Is anti-aging more than a pipe dream? Going by the variety of products on the shelves of shops selling cosmetics, it is not. According to Customer Market Research, a market research firm, the global anti-aging market was valued at $60 billion (Rs 4.93 lakh crore, approximately) in 2021 and is expected to double by 2030, reaching $120 billion (about Rs 9.85 lakh crore).
The Asia Pacific anti-aging market stood at 8.09 billion (Rs 66388.84 crore, approximately) in 2022 and is slated to grow by 5.69 percent to reach 10.66 billion (Rs 87,478.46 crore, roughly) by 2027, according to another research firm, Market Data Forecast. The Indian anti-aging market is the fastest-growing and is predicted to grow at a CAGR of 12 percent during the forecast period (2022 to 2027). Changing lifestyles, advancements in cosmetics, and escalating healthcare expenditures are majorly driving this market growth in India.
In 2021, skincare dominated the market, accounting for about 41 percent of the global market share, while haircare and cosmetics accounted for 22 percent and 16 percent, respectively. The expanding economy of India allows consumers to purchase anti-aging products and services, thus, boosting the market growth in both. Also, e-commerce sites and social media present opportunities and attract more customers.
A play of products
Arushi Jain, Director, Akums Drugs & Pharmaceuticals, says, "From anti-aging creams and under-eye creams to hydro-boasting face serums, the market is flooded with skincare products. Some popular formats are anti-aging face cleansers, anti-aging creams, Retinol serums, under-eye creams and serums, face packs, night creams, hydrating toners, and lip serums. Effectiveness of all these depends upon the quality of ingredients chosen to formulate the products."
This story is from the May 2023 edition of Healthcare Radius.
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This story is from the May 2023 edition of Healthcare Radius.
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