Anti-aging products are moisturizer-based cosmeceutical skin care products marketed with the promise of making the consumer look younger by reducing, masking or preventing signs of skin aging. They are designed to prevent the appearance of getting older. Aging is achieved by a cycle of different biochemical procedures in the body that influence the body, both internally and externally. These biochemical procedures make the body to degenerate over a timeframe, affecting the wellbeing, wellness and physical appearance of an aging person. Anti-aging is a delay, stop or retard the aging process. Recently, there has been a significant increase in the anti-aging phenomenon.
According to Zion Market Research, global demand for the anti-aging market was valued at USD 140.3 billion in 2015 and is expected to reach USD 216.52 billion in 2021, growing at a CAGR of around 7.5% between 2016 and 2021.
Increasing aging population worldwide is one of the major driving factors for the anti-aging market. Strict regulations related to quality standards have led to the introduction of safe and efficient anti-aging products and services in the market which in turn is expected to drive the anti-aging market in the near future. Furthermore, increasing consumer demand for anti-aging products and technical advancement in anti-aging services are the factors that drive the growth of the anti-aging market. However, consumers are still doubtful about some of the anti-aging services and products this factor can hamper the market growth in future.
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In terms of segmentation, the anti-aging market has been segmented on the basis of age demographic, products, services and devices. Factors like a continuous technological improvement, rising awareness among people about anti-aging and growing adoption will tend to grow product segment with highest CAGR in the forecast period. Botox, anti-wrinkle products, anti-stretch mark products are the types of product segmentations. Among them, anti wrinkle products are expected to dominate the market in the near future. On the basis of services, the anti-aging market is divided into anti-pigmentation therapy, anti-adult acne therapy, breast augmentation, liposuction, chemical peel, hair restoration treatment and others. On the basis of age demographic segmentation anti-aging market is divided in, baby boomer, generation X, and generation Y. The baby boomer segment is expected to acquire the largest market share in global anti – aging market in years to come.
North America held the largest market share for anti-aging in 2015. The dominance of the region was primarily due to strongly established industrialization and strong consumer base that are conscious about their appearance. North America was followed by Europe which was another leading regional market in 2015. Asia-Pacific region is expected to witness the highest growth among all regions. This growth is mainly due to increasing aging population coupled with increasing health awareness. Latin America is also expected to experience significant growth in the coming future. Since emerging market in Middle East & Africa is attracting anti-aging manufactures, this region is projected to show decent growth in near future.