According to Custom Market Insights, the global anti-aging market size was worth around USD 60 billion in 2021 and is predicted to grow to around USD 120 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.5% between 2022 and 2030. The report analyses the anti-aging market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global anti-aging market.
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Anti-Aging Market: Overview
Aging is caused by a cycle of biochemical processes that degenerate the body over time and affect an individual’s health, fitness, and appearance. Anti-aging refers to the process of limiting or delaying these changes through a variety of products and services. Today, a good physical personality is needed and determines the success of an individual in different areas of life. Demand for anti-aging products and devices is increasing due to growing awareness of the appearance of men and women of all ages.
Aging-related awareness of skin, such as fine lines, wrinkles, and dullness, and increased spending on products that help present youthful skin are expected to drive market demand around the world.
Growth Factors
The growing trend towards plant-based alternatives has recently led to a shift in consumer taste to organic and natural products. In this regard, many brands offer anti-aging products based on chemical-free ingredients. For example, skin care product manufacturer Alpyn Beauty offers Plant Genuis melt with bakuchiol, a chemical-free moisturizer. This brightens the skin and protects it from wrinkles and free radical damage.
Technological advances and huge investments in research and development have introduced new anti-aging treatments and products with long-term results, such as plastic surgery, breast augmentation surgery, and botulinum toxin injection therapy. With strict rules and regulations, manufacturers are introducing safer and more efficient anti-aging products to provide consumers with faster results, thereby expanding the growth prospects of the market.
Segmental Overview
The Eye Cream & Lotion segment is projected to record the fastest CAGR during the forecast period. These creams are designed to treat the delicate areas under the eyes. The skin around the eyes is very sensitive and tends to lose elasticity. Thus, products like eye creams and lotions are very helpful in combating early signs of aging such as wrinkles and lines under the eyes that are likely to move the segment.
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Regional Overview
Latin America is projected to record a significant CAGR during the forecast period. The employment rate of women in Latin America has risen significantly. Women’s participation accounts for almost 53% of total employment in the region. Increasing women’s disposable income allows them to spend more on quality cosmetics and skin care, including anti-aging products.
Premium anti-aging products have traditionally been sold in department stores, but specialty stores have made them more accessible and more widely available. These products are now also available in online stores, salons, spas, specialty retailers, and direct response TVs such as infomercials and home shopping channels.
Key Players Insights
The study includes an in-depth competitive analysis of these key players in the Anti-AgingMarket with their company profiles, recent developments, and key market strategies. LGC Limited, Thermo Fisher Scientific, Inc., Biogenetic Services Inc., and Neogen Corporation among others are some players in the market.