The global anti-wrinkle products market size is anticipated to reach USD 29.77 billion by 2025 registering a CAGR of 5.7%, according to a new report by Radiant Insights, Inc. Growing geriatric population and rising disposable income are expected to propel the demand over the projected period. Asia Pacific has been the largest market for anti-wrinkle products. Rising awareness about physical appearance across countries, such as South Korea, Japan and India, have led to an inflated demand for anti-wrinkle creams and serums in the region. However, a major chunk of Asian population prefers natural and organic essential oils, such as sweet almond and geranium oil. Serums and oil-based products are witnessing high demand across the globe. Thus, manufacturers are focusing on the development of such products.
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For instance, Kiehl’s introduced its night recovery concentrate, an elixir oil product infused with lavender oil to improve firmness and elasticity of the skin. Similarly, Clinique launched its repair serum suitable for all skin types to reduce puffiness and slower the aging process. Continuous product launches by the manufacturers with an aim to cater to various consumer-specific problems are expected to drive the growth of the global market. The industry is highly competitive in terms of product offerings and pricing. Major companies in the market are benefitted by their acknowledged buyer base and goodwill in the market. In recent years, the market has been experiencing several technological innovations, especially in the product formulation. Companies like L’Oreal, Innisfree, Allergen, Estee Lauder’s, and Beiersdof focus on improving the effectiveness of anti-aging creams, serums, etc. to attract more consumers.
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Further key findings from the study suggest:
• Asia Pacific anti-wrinkle products market is said to witness the fastest CAGR of 6.3% from 2019 to 2025 owing to growing disposable income levels and geriatric population in the region
• South Korea accounted for the highest market share in 2018 due to high R&D expenditure on technological advancements in the sector and consumer preference for organic products
• European countries, such as Italy and Germany are also likely to register healthy growth over the forecast period due to growing geriatric population base
• Hyper & supermarkets held the major share; while the online distribution channel will record the highest CAGR from 2019 to 2025 due to ease of payment and rise in digitalization of payments
• Manufacturers are focusing on achieving optimum business growth by implementing strategies, such as M&A, joint ventures, capacity expansion, product development, promotion of key product brands, and increased R&D investments
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