Antioxidants: a global beauty trend that's raking in billions
Antioxidants have been a major beauty trend for some time now -- and they are set to become even more ubiquitous over the next few years, according to new research.
A report by B2B research company MarketsandMarkets has found that the cosmetic antioxidants market is predicted to grow from US $115.1 million (about R1.5-billion) in 2018 to US $150.9 million (about R2-billion) by 2023, at a compound annual growth rate of 5.6%.
According to the report, dubbed "Cosmetic Antioxidants Market by Type (Vitamins, Polyphenols, Enzymes, Synthetics), Function (Anti-Aging, Anti-Inflammatory, UV Protection, Moisturizing, Hair Cleansing, and Hair Conditioning), Source, Application and Region - Global Forecast to 2023," the growth is being driven by factors including aging populations, increasing disposable income, and changing lifestyles.
The growth is being driven by aging populations, increasing disposable income, and changing lifestylesCosmetic antioxidant market report
Vitamins are expected to lead the market growth, due to increasing demand for naturally-sourced vitamins such as vitamin E, vitamin C and vitamin A across skincare, haircare, and makeup sectors.
Natural antioxidants are also predicted to become more prevalent, in keeping with the consumer appetite for organic and herbal wellness products, while skincare products like anti-aging creams and UV protection will also fuel the growth.
The Asia Pacific region is expected to be the largest cosmetic antioxidants market between now and 2023.
Antioxidants are known for their ability to neutralise free radicals, protecting the skin from myriad issues such as dehydration and inflammation and slowing the visible signs of aging.
Read the report here.