The increasing older population is one of the major factors propelling market growth. However, factors such as the high cost of anti-aging products may impede market growth.
The demand for anti-aging products, especially skin care products such as anti-wrinkle creams and skin lotions, is increasing due to the rise in an older population, which, in turn, drives the growth of the global anti-aging products market. According to the World Bank, the female population aged between 35 and 39 years has increased from 6.796% of the total world population in 2017 to 6.876% of the total population in 2019. Moreover, anti-aging skin care and hair care products are increasingly adopted by the middle-aged population due to aging anxiety, concerns about changes in facial appearance, and motivation to look younger.
Global Anti-Aging Products Market: Product Segment
The skin care segment dominated the global anti-aging products market in 2020 and is expected to remain dominant during the forecast period. The significant growth of this segment can be attributed to the increasing aging population and advances in technology used in manufacturing anti-aging skin care products.
Global Anti-Aging Products Market: Geographic Landscape
35% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for anti-aging products…