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Anti-Aging Products Market is Driven by Rise in the Aging Population and Advancements in Technology
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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.
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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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