In recent times, the ‘salon at home’ culture has been gaining wide acceptance, which is projected to arise as a crucial end user in the anti-aging and anti-wrinkle products market. The advent of brand-owned salons in key localities is a significant parameter driving the sales of anti-aging and anti-wrinkle products. On the demand side, consumers, especially females, are increasingly conscious about their looks, which is encouraging them to try out various creams and serums to achieve flawless skin. The proclivity of consumers for premium and branded products is growing, powered by an increase in their discretionary spending. However, as cases of the side effects of these products are coming to light, a shift has been witnessed in the consumption pattern towards products with organic and natural ingredients, which is also indicative of the shift in manufacturers’ production strategy.
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Given the influence of the changing dynamics, an exclusive study published by Fact.MR foresees a moderate growth pace of the anti-aging and anti-wrinkle products market, at an estimated CAGR of 6% during the forecast period (2020-2027).
Key Takeaways of Anti-aging and Anti-wrinkle Products Market Study
- The preference for creams among other beauty products – serums and gels – will remain high, owing to their easy availability and application. In addition, creams are an integral part of a daily beauty routine, and this is likely to offer sustainable supply opportunities to manufacturers.
- Though the anti-aging and anti-wrinkle products market has been a female-driven landscape, increasing look-consciousness among males is projected to add a new dimension to the existing sales scenario of the landscape.
- Critical moisturizing properties of hyaluronic acids are predicted to extend the frontiers of their application in anti-wrinkle gels, creams, and serums, during the forecast period.
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- Consumers’ proclivity for facial care treatment will remain relatively high as compared to body care treatment. The sales of anti-aging and anti-wrinkle products through facial care treatment are expected to account for ~74% of the total share by 2027.
- Manufacturers are adopting effective marketing strategies through powerful keywords, such as immediate, quick-fix, and instant, which have been found to be successful in drawing increased consumer attention.
- Brand-owned stores will remain robust distribution channels to disseminate information about new anti-aging and anti-wrinkle products; however, sales from online stores are projected to grow exponentially, as deals and discounts remain attractive features of this channel.
“High density of the generation X demography in China, which is the key target group, will retain the attractive quotient of the local anti-aging and anti-wrinkle products market. The presence of leading online channels will further drive profitability to the Chinese market during the forecast period”, opines a subject matter expert at Fact.MR.
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Shift from Artificial Ingredients to Organic Products to Remain Profitable
The anti-aging and anti-wrinkle products market is fragmented in nature, with a handful of players leading at the international front, and facing intense competition from domestic players.
Players in the anti-aging and anti-wrinkle products market, however, are facing headwinds from stringent regulatory norms, which is leading to frequent product recalls. Given this influence, manufacturers in the anti-aging and anti-wrinkle products market are increasing investments in research & development activities to launch new products. For instance, a key player – Clinique – announced the launch of a repair serum, which is suitable for all skin types, to control puffiness, and, in turn, slow the aging process.
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