The anti-aging industry is maturing at a faster rate due to the increasing age related concerns of consumers in the market.
Who doesn’t want to stay young forever? Many women look at their teenage pictures and wish to have those youthful days back but as the time passes away, it takes with it those glowing days. Age sets in and so do wrinkles and lines. Anti-aging industry is growing rapidly, thanks to the increasing concerns of people over their ageing skin and decreasing beauty. People are getting conscious about their looks and appearance and so they have started investing a little bit more in this segment. The beauty industry is booming because of growth in all its areas and anti-aging industry is gaining much importance due to its good connection with the concerns of consumers.
The anti-aging market is experiencing good augmentation because of certain factors which connect it with the basic needs of the consumers. The desire to look young among the consumers is never ending. Everybody wants to look desirable and beautiful but with increasing age, this seems a bit difficult to maintain. The global market is expected to exceed the US $260 billion by 2020 and Asia-Pacific ranks as the fastest growing market with a CAGR of 6.3%, as stated in a research by Global Industry Analysts Inc. The numbers seem quite impressive and point towards development and expansion of the anti-aging industry in the years ahead.
Dr Rekha Chaudhari, Global Wellness Ambassador, was quoted saying at The Salon and Wellness Congress 2017 that the recent survey of international markets states anti-aging as a growing industry. The Global Wellness Summit has declared the upcoming turnover of the industry as $699 billion and the trend has already started to build slowly and steadily in India, she said.
Reasons for Wide-Growth
Every market has some factors which contribute to the widespread growth and development it encounters. The possible reasons behind anti-aging industry doing well are the expanding ageing population, increasing awareness about health and beauty and growing concerns about the appearance. The population which is most affected by anti-aging problems are the middle-aged and elderly. Innovation in the beauty market and premature ageing are also some reasons which have led to the unexpected hike in the industry. Consumers have a wide variety of anti-aging products to choose from as brands have adopted new technologies to give result oriented products.
Many big brands have been investing in anti-aging products from quite a long time and following their path, new brands have also started venturing in the same segment. The anti-aging industry is divided into two parts on the basis of products- pharmaceuticals for age-related health conditions and anti-aging products for appearance enhancement. There is a wide variety of products available for serving the consumers according to their needs. Every individual is different and knows well the area of concern for him/her. Brands in India and abroad have figured this out and have produced supplements and products keeping in view the current demands and market scenario.
Major Players in the industry
There are many players in the market of anti-aging industry in India as well as abroad. Demographically, North America is the leading market in the anti-aging industry followed by Europe while Asia-Pacific regions are expected to gain the maximum growth among all the regions. Some famous brands abroad are making significant marks in the industry namely Chanel SA, Christian Dior SA, Avon Products Inc., Beiersdorf etc. In India, brands like Himalaya, Lakme, Pond’s etc are doing really well in this segment.
Scope of the market in India
Anti-aging industry is a huge market full of various categories related to skincare. Consumers who are basically middle-aged and elderly are more concerned with this industry since it caters to their needs of ageing skin. Beauty is desired by everyone and so to fulfil this wish to maintain undying youth, the industry has produced quite a good range of products and supplements. The industry in India looks quite promising and bright as the consumers here are also getting much conscious about their skin and beauty.
Innovation in the beauty industry has led to the growth of many segments and anti-ageing industry has evolved as a result of it. The growth and development of the industry are rapid and in the coming years, it will become wider as new brands have started venturing and also the interest of consumers has increased significantly.