Pume, India, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on “Anti-Aging Ingredients Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type and Application,” the anti-aging ingredients market size accounted for approximately USD 1 billion in 2022 and is projected to register the CAGR of ~ 8% from 2022 to 2030 to reach 2 billion in 2030. The report highlights key factors driving the market and prominent players along with their developments in the market.
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Anti-aging ingredients are used in cosmetics, personal care products, and cosmeceuticals that help prevent sun damage, reduce aging, and make skin appear youthful. Anti-aging ingredients include chemical peels, sunscreen ingredients, peptides, hyaluronic acid, antioxidants, retinol, and niacinamide, among others. These ingredients slow the aging process by repairing the damaged skin due to prolonged exposure to sun, dust, and pollution. These ingredients also work against the heredity factors as well as certain deficiencies, making the skin look young and fresh. Anti-aging ingredients consist of carotenoids, antioxidants, vitamin C, vitamin E, leucine, and flavonoids, among other ingredients that help slow the aging process. In this fast-paced life, people are not getting enough time to focus on themselves. Due to extended work schedules and busy lifestyles, people are facing a lack of time to eat nutritious food, resulting in premature aging. This further results in wrinkled and dull skin. The rising awareness of early aging problems among the younger population is driving the demand for anti-aging products. This factor thus drives the anti-aging ingredients market.
Also, many people, especially women in the corporate sector, are concerned about their appearance. Due to increased disposable income levels and improving lifestyles of people, they are actively investing in products that help them look youthful and rejuvenating. This factor further propels the anti-aging ingredients market growth over the forecast period.
Anti-Aging Ingredients Market: Competition Landscape
Some of the key players operating in the spirulina market include Adeka Corporation, Contipro Inc., Beiersdorf AG, BioThrive Sciences, Kao Corporation, and Shiseido, among others. These players are adopting various strategies such as mergers and acquisitions, partnerships, collaboration, and new product launches to increase their market share. Moreover, they are also investing in research and development to launch innovative products that appeal to a large number of consumers.
The report includes the segmentation of the anti-aging ingredients market as follows:
Based on product type, the anti-aging ingredients market is segmented into chemicals peels, sunscreen ingredients, peptides, hyaluronic acid, antioxidants, retinol, niacinamide, and others. Based on application, the anti-aging ingredients market is segmented into cosmetics and nutraceuticals. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The anti-aging ingredients market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The anti-aging ingredients market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The anti-aging ingredients market in South & Central America market is categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Anti-Aging Ingredients Market
Various industries, including personal care and cosmetics, suffered from severe disruptions due to disturbances in supply chains and shutdowns of production plants amid the COVID-19 pandemic. The shutdown of various manufacturing plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa negatively impacted the supply chains, manufacturing, delivery schedules, and sales. Many businesses announced possible delays in product deliveries and slumps in their future sales. Thus, suspended operations in various industries negatively impacted the anti-aging ingredients market growth. During the initial phase of the COVID-19 pandemic, the implementation of lockdown restrictions and shutdown of manufacturing units led to a production shortfall, which caused a disproportion in demand and supply. These factors hampered the profitability of various small-scale and large-scale anti-aging ingredients manufacturers.
However, as people were mandated to stay at home due to lockdowns and work-from-home mandates, people started engaging in self-care routines. People invested their time browsing on internet about various anti-aging products available. This factor created significant growth potential for the anti-aging ingredients market. The demand for natural, organic, cruelty-free, plant-based, and clean-label ingredients also increased as people became more concerned about their health. Further, the demand for cosmeceuticals that reduce the aging process also increased during the pandemic due to rising beauty-from-within trend.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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