However, the consumer insight study revealed potential growth areas within the anti-aging market, as was noted that 78 per cent of respondents believed using sunscreen is the key to preventing aging, which could pave the way for increased sales of anti-aging products containing SPF protection.
Products target facial aging could hold the biggest growth potential, with 48 per cent of consumers preoccupied with aging identifying the face as their biggest concern. This was followed by the eye area, which was cited by 41 per cent of respondents, followed by the stomach and the neck.
The earlier the better when using anti-aging products
Providing an insight into which age groups to target with anti-aging products, 69 per cent of respondents said that the earlier age prevention remedies are used, the better.
“Respondents aged 25-54 report the most likelihood to use facial skin care products with anti-aging, wrinkle reducing and skin rejuvenating properties,” noted senior beauty analyst at Mintel, Kat Fay.
“This makes sense, as at age 25, many people are likely beginning to see the first signs of aging and want to prevent further signs. Through middle age they are trying to reverse the signs; and after age 55 they are likely more resigned to aging and less inclined to spend,” she added.
Anti-aging sales to grow 46 per cent from 2010-15
While the $832mn anti-aging skincare market in the US has experienced decelerated growth during the past year according to Mintel, sales are forecasted to increase 46 per cent at current prices from 2010-2015.
Mintel data highlights that the US market for anti-aging skin care in food, drug and mass retail channels (excluding Walmart) is led by Procter & Gamble, L’Oreal and Johnson & Johnson.
Between 29 November 2009 and 28 November 2010, P&G’s sales increased 4.2 per cent to $328mn and J&J’s sales were up 8.1 per cent to $169mn. However, L’Oreal’s sales dropped 7.3 per cent to $196mn. It was noted that sales of private label anti-aging skin care products were up 31.3 per cent during the review period, coming in at $95mn.