Anti-aging tipped to survive the recession unscathed
Anti-aging skincare sales in the US rose 13 percent to $1.6bn between 2006 and 2008, outpacing the general facial skincare, which was up 11 percent over the same period, according to Mintel.
This trend is expected to remain on track even as the economy struggles.
“Anti-aging won’t fall to the recession,” said Kat Fay, senior beauty and personal care product analyst at Mintel.
“Looking young is extremely important to many women, especially Baby Boomers, and it’s not an issue they’re willing to compromise on because of tightened budgets. Many women see anti-aging skincare as a reasonably priced investment in their appearance and well-being.”
Strong growth forecast despite recession
So even as income drops Mintel expects the anti-aging skincare market to grow some 20 percent at inflation-adjusted prices over the next five years.
Even if growth rates are set to remain strong, the recession will not pass by the anti-aging market without leaving a trace.
Fay told CosmeticsDesign.com: “Drug store brands are likely to attract department store shoppers looking to "trade down" from prestige products.”
Shelves swell with new products
Over the past year, manufacturers have responded to growing demand with more and more new anti-aging products.
According to Mintel’s Global New Products Database almost a third (32 percent) of all US facial skincare launches last year were supported with anti-aging claims.
“Manufacturers see the growing demand for anti-aging benefits and they’re responding accordingly with a constant flow of new products,” said Kat Fay.
New more advanced ingredients
Not only are new products coming onto the market but new more advanced ingredients are being incorporated into the latest launches.
“The latest launches are more detailed and scientific in their claims, ingredients and projected benefits,” added Fay.
Mintel highlighted sirtuins as one of the newest and most promising innovations in anti-aging.
Sirtuins are naturally occurring enzymes that are thought to boost cell longevity and therefore, provide anti-aging benefits.
Two new sirtuin-based products to find their way onto shelves include Natura Bissé’s premium skincare product, The Cure, and Estee Lauder’s new Time Zone Line and Wrinkle Reducing Crème.
