Anti-Aging Products Market to Register Unwavering Growth During in Global by 2025
North America region holds the major market share of anti-aging creams and is estimated to grow at a CAGR of 5.9 % during the forecast period. The market in Canada region is expected to cover 40% of the market share during the forecast period. L’Oreal stands be one of the major players in this segment and accounted for over 17.5% of the market share in Canada skin care market in 2016. Furthermore, product innovation is a key factor driving market growth. For instance, MIT innovated a new cream in 2017 with anti-wrinkle benefits. The cream helps to restore healthy skin properties and it is composed of biocompatible polysiloxane based material. MIT, Living Proof, and Olivio Laboratories collaborated to innovate XPL.
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Repetitive exposure to UVR or environment pollutants mutates DNA after penetrating deep into dermis that activates the production of matrix metalloproteinase along with free radicals, which initiates the oxidative process. As a result, healthy collagen breaks leading to skin sagging and ageing. Thus, products with antioxidants is increasingly gaining popularity in the market as it help to neutralize the effects of free radicals. For instance, Chaster Skin Care has launched new EGA anti-aging cream in the year 2017, which helps to boost antioxidant capability of the skin and resists UV damage.
Market players are focused on providing cost-effective products, speedy delivery, and customized solutions, in order to remain competitive in the market. For instance, Revlon Age Defying 3xtm Foundation is a hydrating and moisturizing serum available for every skin shade.
The market for anti-ageing products remains highly competitive due to presence of several small and large market players competing for market share. Large companies such Allergen, Estée Lauder’s, Beiersdof, and L’Oreal are venturing into more diversified distribution and revenue segments such as dehydration, dryness, dullness and wrinkles to sustain competitive advantage over small companies such Costaderm, Vicinazia trading, and Ostium Cosmetiques, which are providing superior customers service and proprietary products features to acquire new customers. For instance, in 2017, L’Oréal S.A. acquired CeraVe, AcneFree, and Ambi skin-care brands for US$ 1.3 billion.
Increasing awareness among consumers regarding personal aesthetics is expected to be a major factor driving growth of the market. Increasing product developments such as incorporation of hyaluronic acid in anti-aging products had demonstrated effective antioxidant property during clinical trials. Hyaluronic acid polymers is widely formulated inside anti-aging product. It penetrates naturally into skin by applying over the infected surface without use of botox or injection. Furthermore, various manufacturers are focusing on developing new and innovative products, in order to meet consumer demands. For instance, in March 2017, Revlon launched a series of Almay Kinetin Skincare Advanced Anti-Aging products. In clinical trials, these products have exhibited substantial signs in slowing the aging process.
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Global Anti-aging Market Taxonomy
By Product Type: UV Absorbers, Anti-Wrinkle Products, Anti-Stretch Mark Products, Natural Products and Hair products, Others
By Age Group: 15–20 years, 20–25 years, 25–40 years, over 40 years
By Distribution Channel: Supermarkets, Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others
Global players in the anti-aging products market include Unilever, Revlon, Beiersdorf, Photomedex Inc., Estee Lauder, Johnson and Johnson, Orlaneand L’Oreal, Avon Products, Coty, Lotus Herbals, Rachel K Cosmetics, and Clarins.
However, increasing consumer preference for natural and organic products over cosmetics containing chemicals is one of the major challenges for market growth. Increasing inclination of consumers toward home remedies, which can slower down the ageing such as honey and egg or yogurt pack is another factor restraining growth of the market.
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