LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global anti-aging products market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global anti-aging products market for 2016-2020. To calculate the market size, the report has considered the market revenue of anti-aging products sold to individual consumers across the globe in 2015.
The regulations governing cosmetic product content and their trade will determine the kind of cosmetic products that are available in specific consumer markets. In addition, awareness about anti-aging products and the use of effective distribution channels to ensure product availability at key retail sale points will play key roles in the growth of the market.
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Technavio consumer and retail analysts highlight the following three factors that are contributing to the growth of the global anti-aging products market:
- Anti-aging product advancements coupled with improved efficiency
- Increased emphasis on promotional strategies
- Growth in global aging population
Anti-aging product advancements coupled with improved efficiency
Earlier, anti-aging creams were just used to temporarily plump up the skin to reduce the appearance of fine lines and wrinkles. But, today, advancements in technology have resulted in improved, advanced, and more value-added anti-aging products in the market. Consumers seek products which not only meet their basic requirements but also meet ancillary needs such as hydration and contain antioxidants.
Brijesh Kumar Choubey, a lead cosmetics and toiletry analyst at Technavio, says, “The key competitors are trying to add new and advanced ingredients specific to the needs of different consumers in different geographies to counteract the signs of skin aging. For example, Beiersdorf uses Q10 in NIVEA products, an effective ingredient in the development of anti-wrinkle products.”
Increased emphasis on promotional strategies
Owing to the presence of many competitors in the global anti-aging products market, competition has increased, resulting in the use of enhanced marketing and promotion techniques. The main aim of marketing and promotions is to create an image in the mind of potential consumers and reach many consumers to increase the customer base. Each company is working toward capturing more market share and attracting customers to their brand.
“Advertising campaigns featuring celebrities are potent marketing strategies practiced by most of the well-established key vendors of anti-aging products. Celebrity endorsements are termed as effective advertising strategy because they bring attention and credibility to the company,” adds Brijesh.
Growth in global aging population
Consumers, especially the aging population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, more so with the rising awareness about anti-aging products. In 2015, the global population of those aged 60 years and above numbered 901 million people. During the forecast period, it is anticipated that the number will reach 1.07 billion, increasing by 18.76%. The aging population is projected to grow fast in Central America with an increase of over 50% in the population aged 60 years or above.
Top vendors:
- Allergan
- Beiersdorf
- L'Oréal
- Proctor & Gamble (P&G)
- Revlon
- Unilever
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