A person’s life is significantly impacted by anti-aging cosmetics because they provide their skin a tremendous radiance and amount of moisture. The cosmetics business offers a wide range of anti-aging cosmetics that are packed with antioxidants like vitamin C and E, which assist to slow down the skin’s natural degenerative process as we age.
According to SPER market research, ‘Anti-Aging Cosmetics Market Size– By Product, By End User, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Anti-Aging Cosmetics Market is predicted to reach USD 95.93 billion by 2033 with a CAGR of 6.21%.
The elderly population, in general, prefers to use anti-aging cosmetics to seem younger. As a result, the demand for anti-aging cosmetics is fueled by the expanding elderly population. The use of anti-aging cosmetics among the elderly population is necessary because skin ageing causes a variety of skin problems, including increased susceptibility to skin infections, increased radiation sensitivity, collagen degradation, and a decrease in subcutaneous fat problems compared to younger skin. The use of anti-aging cosmetic products will also be helped by an increase in events, seminars, and campaigns relating to beauty and personal care products and their advantages. The middle-aged and elderly population’s rising awareness of personal grooming and hygiene has also led to an increase in the use of anti-aging cosmetics.
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As a result of the growing elderly population and shifting environmental conditions, there is an increasing need for anti-aging cosmetics on the global market. There is a growing market for low-quality anti-aging cosmetics, and numerous producers are producing them to fulfil this need. These goods are frequently more affordable and are well-liked by customers. Such goods may cause a severe skin illness, which might limit the growth of important businesses and impede market expansion.
Impact of COVID-19 on Global Anti-Aging Cosmetics Market
The global anti-aging cosmetics industry was significantly impacted by the COVID-19 outbreak. Anti-aging products are in short supply as a result of disruptions in the world’s supply networks, which hinder manufacturing and distribution. Additionally, consumer spending has decreased due to the financial and economic downturn, with non-essential items like cosmetics taking precedence. The transition to internet shopping and the closing of brick and mortar stores had a greater impact on market dynamics. The epidemic did, however, increase people’s awareness of skincare and self-care, opening doors for anti-aging products. As economies gradually recover and consumer confidence rises, the market is anticipated to rebound, while the long-term effects on consumer behaviour and market dynamics are still being felt.
Anti-Aging Cosmetics Market Key Players:
Geographically, North America dominated the worldwide anti-aging cosmetics market, and it is anticipated that the region would continue to lead during the forecast period. With the rising demand for cosmetic items in the United States and Canada, the North American market will maintain its dominance. Additionally, some of the market key players are Avon products Inc, L’Oreal Paris, Oriflame Cosmetics, pmdbeuty.com & Age Science Inc, Procter & Gamble, Revlon, Others.
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Sara Lopes, Business Consultant – USA
SPER Market Research