The global anti aging cosmetics market size is expected to reach USD 60.26 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period. The increasing thoughtfulness towards skincare and hair care will spur demand for anti-aging cosmetic products filled with vitamin C and vitamin E agents, which, in turn, will promote the healthy growth of the market. Moreover, the rising incidence of skin related problems coupled with technological advancement in cosmetic products will boost the global market during the forecast period, states Fortune Business Insights in a report, titled “Anti-aging Cosmetics Market Size, Share Industry Analysis, By Product Type (Skin Care, Hair Care, Make-up, Eye Care, and Others), Product Form (Cream, Lotion, Serum, and Others), End-User (Women and Men), Distribution Channel (Supermarkets/Hypermarkets, Cosmetic Stores, Online Stores, and Others), and Regional Forecast, 2019-2026” the market size stood at USD 38.62 billion in 2018.
COVID-19 Impact Analysis:
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Rising Technological Advancement in Anti-Aging Products to Create New Sales Opportunities
The increasing RD investments by key players for the development of effective beauty and anti-aging products have positively impacted the cosmetics industry. Technological advancements have contributed significantly to the improvement of anti-aging products, which in turn, has resulted in better business outcomes.
For instance, the novel technology, such as the transdermal absorption system helps to increase the soluble and dispersion efficiency and ultimately the effectiveness of the cosmetic product. Companies are focused on launching innovative products to cater to the needs of the consumers, this vigor, will, in turn, promote the market. For instance, Real Barrier, a leading beauty skincare company announced the launch of an intensive clinical level anti-aging collagen mask which uses special ingredients such as oligopeptides, folic acid, and hexapeptide, thus offering basic building blocks of the youthful skin.
Occurrence of Counterfeit Products to Confine Growth
The existence of counterfeit anti-aging cosmetic products has subsequently restricted the growth of the market. For instance, counterfeited anti-aging cosmetic products are cheap and made up of toxic substances, which can cause adverse skin problems, such as skin wrinkles, rashes, and swelling and eventually decreasing the eagerness of consumers to buy more cosmetic products in the future. Moreover, the high cost of original and luxurious anti-aging products in the emerging nation will consequently dampen the anti-aging cosmetics market growth in the foreseeable future.
Regional Analysis: Anti-aging Cosmetics Market
Presence of Geriatric Population to Enable Growth in Asia Pacific
Asia Pacific is expected to hold the largest share in the global market owing to the presence of the geriatric population in the region. The growing use of beauty products by younger and middle-aged generations to prevent early signs of aging in countries such as South Korea, Japan, and China will influence the positive growth of the market. The increasing consumer awareness regarding cosmetic products coupled with the accessibility of high-end branded products will boost healthy growth in Asia Pacific during the forecast period.