Anti-aging Market - Apprehensive Approach of Customers towards Industry 2017 - 2025
The global market for anti-aging products is expected to be heavily influenced by the influx of the innovative products and technological advancements in the industry. The customers of these anti-aging products are always looking to reverse the aging factors and thus helps in driving the overall development of the global market. The products that will delay the aging signs of the skin are expected to gain more popularity among consumers. However, the chief focus of the companies in the global anti-aging market is on making use of natural elements and ingredients in the products. This is due to the growing concerns and skepticism of the consumers regarding the use of the chemicals and their hazardous side effects.
The global anti-aging market can be considered to be still under development. This is one of the chief reasons for the apprehensive approach of the customers towards the market. However, due to the technological advancements, the global market for anti-aging products is expected slowly develop and win the vote of confidence of the consumers across the globe about these anti-aging products. In addition to this, the nations that give a larger share of baby boomer population are expected to give a significant boost to the overall development of the global anti-aging market. The increasing rate of population growth across the globe is also expected to act as an important driving factor for the steady development of the global market over the course of the given forecast period of 2017 to 2025.
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Global Anti-aging Market: Overview
The anti-aging market is primarily influenced by novelty and technological advancement as consumers look for innovative ways to reverse aging. However, the principal focus is on natural ingredients are consumers are skeptical about the inclusion of chemicals and other unnatural ingredients. Baby boomers and Generation X or Gen X are the most marketed and targeted consumer groups due to their higher demand and disposable income. In the U.S., baby boomers own a 70.0% of the disposable income and account for a 44.0% of the population. Gen X is considered to be the most aware group of consumers who are actively looking for ways to mask or delay aging signs.
Global Anti-aging Market: Key Trends
The skepticism of consumers on the part of anti-aging products and services offered is expected to keep the world anti-aging market still under the ‘developing’ category. However, technological advancements are forecasted to gradually restore the faith of consumers in anti-aging products. Moreover, countries that accommodate a larger size of baby boomer population are anticipated to fuel the growth in the anti-aging market. The rising rate of population worldwide is also considered to be a major factor driving the furtherance of the global market.
The resiliency of the market is evident through the fact that even during financial downturns consumers have maintained their purchase rate by shifting their preference to mass-marketed and economical offerings.
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Products that reverse or control aging signs are predicted to increase in popularity as uneven skin tone, dark circles under the eye, dry skin, age spots, and hyperpigmentation become more common. As a result, the need to address various aging concerns witnessed globally is projected to emerge as a concluding factor that will decide the progress of the anti-aging market. Producers are introducing novel products and services to the market to satisfy the demand for a variety of beauty-related offerings.
Global Anti-aging Market: Market Potential
After Novuhair, an anti-aging hair loss offering, Nutramedica Inc. has launched a naturally-derived anti-aging food supplement with Cory Quirino as the brand ambassador. A.k.a. ‘Forever Young’ and ‘Ageless,’ Novuskin Lift is advertised as Quirino’s anti-aging secret which is packed with 18 natural skin-lightening and anti-aging extracts. While this product focuses on anti-aging, there are other products which focus on aging better instead.
Planted in Beauty is catered to those interested in a holistic approach toward aging, in other words, making oneself feel good than fixing the aging. Dropped out of an uber-fancy brand, the two makers of the skin care line and industry veterans are looking to prove how it is more beneficial to age healthily than fighting age. The duo, Renee Tavoularis and Lynne Florio, are ready to launch Planted in Beauty in April 2017.
Global Anti-aging Market: Regional Outlook
The elevating measure of disposable income in the Asia Pacific region is envisaged to raise the bar for the international anti-aging market. The demand in this region is foretold to see a substantial advancement as a growing number of consumers accept newer technologies, devices, and other innovations.
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The surging incidences of sedentary lifestyle and rising concerns regarding signs of aging are envisioned to set the tone for the North America anti-aging market. Owing to which, North America could take command of the global market in terms of share. Other geographies such as Europe and Rest of the World could also share their part for global market growth.
Global Anti-aging Market: Competitive Landscape
Some of the leading companies taking precedence in the world anti-aging market are Lumenis Ltd., Photomedex Inc., Coty Inc., Personal Microderm, Beiersdorf AG, Alma Lasers Ltd., Solta Medical Inc., Cynosure Inc., Allergan Inc., and L’Oreal SA.
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