According to Euromonitor figures, in 2010 the world population over 50 reached 22 per cent, and by 2020 this will have increased to over 25 per cent.
Visible impact
The market analyst also states that of all demographic changes the ageing population has probably had the most visible impact on beauty and personal care in terms of both product and packaging.
While the growth in global skin care sales slowed down in 2009, anti-ageing was the standout category, maintaining relatively strong growth as consumers prioritized a youthful appearance above all else.
Sales of premium anti-ageing products have also remained very dynamic, as consumers have attached greater importance to fighting the ageing process than other areas of beauty and personal care, and there is still a strong perception of a link between price and efficacy for many consumers.
Effect of packaging
Traditionally, anti-ageing products would come in glass jars as clarity and weight of the pack has long been associated with quality.
However, it appears the tide is turning as glass jars have started to play second fiddle to more rigid plastic packaging such as tubes, which provide easy and clean access to the product and containers with pumps.
And with anti-ageing products becoming more expensive and using ever more sensitive ingredients, manufacturers have seen the pump become an essential part of the pack.
Nowadays the pump has to protect the contents from oxygen exposure, carefully dose an appropriate amount of product to avoid waste and also have simple functionality that can be used by older consumers who may have reduced mobility or strength in their hands.
Keeps on growing
Euromonitor also expects the shift towards an ageing population to continue, with the percentage of population over-65 expected to grow by 14 per cent over 2010-2015.
As such, the research firm claims specific targeting for different age groups will become more common in the future. For example innovations targeting the older consumer are expected to encompass easy-to-use packaging, closures and bigger printing on the labels.