Anti-Aging Products Market Size, Share & Trends Analysis Report By Product (Facial Cream & Lotion, Eye Cream & Lotion), By Distribution Channel (Hypermarket & Supermarket, Specialty Store), And Segment Forecasts, 2021 - 2028

Report Overview

The global anti-aging products market size was valued at USD 40.49 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2028. Rising awareness among consumers related to age-related skin problems such as fine lines, wrinkles, and dullness of skin, coupled with an increasing propensity to spend on products that help them to proclaim their skin youthfulness, is expected to drive the market demand throughout the forecast period. The COVID-19 outbreak reduced the market demand for cosmetics, including anti-aging products, globally. Primarily, countries such as the U.S., India, Brazil, Russia, and the U.K., which are some of the most adversely affected, have witnessed a high decrease in sales. Many manufacturers in the market have been historically relying on China for finished products as well as raw materials used in the manufacturing of various types of skincare cosmetics, which have disrupted the production and distribution of these products.

Although aging is a physiological change, extrinsic factors such as air pollution, alcohol consumption, and exposure to UV rays are known to have a detrimental effect on skin cell contribution to premature aging. Anti-aging creams and lotions play a vital role in an individual's life by assisting in the preservation of a youthful glow and moisturization. According to a survey by Real Self in 2020, 62% of Americans used anti-aging products as a part of their daily skincare routine.

China is one of the major countries contributing to the worldwide cosmetics and skincare market's growth in terms of consumption as well as production, including anti-aging, skin lightening, and sun care. According to the seventh population census in China in 2020, about 40.08% of the population is between 30 and 54 years. The presence of a large young population is expected to drive the demand for anti-aging products in the country.

The growing inclination towards plant-based alternatives has resulted in a recent shift in consumer preference for organic and natural products. In this regard, many brands are providing anti-aging products based on chemical-free ingredients. For instance, Alpyn Beauty, a manufacturer of skincare products, offers a chemical-free Plant Genuismelt moisturizer with bakuchiol that brightens skin and guards it against wrinkle and radical damage.

Moreover, numerous cross-over products have emerged under the natural beauty trend. These offer the dual functionality of makeup as well as wrinkle care to help people protect their natural skin. For instance, Lancôme, a part of the L’Oreal brand, offers a range of makeup and cosmetics that contain anti-aging genifique serum.

Product Insights

The facial cream and lotion segment held the largest share of over 50.0% in 2020 and is expected to maintain its lead over the forecast period. These are specially formulated products to help the facial skin retain moisture, firmness, and elasticity, thus preventing wrinkles and lines. Historically, people are highly concerned about their facial appearance and do not shy away to spend exorbitantly on such products, which is a key factor driving the segment.

Furthermore, with the growing concerns over animal welfare and the environment, a number of consumers are opting for cruelty-free products, which has increased the demand for vegan or plant-based ingredient blends in skincare products. New product launches and innovations are expected to drive the demand. For instance, in January 2019, Drunk Elephant launched A-Passioni vegan anti-wrinkle cream with vegan and gluten-free ingredients that restores the skin for a youthful look.

The eye cream and lotion segment is expected to register the fastest CAGR of 6.6% from 2021 to 2028. These creams are designed for the treatment of the sensitive area beneath the eyes. The skin around the eyes is highly sensitive and is prone to lose elasticity. Thus, products such as eye creams and lotions help significantly to fight the early sign of aging such as wrinkles and lines under the eye, which is likely to drive the segment.

Various well-established brands offer eye creams with a high concentration of active pharmaceutical ingredients such as ceramides, niacinamide, and alpha-hydroxy acids that diminish or eliminate dark circles, age lines, and wrinkles as well as moisturize and treat puffiness of the eyes. For instance, Estee Lauder, a leading brand in skincare and cosmetics, offers a wide range of eye products such as night repair, concentrated recovery eye masks, and eye balms with key pharmaceutical ingredients.

Distribution Channel Insights

The hypermarket and supermarket segment accounted for the largest share of over 45.0% in 2020. The segment is projected to maintain its lead throughout the forecast period owing to the high consumer inclination toward purchasing skincare products from supermarkets and hypermarkets as these places enjoy high customer preferences.

Supermarkets in regions such as North America and Latin America have acquired a significant number of grocery stores and in doing so, have increased their influence over suppliers. Since supermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands, it makes them a suitable platform for all types of customers.

The specialty store segment is expected to register the fastest CAGR of 6.3% from 2021 to 2028. Purchasing skincare items from these stores have been gaining traction among consumers, especially those who are in search of a particular brand or product. Customers also consider these stores a decent alternative to buying cosmetics instead of busy retail stores as it eliminates the need to wait in long check-out lines.

Regional Insights

Asia Pacific captured the largest share of over 40.0% in 2020. The increasing consumption of skincare products and cosmetics in the emerging markets of China and India due to rising concerns such as acne, sunburns, melanoma, and the harmful effects of UV rays and pollutants are likely to positively influence the market growth.

Early signs of aging have become a common concern among consumers in the region, which is expected to spur the demand. According to a Cosmetics Design Asia report, in 2017, 30% of urban Chinese consumers aged between 20-49 years perceive their skin condition to reveal early signs of wrinkles or lines. In this regard, close to 39% of Chinese females in this age group stated that anti-aging products are a crucial part of their skincare routine.

Central and South America are expected to register a significant CAGR of 5.4% from 2021 to 2028. The employment rate of women in Central and South America has grown immensely; female participation is almost 53% of the total workforce in the region. The increasing disposable income of women is enabling them to spend more on premium cosmetics and skincare, including antiaging products.

Key Companies & Market Share Insights

The market for anti-aging products has a presence of many multinationals as well as domestic manufacturers operating in the market making the product pricing highly competitive. Also, many of the retailers in the cosmetic sector have entered the marketing in order to cater to growing consumer demand. For instance, in October 2018, The Face Shop, a South Korea-based skincare manufacturer, retailer, and franchiser, launched a new product line Yehwadam, focusing on brightening and antiaging concerns. Some prominent players in the global anti-aging products market include: -

• Estee Lauder Inc.

• Procter & Gamble

• Beiersdorf Limited

• pmdbeauty.com & Age Sciences Inc.

• Shiseido

• Unilever

• L’Oreal Paris

• Revlon

• Oriflame Cosmetics

• Avon Products, Inc.

Anti Aging Products Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global anti-aging products market report on the basis of product, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Body Wash

  • Body Moisturizer

  • Eye Cream & Lotion

  • Facial Cleanser

  • Facial Mask

  • Facial Serum

  • Facial Cream & Lotion

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Hypermarket & Supermarket

  • Pharmacy & Drug Stores

  • Specialty Store

  • Online

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa