The global anti-wrinkle products market size is anticipated to reach $29.77 billion by 2025 -- registering a CAGR of 5.7%, according to this new report by Grand View Research.
What's Fueling Growth?
A growing geriatric population and rising disposable income are expected to propel the demand over the projected period.
Rising awareness about physical appearance across countries, such as South Korea, Japan, and India, have led to an inflated demand for anti-wrinkle creams and serums in these regions.
The Asia Pacific region has been the largest market for anti-wrinkle products -- and is projected to witness the fastest CAGR of 6.3% from 2019 to 2025. Factors fueling growth in this region include a growing disposable income levels and the geriatric population in the region.
South Korea accounted for the highest market share in 2018 due to high R&D expenditure on technological advancements in the sector. In addition, consumers in tis region prefer organic products.
European countries, such as Italy and Germany, are also likely to register healthy growth over the forecast period due to growing geriatric population base.
Serums and Oil-Based Products Are In High Demand
Serums and oil-based products are witnessing high demand across the globe. Thus, manufacturers are focusing on the development of such products.
A large number of Asian consumers prefer natural and organic essential oils, such as sweet almond and geranium oil.
Continuous product launches by the manufacturers with an aim to cater to various consumer-specific problems are expected to drive the growth of the global market. Kiehl's introduced its night recovery concentrate, an elixir oil product infused with lavender oil to improve firmness and elasticity of the skin. Similarly, Clinique launched its repair serum suitable for all skin types to reduce puffiness and slower the aging process.
Strategies for Continued Growth
Manufacturers are focusing on achieving optimum business growth by implementing strategies, such as M&A, joint ventures, capacity expansion, product development, promotion of key product brands, and increased R&D investments.
In recent years, the market has been experiencing several technological innovations, especially in product formulations. Companies like L'Oreal, Innisfree, Allergen, Estée Lauder's, and Beiersdorf focus on improving the effectiveness of anti-aging creams, serums, etc. to attract more consumers.
Photo: (L-R) Clinique Smart Skincare collection; Kiehl's Midnight Recovery Concentrate