Condition-related treatments for older generation set to boom
generation is set to boost sales of cosmetics items such as hair
loss remedies and acne treatments in the US and Western Europe.
According to a new study sales of such products are showing early
signs of development in parallel with the huge growth of the OTC
segment. Simon Pitman reports.
The Euromonitor report points out that alongside the ageing populations in the developed world the desire to remain youthful, combined with increasing spending powers is likely to fuel growth of any products promising to reduce the signs of ageing. Accordingly condition-specific treatments marketed towards older people are set to boom in coming years.
Initially that boom will be felt in the area of dietary supplements and vitamins, but it is also predicted for cosmetic products.
"Value can be added to most product sectors by targeting different lifestyles and demographic groups," commented the report's author Kathrin Jungbeck. "What we are witnessing at the moment is a blurring of the boundaries between food, health supplements and cosmetics. This has resulted in the emergence of a healthy awareness group, which is particularly prevalent amongst the older generation."
Currently there are just a handful of companies that are offering cosmetic products with specific remedies for older people. One of those is Perfectil, part of the Vitabotics group, which has a range of products aimed at promoting healthy hair, skin and nails for the older generation.
Jungbeck points out that because the ageing population in Western Europe is showing one of the highest rates of growth, the likelihood of companies launching cosmetics products for older people there looks particularly high. Interestingly she also points out that in the US, where the birth rate is still relatively high, the market is not likely to develop as rapidly.
"This segment remains so small that its value is hard to estimate, but it is clearly one that shows great potential for market growth," Jungbeck said. "Companies are slowly finding their way in this segment, and once this process is completed the number of dedicated product launches is expected to increase dramatically."
Jungbeck believes that in Europe the first three markets to witness the growth of condition-specific treatments for the older generation will be the UK, France and Germany.
"The UK is likely to latch on to this trend because consumers there are more open-minded," she said. "In Germany the sheer size of the ageing population is likely to create a sizeable market, whereas in France the fact that consumers spend a higher percentage of their income on cosmetic products is also likely to fuel future growth."
