The importance of labels will be paramount, as skincare products boasting clean labels are projected to influence the purchasing decisions of consumers.
The importance of labels will be paramount, as skincare products boasting clean labels are projected to influence the purchasing decisions of consumers. In addition, the popularity of premium and branded products will continue to grow in the anti-aging and anti-wrinkle products market, as consumers tend to incline towards quality skincare products. Due to the positive impact of the aforementioned trends, the anti-aging and anti-wrinkle products market is estimated to record a value tantamount to ~US$ 14 Bn by 2027.
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Emergence of Ecommerce to Help Market Development
The influence of online stores is also found to remain crucial in strengthening the sales of anti-aging and anti-wrinkle products. Manufacturers are offering discounts and deals on online purchasing of products, and the trend is likely to gain traction, as e-Commerce giants are experimenting with next- and same-day product delivery.
“To gain a competitive edge in the anti-aging and anti-wrinkle products market, manufacturers are relying on effective brand communication in order to disseminate education about products. As the choices of key public figures are found to have an influence on the purchasing behaviour of consumers, manufacturers are seen collaborating with celebrities to implement brand endorsement strategies,” notes Fact.MR
Besides this, the purchasing behaviour of modern consumers highly relies on the ingredients used for production. On the backdrop of the growing importance of labels, manufacturers are using powerful keywords such as instant, quick fix, immediate, natural, and organic to attract attention of consumers.
In recent time, consumers have been demanding a single solution for all skin troubles, which is influencing manufacturers to produce multi-functional products. The introduction of beauty balm (BB) and colour correction (CC) creams with enhanced properties, such as skin treatment, skin repair, moisture control, and sun protection, will strengthen the sales of anti-aging and anti-wrinkle products during the forecast period (2020-2027).
China is a key anti-aging and anti-wrinkle products market, as the concentration of individuals between the age range of 20 years and 40 years is high. Awareness regarding skincare is high in China, especially among women, which is boosting the adoption of these products. Besides China, density of the geriatric population is high in Japan, which is leading to an increase in the adoption of anti-aging and anti-wrinkle products. Recent times have also witnessed the announcement of favourable export policies legislated by the governments of Japan, India, and China, which is further giving impetus to Asia Pacific’s position in the global anti-aging and anti-wrinkle products market.
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Shift in Consumer Centric Strategy to Help Broaden Market Scope
“Since long, the cosmetic and personal care industry has been a female-centric one, on the backdrop of social stigma associated with colour and texture of the skin. In addition, acne, wrinkles, black heads, and white heads are common skincare problems found more among women than men, which has led to the high sales of skincare products driven by women. However, the penetration of cosmetic products is widening in the men’s space, though at a relatively slow pace,” says Fact.MR
Men have relatively thick skin as compared to women, and the texture, in turn, depends on the secretion of sebum. To cater to the specific skincare challenges of this demography, manufacturers in the anti-aging and anti-wrinkle products market are developing skincare products with different fragrance and chemical compositions. Along with this, they are strategically marketing their anti-aging and anti-wrinkle products through celebrity endorsements, which is projected to boost the demand for these products during the forecast period.
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