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Cosmetic and personal care products are widely and easily available across the world. These products primarily find applications in improving the appearance of skin. The demand from consumers for such effective products, has substantially increased investments of effort and resources for the improvement of products and the development of offerings across the global personal care industry.
The global anti-aging and anti-wrinkle products market is expected to grow to a value of USD 14 billion by the end of the forecast period in 2027. This rise can be attributed to a number of factors such as the development of multi-functional products, the rising use of color correction and beauty balm products, importance given to clean label trends, and the use of premium products, all of which will contribute to the growth of the industry for the foreseeable future.
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Asia Pacific Gains Substantial Traction in Product Demand
While North American and European countries have matured markets, markets across the Asia Pacific led by China are displaying a high demand rate for anti-aging and anti-wrinkle products owing to a high population of people within the age bracket of 20 to 40 years old.
In addition, people across China and Japan have been gaining awareness about adoption and use of such products. Further, the geriatric population of Japan is also rising strongly, which is expected to lead to a substantial increase in the use of these products. In addition, recent times have also witnessed the introduction of numerous favorable export policies from the governments of China, Japan, and India, which will support the rise of the Asia Pacific in the worldwide anti-aging and anti-wrinkle products here.
Changes in Marketing Strategies Play Key Roles
Recent years have witnessed an important change in the cosmetics and personal care market as men have started to display interest in a market, which was female centric for a long time. While the industry is still dominated by products for women, manufacturers have also introduced a range of offerings for men, which is witnessing traction at an incremental rate.
With the objective of gaining an edge in the anti-wrinkle and anti-aging products market, manufacturers are pushing for improvements, which are focused on brand communication for the dissemination of data on products.
New marketing strategies include combinations of celebrity brand endorsements, while also capitalizing on the consumers increased interest ingredients by the use of key marketing words such as organic, instant, natural, quick fix, and immediate among others.
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In addition, the growth of online stores is also playing a key role in the sales of anti-aging and anti-wrinkle products, as online stores offer deeper discounts and deals, while also providing services such as same or next day delivery.
While synthetic products continue to dominate the industry in terms of sales, natural, organic, and clean label variants are rapidly gaining traction are expected to close the gap in the near future, and is expected to remain dominant for the near future.
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