According to the deep-dive market assessment study conducted by Growth+ Reports, the global anti-aging market was pegged at ~US$ 42.10 billion in 2021. The market is expected to witness a CAGR of ~5.9% from 2022 to 2030.
Anti-aging is one of the fastest emerging segments in the field of aesthetics. Market growth can be attributed to the growing disposable income, the rising influence of the media with effective products and cosmetic treatments. Furthermore, the rising elderly population, multifunctional products, and large availability of the products, devices/treatments also fuel the market growth.
Growing consumer demand for anti-aging procedures (cosmetic treatment/procedures) and products, due to media influenced lifestyle standards. According to the International Society of Aesthetic Plastic Surgery (ISAS) report, for the year 2020, there were nearly 1,343,436 botulinum toxin surgeries performed in the age group of 51 to 64 years, globally. An increase in awareness of appearance with rising disposable income among the population caused a hike in the adoption rate of aesthetic procedures in modern society, thereby upsurging the anti-aging market growth.
Increasing influence/awareness among the population because of fascinating celebrity marketing and media also plays a key role in propelling the market growth. This can be attributed to the constant up-gradation in living standards that concentrate more on the aesthetic appeal. For instance, the research article by “Association for Information System Electronic Library” (AISeL) that was published in the year 2018, stated that sales for anti-aging products raised by 9% due to online/celebrity influencer endorsement. Thus, influencer endorsement and media proliferation are boosting the anti-aging market globally.
In the current scenario, the aged population has been perpetually growing, raising the demand for anti-aging cosmetic products and treatments. For instance, according to 2021 WHO report, the population for aged people i.e., age above 60 is nearly 1 billion across the globe. This has led to a hike in the production of cosmetic products and devices for treatment purposes.
However, high cost of procedures or devices, risk or some side effects, and strict regulatory requirements are the major market restraints. Rising demand for more effective anti-aging products or treatments among the population directly affects the price of this cosmetic products/procedures. Higher the effectiveness of the product/treatments, the higher the cost. For instance, according to the “American Society of Plastic Surgeons,” the average cost for laser skin resurfacing was between US$ 1,445 - US$ 2,509 for the year 2020. It is also noticed that the cost of such procedures has been consistently increasing considering the quality of treatment outcomes. Hence, high cost of technologically advanced treatments is restraining the market growth.
North America dominates the global anti-aging market with the largest revenue share. The market growth in North America is attributed to the growing importance of appearance in society and growing knowledge of the aging factor resulting from lifestyle, along with awareness regarding availability of treatments. Additionally, rising disposable income and favorable reimbursement policies furthers fuel the market growth. Furthermore, growth in celebrity endorsement also led the rise in the demand for anti-aging products or treatment methods in this region, thereby propelling the growth of the market. Additionally, Europe holds the second position in terms of market share. The large adoption of innovative technologies and product boosts the anti-aging market growth in this region.
Asia Pacific is showing rapid and steady growth in the global market. The development of anti-aging market in this region can be owed to the growing commercialization of affordable anti-aging products, treatments, services, and devices. Also, the rising aging population in various countries in this region such as Japan, South Korea, and China proves to be beneficial for the growth of anti-aging market in Asia Pacific. Additionally, the cosmetic surgery industries in China, South Korea, and Japan are well-known worldwide, which helps the anti-aging market. The expansion of media and popular culture in the area is another important element boosting market growth in the Asia Pacific region.
Some prominent players operating in the global anti-aging market are Avon Products, Inc., Beiersdorf Ltd., Neutrogena Corporation, Merck KGaA, The Procter & Gamble Co (P&G), Shiseido Company Limited, Estée Lauder Inc., L'Oréal SA, Unilever plc., and Oriflame Cosmetics AG among others.