A new report released by IMARC Group titled “Anti-Aging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” finds that the global anti-aging market was worth US$ 50.22 Billion in 2018, growing at a CAGR of 7.45% during 2011-2018. Several demographic factors like age, gender and income levels are currently driving the growth of this market. Considering the age aspect, the rise in the population of people aged 50 years and above represents a predominant factor driving the demand of anti-aging products. A large chunk of this population belongs to the baby boomer era which is composed of individuals born between 1946 and 1964. This population currently represents close to one-quarter of the US population providing immense prospects for the penetration of effective anti-aging solutions.
The study also states that the growing perception of maintaining good physical health and beauty has led to an increase in the consumer’s investment in premium cosmetics and personal care products over the past several years. Other factors like the increasing safety and efficacy of anti-aging products, increasing accessibility of products and services, growing awareness through media and marketing, diversification of products with multi-functional benefits and rising disposable incomes continues to thrust forward the growth of the global anti-aging market.
This report provides a comprehensive analysis of anti-aging products, consumer groups and global market trends. The market has been segmented on the basis of core anti-aging industries which include the skin care industry, hair care industry and dental care industry. Currently, the skin-care market holds the largest share in the global anti-aging market, followed by the hair-care and dental-care segment. The study further segregates the global anti-aging market on the basis of demographic factors, products and various devices.
With the introduction of new and innovative anti-aging products, the industry is currently experiencing strong growth rates. The report states that consumer’s scepticism and perceptions along with government regulations and investment in R&D affect the growth of the anti-aging market. Technological advancements to create better products and maintaining high standards of quality and safety set by the government can help overcome these market challenges which will ensure an unmitigated growth of this market.
The report has also segmented the market on the basis of regions. Currently, the USA accounts for the largest share in the global anti-aging market followed by Japan, France, Brazil, Germany, China, South Korea and Italy. The key players covered in the report are Allergan, L’Oreal, Beiersdorf, Estee Lauder, Procter & Gamble, Shiseido and Unilever.
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