The anti-aging cosmetics products have witnessed an increase in demand in the recent years, due to a surge in product use by people of the age group of 30 and above who are expected to suffer from an anxiety caused by the physical manifestations of aging. Chronological aging or intrinsic aging causes changes in appearance such as lack of skin elasticity and collagen, reduction in melanin production, and aging of hair follicles which lead to the appearance of fine lines and wrinkles and an increase in the appearance of dark spots or pigmentation. Additionally, extrinsic aging is caused by factors including pollution, change of climate, stress, and an unhealthy diet which ultimately lead to skin damage and have an impact on collagen and elastic fibers. Thus, aging anxiety, concerns about changes in facial appearance, and the desire to look younger have led consumers to opt for anti-aging cosmetics products. This is expected to drive the growth of the global anti-aging cosmetics products market.
Global anti-aging cosmetics products market is expected to register a growth rate of 5.7% during the forecast period of 2019 to 2024 to reach USD 50.5 Billion by 2024. The global anti-aging cosmetics products market has been segregated, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to garner the largest share of the global anti-aging cosmetics products market owing to hectic lifestyles, lack of proper nutrition, and diminishing time for personal care, which in turn is encouraging the consumers to opt for products that can provide quick and convenient anti-aging solutions. . The growing popularity of anti-aging cosmetics products has compelled cosmetic and healthcare companies to launch new anti-aging product variants to cater to the increasing consumer demand. The increased use of various skincare and haircare products among the middle-aged population to enhance their appearance has fueled the global anti-aging market growth.
The market in North America is expected to be the fastest-growing for anti-aging cosmetics products during the assessment period owing to the increasing demand for natural, fresh, and plant-based anti-aging cosmetics products. The rising use of anti-aging cosmetics products among consumers, due to increasing skin and hair-related concerns caused by aging, is expected to drive the growth of the market. Also, growing investments and a focus on research and development of ingredients and technologies used to produce anti-aging products in the region, is working as a positive force for the market growth.
The market in Europe accounted for a notable share of the global anti-aging cosmetics products market in 2018 due to the rising concerns about wrinkles, fine lines, and pigmentation primarily in the middle-aged female population. Additionally, consumers are opting for more natural plant-based products for skincare and haircare due to which, the demand for anti-aging cosmetics products is expected to be high among the consumers in Europe. Thus, these factors are propelling the growth of the anti-aging cosmetics products industry.
In the market in the rest of the world, South America and the Middle East are expected to be prominent regions due to the increasing demand for natural cosmetics.
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The global anti-aging cosmetics products market has further been segmented based on product type, nature, and distribution channel.
Based on product type, the global anti-aging cosmetics products market has been classified as skincare, haircare, and others. The skincare segment has further divided into anti-wrinkles, anti-pigmentation, anti-skin sagging, and other skincare products. The haircare segment has also been classified as anti-thinning, anti-damage, and other haircare products. The skincare segment is expected to account for the largest share due to increasing use of anti-aging cosmetics products among middle-aged population. Owing to this, key manufacturers have also launched various anti-aging cosmetics products for each aging-related issue.
By nature, the global anti-aging cosmetics products market has been bifurcated into natural and conventional. The conventional segment is expected to account for the larger market share and the natural segment is projected to register the higher CAGR during the forecast period.
The global anti-aging cosmetics products market has been segmented, by distribution channel, into store-based and non-store-based. The store-based segment accounted for the larger market share in 2018. However, the non-store-based segment is projected to register the higher CAGR during the review period.