A new global anti-ageing report from Research and Markets, forecasts the global product market will grow at a CAGR of 6.7% over the period 2013-2018, with the rising global ageing population being the main driver.
This growth is resulting in an increase in the need for anti-ageing and age-defying facial products.
Anti-ageing products help in fighting the various signs of ageing or problems such as wrinkles, blemishes, dry lines, fine color, pores, graying, thinning, and sagging.
To overcome these ageing problems related to skin and hair consumers use many products that basically fall under three categories: skin care, cosmeceuticals, and hair care.
Natural trend
One of the key trends being seen right now is the demand for natural products, with consumers increasingly turning to these products over the last few years, according to an R&M analyst.
“Over the years, consumers have started seeking safe products and are now paying more attention to the ingredients in the anti-ageing products, preferring those that do not contain chemicals or ingredients that could cause harmful side effects,” they explain.
“Typically, anti-ageing skin care and hair care products are made from synthetic ingredients, additives, and fillers. Such products could harm skin and hair, or even weaken and loosen skin when it starts ageing.”
As such, there is now a trend toward products containing natural oils such as argan, marula, coconut, and almond.
Intensifying competition
As organic products have little harmful effects, many large companies are launching natural and organic products to gain more market share.
And it is this intensifying competition that is now presenting one of the main challenges hindering market growth, caused by the entrance of new players and private labels, not to mention the amount of big players active in the marketplace.
Within the L’Oréal Group, Garnier, Kiehl’s and Lancome, to name a few, all compete with various moisturizers and serums. Estée Lauder prides itself with its Night Repair cream, whilst other big players such as Procter and Gamble, Unilever, Beiersdorf, and Johnson & Johnson’s Aveeno brand have all seen success in recent years.