From anti-wrinkle, -stretch mark, -acne and -pigmentation products to hair-, sun- and skincare formulas, the antiaging market is exploding in demand and variety. With profiles on L’Oréal SA, Procter & Gamble, Estée Lauder Companies, Unilver, Allergen and others, a report from Research and Markets market research firm has projected the worldwide anti-aging market to reach $66.2 billion by 2023. Additionally, thanks in part to aging and elderly customers’ increased awareness of antiaging products, the compound annual growth rate (CAGR) of the antiaging market is expected to reach 5.7 percent between 2018 and 2023. Other growth factors include the rise in demand for natural and organic products, multi-purpose products and alphabetic formulation.
Anti-wrinkle products—expected to grow faster than the average—appear to be poised for the greatest increase in sales over the next five years. Skin care as a whole has also proven to be the keystone of the antiaging market—over hair care—due to increased awareness of products formulated to promote and maintain a younger appearance. Globally, the Asian and Pacific markets are projected to grow the most because of an increased aging population base, awareness of signs of aging and increased spending ability.
For the full “Anti-Aging Market Report: Trends, Forecast and Competitive Analysis,” visit researchandmarkets.com.