Asia-Pacific is expected to be the fastest growing market for anti-aging products over the forecast period.
NEW YORK, USA, May 18, 2022 /EINPresswire.com/ — The Strongest anti-aging market drivers are the burgeoning elderly population, growing awareness of devices and medications that can be used to lessen the effects of aging, increasing disposable income, growing awareness of appearance, and technical advancements. As a result, revenue generated from the sale of these products will grow from $194.4 billion in 2020 to $422.8 billion by 2030, at a CAGR of 8.6% between 2021 and 2030. Although the aging cannot be reversed, its visible effects can be lessened.
Hair color, anti-wrinkle, anti-stretch mark, ultraviolet (UV) absorption and others are the main categories of the product segment. Of these, the largest share during the historical period (2015-2020) was held by the anti-wrinkle category, which will most likely maintain its industry dominance through 2030. Indeed, wrinkles are among the most common signs of aging, which is why the demand for anti-wrinkle products is increasing. Another reason for the growth of this category is the endorsement of Botox treatment by many celebrities.
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The treatment segment of anti-aging market is divided into hair restoration, adult acne treatment, anti-pigmentation, breast augmentation, chemical peeling, liposuction and others. During the forecast period, the fastest growth is expected to be seen in the hair restoration category owing to the growing number of such procedures. Since hair loss is one of the most easily visible signs of aging, men and women are increasingly opting for hair transplants. In addition, many young people also suffer from hair loss as a result of disease or genetic factors, which causes them to age.
The biggest trend in the industry right now is for easy-to-use products. With the growing awareness of the appearance of the elderly, a number of home-use devices for wrinkle reduction, cellulite reduction, skin rejuvenation, microdermabrasion and other anti-aging treatments have been launched. They do not require any technical expertise to use, and they are cost-effective and easily available online, which boosts their sales worldwide. Thus, the growth of the e-commerce sector plays a key role in the popularity of these devices for home use.
The main driver of the anti-aging market is the burgeoning geriatric population. With age, people develop wrinkles, stretch marks, loose, dry and bumpy skin, uneven skin tone, visible pores and fine lines, which has driven the demand for a range of appliances and cosmetics which can reduce their visibility. According to the World Population Aging 2020 report of the United Nations Department of Economic and Social Affairs (UN-DESA), people aged 65 and over will be more than 1.5 billion in 2050 compared to 727 million in 2020.
Due to the presence of a large number of players, including The Procter & Gamble (P&G) Company, Hologic Inc., Unilever Group, Nu Skin Enterprises Inc., Galderma SA, Shiseido Company Limited, Pierre Fabre SA, Home Skinovations Ltd., and Candela Corporation, the anti-aging market is fragmented. Therefore, in order to increase their share of the industry, these companies engage in an array of strategic activities, the most important of which are product launches and seeking regulatory approvals.
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During the forecast period, the fastest growth in the anti-aging market will be witnessed in Asia-Pacific. This will be mainly due to the increase in the geriatric population, the increase in the disposable income of people and the increase in the number of conferences and seminars, which leads to increasing awareness among residents of these products. According to UN-DESA, Asia’s geriatric population will grow rapidly, reaching 954.7 million by 2050. This, coupled with growing awareness of appearance, will drive demand for anti-aging treatments.
Therefore, the market will continue to grow as the geriatric population explodes and people’s attention to appearance increases.
Anti-Aging Market Size Breakdown by Segment
• Anti wrinkle
o Topical products
o Dermal fillers
• Hair color
• Ultraviolet (UV) absorption
• Anti stretch marks
• Hair restoration
• Treatment of adult acne
• Mammal augmentation
• Chemical peeling
• Generation X
• Baby boomers
• Generation Y
• Generation Z
• North America
o United States
o United Kingdom
• Asia Pacific
o South Korea
• Latin America
• Middle East and Africa
o Saudi Arabia
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