acquired the anti-aging cosmetics brand Roc Skincare (RoC Opco LLC) for approximately USD 500 million. Originally carved out from Johnson & Johnson in 2019, Roc Skincare offers a range of products, including retinol and eye creams, sold globally through various channels. This acquisition aligns with Bridgepoint's strategy of investing in beauty brands to expand its market presence.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.