Anti-aging products are on the rise owing
to the rise in the aging population, globally. Increasing developments
in anti-aging products and their improved efficiency is predicted to
drive the market in the coming years. Advancements in technology have
resulted in the expansion of more improved and radical anti-aging
products in the market. Anti-aging products contain antioxidants and
helps to hydrate the skin. Global manufacturers are expanding on a large
scale in order to develop new products and counteract the different
marks of aging. Popular ingredients such as magnolia, antioxidants, Q
10, arctiin, and hyaluronan facilitate the buildup of moisture,
terminating wrinkles and radicals. Increasing concerns related to health
and beauty is projected to create scope of growth for the market.
The anti-aging products market is
segregated by product and demography. By product, the market is
segregated into hair care and skin care. Skin care products segment
accounted for the key market share of the market in 2016 and is
projected to retain its dominance over the forecast period. Some of the
common problems in the market are wrinkles, fine lines and dark circles
for which there has been a surge in the demand for skin care products.
Rise in the demand for organic and natural products is likely to drive
this segment over the forecast period. Significant investments in R
& D activities by global leaders of the market is driving growth of
this market. By demography, the market is segregated into generation X,
generation Y, and baby boomers. Generation Y which refers to people born
between 1980 and 1990 is likely to grow at a significant pace over the
forecast period. Rise in marketing and promotional activities is
expected to drive the generation Y segment over the forecast period.
Increasing concern for anti-aging products among the consumers has
triggered the demand for anti-aging products globally.
Geographically, the market is classified
into North America, Europe, Asia-Pacific, Middle East & Africa, and
Latin America. North America held majority of the market share of the
market in 2016 and is likely to retain its dominance over the estimated
period. Owing to the rise in the population of people using anti-aging
products in this region, there has been a considerable growth in the
market. The U.S. is projected to hold the major market share of the
market throughout the predicted period. Europe is likely to hold a
decent market share of the market over the forecast period owing to
healthy lifestyles and beauty awareness among consumers. Asia Pacific
has an increasing market share for the market due to the wide
availability of innovative products, numerous skin care brands, and high
urbanization rate. China is one of the major markets for anti-aging
products in this region. Middle East & Africa is likely to be the
most attractive market for anti-aging products over the projected period
owing to the rapid aging of population. Saudi Arabia garnered majority
of the market share in 2016 and it is projected to retain its dominance
over the forecast period.
The market is split and as a result there
is steep competition among global manufacturers. Global players are
adopting techniques to produce anti-aging products that are expected to
increase the production capacity of the market. Important players in the
market are Revlon, Unilever, P& G, Beiersdorf, and L’Oreal. Some of
the other major players in the market are Avon Products, Coty, Missha,
Lotus Herbals, Oriflame, Chanel, Skin Food, Rachel K Cosmetics, Nature
Republic, and Clarins, among others.
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