The Asia-Pacific Anti-Aging Market was worth $45 billion in 2016 and estimated to be growing at a CAGR of 6.84%, to reach $62.64 billion by 2021. Asia-Pacific region is anticipated to observe the utmost growth among all regions.
Aging is defined as sequence of biochemical processes in the body because of internal and external factors, which lead to deterioration in the body and affects beauty, health and overall eminence of life of a person. Anti-aging products and services help refurbish and retain beauty, health and overall well-being, and at the same time, increase longevity.
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The expanding economies of developing countries in this region are providing consumers with the facility to purchase more anti-aging products and services, boosting market growth in both product and service markets. The aging market presents one of the biggest opportunities, mostly due its higher disposable income. Thus, all companies in the cosmetic industry are strategizing to tap the profitable anti-aging market. Lack of awareness in this region is a factor hampering the market growth.
The Asia-Pacific Anti-Aging market is segmented on the basis of demographics into Baby Boomers, Generation X and Generation Y. On the basis of products the market is divided among UV Absorbers, Anti-Wrinkle Products, Anti-Stretch Marks Products, Natural Products and Hair Colour. Based on services the market is bifurcated into Anti-Pigmentation Therapy, Adult Acne Therapy, Breast Augmentation, Liposuction Services, Abdominoplasty, Chemical Peel, Eye-Lid Surgery, Hair Restoration and Sclerotherapy. By devices, the segmentation is among Anti-Cellulite Treatment Devices, Microderm Abrasion Devices, Laser Aesthetic Devices and Radiofrequency Devices. Baby boomer and generation X are considered as the majority informed and cost-effective customer group for anti-aging market.
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Based on geography the market is analysed under various countries namely, China, India, Japan, South Korea and Australia. China is leading the market and India is expected to witness highest growth in the forecast period.
The key players dominating the anti-aging market include Coty Inc., Personal Microderm, Beiersdorf AG, Photomedex Inc., Lumenis Ltd, Alma Lasers Ltd, Solta Medical Inc., Cynosure Inc., L’Oreal, SA, and Allergan Inc. Opportunity for new products, services or devices are high as the market consists of recognized players and their brands.
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