The global anti-aging market is expected to reach an estimated $66.2 billion by 2023, with a CAGR of 5.7% from 2018 to 2023, according to a new market report published by Lucintel. The major growth drivers for this market are the growing aging population and increasing awareness about the advantages of using anti-aging products.
Emerging trends … include integration of alphabetic formulation in anti-aging products, increasing usage of multifunctioning anti-aging products, and rising demand for natural and organic ingredients in anti-aging products.
In this market, anti-wrinkle, anti-stretch mark, nourishment, anti-pigmentation, and acne, hair care, sun care products, herbal products, and others are used for anti-aging manufacturing for product. Lucintel forecasts that the anti-wrinkle product will show above average growth over the forecast period.
Asia-Pacific is expected to witness the highest growth over the forecast period due to rapid growth in the aging population base, increasing awareness regarding signs of aging, and increased spending capacity.
By application type, the global anti-aging market is segmented into skin care and hair care. The skin care application is the largest market mainly due to rapidly increasing consumer consciousness about using these products to promote or maintain a younger appearance.
Emerging trends, which have a direct impact on the dynamics of the anti-aging industry, include integration of alphabetic formulation in anti-aging products, increasing usage of multifunctioning anti-aging products, and rising demand for natural and organic ingredients in anti-aging products. L’Oréal SA, Procter & Gamble, Estee Lauder Companies Inc., Unilever PLC, and Allergen PLC, and others are among the major suppliers of anti-aging.