The Scoop On The Anti-Ageing Market
Thursday, September 10th, 2020
The surge in awareness about ageing among the younger generation is creating lucrative industry growth opportunities. By Transparency Market Research.
- The rapid rise in ageing populations around the world has led to the demand for novel anti-ageing products and treatments.
- Consumer scepticism with respect to efficacy of anti-ageing products is a key concern, however, more clinically-approved product formulations will pave the way forward.
The global anti-ageing market is projected to rise at a steady CAGR of 7.8 percent during the forecast period of 2013 to 2019. The global market reached a worth of US$191.7 billion by the end of 2019; the market was valued at US$122.3 billion in 2013.
The demographics demanding anti-ageing products, devices, and services comprise baby boomers, generation X, and generation Y. Of these, baby boomers (born during 1946–1964) is the dominant segment. This is attributed to the large disposable incomes the cohort has. Over the years, the demographic cohort will continue contributing substantial revenue to the market.
North America is currently the leading market for anti-ageing, driven by extensive demand for such products and services. This can be attributed to widespread awareness of anti-ageing products among health-conscious people across the region.
Rapid Rise In Ageing Population Catalysing Market Growth
The notably rising demand for products and services for slowing ageing and countering its effects is a key factor driving the ant-ageing market. The growing demand for these products among people in emerging and developed nations for rejuvenating skin is also boosting the market. In addition, among generation X the rising popularity of anti-ageing services is also accentuating the growth of the market.
The rising acceptance of anti-ageing formulations for skin among generation Y cohort is a key factor aiding in the substantial expansion of the market. The global market is also expected to immensely benefit from constant research and development activities. Such efforts by players are focused on bringing technological advancements to help the offer better anti-ageing devices and services. Recent innovations in formulations have led to advanced products that have increased efficacy and higher safety than the previous ones.
Consumer Scepticism Is A Key Concern
The rapid rise in ageing populations in several developing and developed nations is also catalysing the growth of the global anti-ageing market. Moreover, the rising population in various parts of the world which adopts sedentary lifestyles accelerates the ageing process. This bodes well for the expansion of the market. The substantial demand for anti-ageing devices in mature markets—such as in developed nation of the US—is also adding to the revenue in the global market.
However, the growth of the market is hindered by several downsides it faces. Consumer scepticism of anti-ageing products has restrained market to rise to its full potential. Nevertheless, bold strides being made by anti-ageing formulations and technological advances in the associated services will help market players allay such consumer concern over time. Furthermore, the rise in disposable incomes of people in emerging economies will also sustain the growth of the market in the long term.
Prominent players operating in the global market include Allergan Inc., L’Oreal, SA, Cynosure Inc., Alma Lasers Ltd, Solta Medical Inc., Beiersdorf AG, Coty Inc., Personal Microderm, Lumenis Ltd., and Photomedex Inc. A growing number of players are offering clinically tested products and advanced formulations in order to gain a firm foothold in the market. Top players are focusing on bringing technological advancement in the anti-ageing food, treatment products and services to consolidate their positions.
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