Growth in anti-aging market driven by younger consumers

By Katie Bird

- Last updated on GMT

Related tags Anti-aging products Marketing

The global market for anti-aging products - topical, dietary and
pharmaceutical - is predicted to increase due to growing interest
from an ever younger consumer base.

According to a report from market research company Global Industry Analysts the market for anti-aging products is predicted to reach $115.5bn by 2010.

Growth will be driven by the expansion of the consumer base to include younger age groups and the further development of the cosmeceutical and beauty food categories.

Younger consumers buy into anti-aging market

The report notes that both changes in lifestyle and grooming practices are occurring amongst consumers in an attempt to fight against aging and to minimize its visible effects.

This is leading to an increase in spending on anti-aging products, which in addition to an ever younger consumer base, result in improved market opportunities.

According to the report, younger consumers - those aged between 25 and 30 - are progressively more interested in anti-aging products, particularly topical skin treatments.

The trend is being further exploited by manufacturers promoting mother and daughter ranges, according to the market researcher.

Dietary supplements and beauty foods

In addition, vitamins, minerals and antioxidants are playing an ever more important role in the anti-aging market appearing in both dietary supplements designed to increase health and well being and in topical formulations designed to remedy the visible signs of aging.

Furthermore, the two areas have combined over the last few years resulting in a growing number of supplements and food products that target the skin from the inside 'resulting in these products shifting image from being just healthcare enhancers to beauty enhancers' .

Market dominated by US and Europe

According to the report, the United States and Europe lead this market with a 62.8 per cent share of the global market according to 2007 figures.

Future growth is expected to come from the growing cosmeceuticals market - a trend that a number of the big players are already exploiting.

The so called 'Dr Brands' - those that are marketed with references to dermatology, surgery and botox-like treatments - that make up part of this trend have seen significant growth over the last year.

The collaborative skin care line planned for fall 2008 by pharmaceutical company Allergan and Estée Lauder brand Clinique epitomises the movement with products targeted to complement non-surgical cosmetic procedures.

Global Industry Analysts predicts the global cosmeceutical market will grow at CAGR of 9.8 per cent between 2001 and 2010, and the Asia-Pacific and Latin American markets to rise by $1bn between 2007 and 2010.

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