The growing older population, introduction of technically advanced anti-aging products, growing medical tourism industry, rising disposable income of consumers, and increasing number of anti-aging conferences, seminars, and campaigns, along with the growing number of anti-aging cosmetic procedures being carried out around the world, are the major growth drivers for the global anti-aging market. As a result of these factors, the industry is projected to generate $421.4 billion revenue by 2030, advancing at a CAGR of 8.1% during the forecast period (2020–2030).
However, the COVID-19 pandemic is having a negative impact on the anti-aging market, by restricting its growth significantly. The manufacturing industry around the world is witnessing several challenges, owing to the government mandates for lockdowns, smaller workforce, and reduced product demand from consumers. Moreover, the pandemic negatively impacted the supply chain for numerous sectors across the world during the first two quarters of 2020. This has led to the reduced trade of a number of products, including anti-aging products, as a consequence of the reduced demand and logistical challenges.
Anti-Wrinkle Products To Remain Largest and Fastest-Growing Category during Forecast Period
On the basis of product, the anti-aging market is categorized into anti-wrinkle, hair color, ultraviolet (UV) absorption, anti-stretch mark, and others. Among these, during the forecast period, the anti-wrinkle category is expected to experience the fastest growth in the industry, to retain its market dominance. This is because various anti-wrinkle products are being technologically advanced, in order to develop solutions that can slow down the aging process.
The category is further sub-divided into Botox and dermal fillers. Out of the two, Botox held the larger share in the market in 2019. The increasing number of Botox procedures, due to the rising awareness about their aesthetic impact, is expected to drive the growth of this category in the coming years.
Furthermore, on the basis of demography, the anti-aging market is categorized into Generation X, baby boomers, and Generation Y. Out of these, Generation X is projected to remain the largest consumer of anti-aging products. This would be because people falling in this category are comparatively older and therefore more conscious regarding their aesthetic appearance, which makes them opt for anti-aging solutions, in order to reduce their aging signs.
Geographically, North America held the largest share in the anti-aging market in the historical period (2014–2019), and it is expected to remain the largest market in the forecast period. Together, the U.S., Japan, and Germany are expected to account for a significant share in the market by 2030. This can be mainly attributed to the rising demand for non-surgical anti-aging procedures, growing awareness about at-home anti-aging products, and rising number of aesthetic procedures in these countries.
Product Launch Is Strongest Strategic Measure Taken by Players in Market
Players in the anti-aging market are involved in launching new products, to expand their market presence. For instance, in January 2020, Lumenis Ltd. launched a new laser hair removal platform, LightSheer QUATTRO, at the 22nd International Master Course on Aging Science (IMCAS), in Paris, France. The new product offers enhanced laser hair removal treatments for all skin types, with either 805 nanometer (nm) or 1,060 nm wavelengths, with no downtime, as well as treatment for pigmented and vascular lesions.
Similarly, in May 2019, L’Oréal SA launched an at-home custom hair color product under the brand name Color&Co. The new brand focuses on direct-to-consumer branding, wherein products are sold directly to buyers, through online channels. Furthermore, the brand offers hair treatment formulas customized for users, through a live video consultation with hair colorists.
Browse report overview with detailed TOC on "Anti-Aging Market Research Report: By Product (Anti-Wrinkle, Hair Color, Ultraviolet Absorption, Anti-Stretch Mark), Treatment (Hair Restoration, Anti-Pigmentation, Adult Acne Therapy, Breast Augmentation, Liposuction, Chemical Peel), Demography (Generation X, Baby Boomers, Generation Y) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/anti-aging-market
Some of the major players operating in the global anti-aging market are The Procter & Gamble Company, Nu Skin Enterprises Inc., Hologic Inc., Candela Corporation, Home Skinovations Ltd., Allergan plc, The Estée Lauder Companies Inc., L’Oréal SA, Orlane S.A., Age Sciences Inc., Alma Lasers Ltd., and Lumenis Ltd.