Anti-Aging Industry is Dominated by the Generation X Category
As per a report by P&S Intelligence, the anti-aging market will reach USD 422,804.6 million, advancing at an 8.6% compound annual growth rate, by 2030.
The growth in the industry is attributed to the growing number of cosmetic procedures being performed globally, technological advancements, increasing consciousness regarding advanced cosmetic treatments, and the rising elderly population.
The easy accessibility of various at-home devices for cellulite reduction, wrinkle reduction, microdermabrasion, and skin rejuvenation has led to the increasing popularity of these products among customers. Moreover, these easy-to-use portable products are systematically advanced.
The increasing use of e-commerce and social networking platforms is resulting in the growing requirement for cosmetic products, including anti-aging. Social media platforms, for instance, YouTube and Instagram, assist in rising consciousness regarding skincare devices, treatments, and products.
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In the past few years, the anti-wrinkle category led the anti-aging industry, and the category will witness a share of approximately 50% in 2030. This is credited to the growing consciousness of Botox treatment among customers.
The hair restoration category will witness the highest growth rate, of more than 9%, in the years to come. Increasing pollution concerns, dietary changes, and rising stress among the youths are the key factors causing the problems of hair loss in nations, such as China and India, which will also drive the requirement for hair restoration treatment in these nations.
Based on demography, the Generation X category held the largest anti-aging market share, approximately 50%, in 2021, and it will remain the largest in the years to come. The people in this category are more aware of their appearance, thus they opt for solutions to reduce the signs of maturity.
North America held the largest share of the anti-aging industry, at more than 30%, in 2021. This is primarily credited to the growing consciousness about at-home products, increasing preference for non-surgical treatments, and the mounting number of aesthetic procedures being performed in Canada and the U.S.
Furthermore, the increasing disposable income, the mounting popularity of cosmetic products, the growing acceptance of skin rejuvenation & resurfacing treatments, the rising number of skin problems, and the mounting elderly population are some of the other factors driving the adoption of these products in the region.
Whereas, the European anti-aging industry is expected to witness a significant growth rate in the years to come. This is primarily ascribed to the existence of prominent industry players and the growing elderly population in the region.
It is because of the rising number of cosmetic procedures, the increasing elderly population, and technological advancement, the global anti-aging industry will continue to grow significantly in the years to come.