Growing geriatric population along with rising investments in R&D activities in the sector are the major factors attributing to the market growth of anti-aging ingredients during the forecast period, says this report.
Selbyville, Delaware, Jan. 28, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., the Anti-Aging Ingredients Market size was estimated at $1,145 million in 2020 and is slated to surpass $1.5 billion by 2027, registering a CAGR of 7.5% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
According to market analysis, anti-aging ingredients aid in limiting or retarding the changes occurring on the surface of the skin with the passage of time. Growing consciousness among people regarding their appearance and the urge of looking younger is the key factors driving the anti-aging ingredients market during the forecast period.
Growing demand for cosmetics and beauty care products especially in developing countries is a major factor boosting the market growth of anti-aging ingredients. These are key constituents of cosmetic products. Rising urbanization, increasing income levels, and growing awareness regarding healthcare are the major factors that are positively impacting the market growth of anti-aging ingredients.
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Niacinamide applications segment was estimated at USD 4.64 million in 2020 and is expected to grow at a CAGR of above 6.5% during the forecast period. Niacinamide is a form of vitamin B3 and aids in skin brightening and combatting unwanted pigmentation. It is also helpful in dealing with disorders such as skin irritation and rosacea and can be used in all types of skin. The above-mentioned factors are expected to drive the anti-aging ingredients market share during the forecast period.
The retinol application segment was estimated at USD 24.37 million in 2020 and is expected to grow at a CAGR of above 6.5% during the forecast period. Retinol comprises vitamin A and is a part of a larger group known as Retinoids. It aids in preventing fine lines, sun damage, blemishes and speeds up the exfoliation process.
The anti-aging ingredients market from antioxidants application was estimated to be USD 388.72 million in 2020 and is expected to grow at a CAGR of above 7% during the forecast period. Antioxidants aid in combatting the skin from sun damage and wrinkles by countering particles that harm the DNA of skin cells. Major antioxidants include acai oil, caffeine, green tea extract, alpha-lipoic acid, alpha-hydroxy acid, and salicylic acid.
As per the market analysis, Europe was estimated at USD 408.35 million in 2020 and is expected to grow at a CAGR of above 7.5% during the forecast period. Growing cosmetic industry increased levels of consumer income; product availability in spas, salons, stores, retail outlets, and online stores; and rising R&D investments are the key factors attributing to the anti-aging ingredients market growth in the region.
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For instance, Europe accounted for the highest market share of 35% in cosmetic pigments in 2019 which clearly indicates the positive outlook for the market in the region. However, high cost coupled with the occurrence of counterfeit products in the market may restrain the anti-aging ingredients market during the forecast period.
North America holds a substantial share in the global anti-aging ingredients market and is expected to grow at a significant rate during the forecast period. Increasing demand for sunscreen, skincare products, and rising concern regarding aesthetics among people are the major factors attributing to the market growth in the region.
Key manufacturers in the anti-aging ingredients industry include Dow Chemical Company, BASF SE, Lonza Group, Evonik Industries AG, DSM NV, Bayer AG, Kerry Inc, Adeka, Allergan, Clariant AG, Wacker Chemie, Cargill Incorporated, Croda International, Pfizer, and Novartis. Companies are implementing strategic initiatives including new product launches, mergers, and acquisitions to enhance market share.
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