DEMAND FOR ANTI-AGING PRODUCTS DRIVING GLOBAL COSMETICS MARKET GROWTH
Anti-aging creams are typically moisturiser-based skin care products intended to make consumers look younger by reducing, masking or preventing signs of aging. Though there is considerable debate whether these products impart a positive effect on the signs of skin sagging or wrinkles, but the demand for these products is witnessing considerable rise. The ever increasing demand for anti-ageing products is proving beneficial for the overall market for cosmetics, perfumes and toiletries.
Consumers prefer anti-ageing products primarily because they reduce pigmentation of the skin and hide scars, discoloration, acne marks, and age spots. These products typically lower the melanin pigment in the skin and smoothen the skin tone. These anti-ageing products are also beneficial for treating medical conditions like melasma, hyperpigmentation, vitiligo, and rosacea.
Anti-ageing products also help maintain the firmness and elasticity of skin by enhancing the production of elastin fibers and collagen, thus rendering a youthful look and feel. Removal of dead skin cells with the application of anti-aging products is another reason why these products are used by billions across the world. Anti-ageing products also facilitate new cell production and the normal functioning of the skin pores.
Why demand for anti-ageing products is rising?
Increased advertising spends, easy access to latest products via offline & online sales channels, and affordable price, are amongst the key market drivers for the anti-ageing product segment. According to the Netscribes’ report published on Research on Global Markets, life expectancy of men and women have increased, leading to an increase in the demand for cosmetics and toiletry products. The population of people above 60 is rising and is expected to reach 2.10 Bn by 2050 which further expands the potential of the market.
How does the global market for cosmetics and toiletries look like?
Anti-ageing products form an essential component of the global cosmetics, perfumes and toiletries market, which is segregated into three primary categories – based on type (skincare, haircare, makeup, fragrances, hygiene products and oral cosmetics), channel (online sales and offline sales), preference (mass and premium). According to Netscribes, the outlook for the market is upbeat with an expected CAGR of 4.53% by 2023. The value of the global cosmetics, perfumes and toiletries market is expected to be $342.96 Bn.
Increase in disposable income, economic growth worldwide, increased awareness for skin health and specific skin care needs due to harsh climatic conditions are some of the key factors driving growth in this market. An interesting thing to note about this market is the fact that it is not significantly dependent on the highs and lows of the economy! Though there is a reduction in the spending power of consumers during recession, they generally opt for less-expensive brands and hence, the demand for cosmetics and toiletries remain consistent.
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