New York City, 5 Nov 2020: The global anti-aging market size is expected to reach USD 29.8 billion by 2027 according to a new study by Polaris Market Research. Aging is associated with decline in bodily functions or changes in the human body. It is also associated with steady loss of strength, muscle mass and power, in combination with reduction in lung capacity and maximal rate of oxygen consumption. Beauty and skin health is considered one of the prominent factors that represents overall perception of health and well-being in consumers. Anti-aging products and treatments help combat the consumer skin by masking, preventing and reducing signs of aging.
The prominent factors favoring the market growth include rise in aging population, globally. As per the statistics published by the United Nations, through its World Population Prospects working group, in 2019, by 2050, there would be 1 in 6 old age people (over 65 years), as compared to 1 in 11 in 2019. These old age group accounts for one fifth of the total population in 17 countries, and it is projected to be increased by the end of this century in 155 countries, covering 61 per cent of the global population. This is mainly due to increase in life expectancy and declining fertility rates among the people.
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In 2019, there were around 703 million aged over 65+. Eastern and South East Asia accounted for the largest share of around 260 million, followed by Europe and North America with over 200 million. It is projected that in South Asia the biggest increase in old age would be seen in South Korea, Taiwan, and Singapore.
Signs of aged skin becomes gradually noticeable and is associated with loss of elasticity, loss of volume, appearance of wrinkles and fine lines. Rising consciousness among the populace regarding younger looking skin is furthermore surging the overall demand for anti-aging products and treatments, and thereby enhances the market growth.
Market participants such as Estée Lauder Companies Inc., Allergan plc, Avon Products Inc., L’Oreal SA, Procter & Gamble Co., Unilever, Shiseido Company, Limited, Beiersdorf AG, CCA Industries Inc., Christian Dior SA, Johnson & Johnson, Chanel SA, Neutrogena Corporation, Oriflame Cosmetics, La Prairie Group AG, Clarins, Ella Bache, NeoStrata Company Inc., Unity Biotechnology, Inc., Beauty Counter, Lumenis Ltd. and Revlon Inc., are some of the key players operating in the global market.
Players in the market are focusing on developing anti-aging products and treatments to meet the rising demand of consumers to fight aging. In line with this, in January, 2020, Pure Nutrition Ltd, launched a range of cosmetic products in India, to tap the country’s booming beauty market. The range consisted one hair care and three skin care products produced from natural and organic ingredients and having anti-aging, anti-pollution and anti-fatigue properties.
Additionally, in September 2019, MONAT corp., specializing in natural anti-aging hair care products introduced MONAT skincare products. The launched facilitated eight skincare products designed to tackle anti-aging issues of the consumers with being cruelty-free, naturally based and vegan.
Read More: https://www.polarismarketresearch.com/industry-analysis/anti-aging-market
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