Other highlighted factors include the untapped market for personal care products in the male population and for anti-aging products.
The report also pointed out the need for organic producers to differentiate themselves in a saturated market.
Economy still causing worries
While consumer confidence has grown in the wake of decreasing unemployment, it has still failed to return to pre-crisis levels, and that consumers remain very budget-conscious, the research outlines.
However, consumers proved willing to pay more for products which provided practical benefits, such as medicated products.
Mintel’s research also indicated that consumers were using strategies such as using coupons, buying larger sizes and looking for promotional incentives.
The growing number of male beauty products available is said to be driven by: “younger men who are doing more of their own shopping and adopting a more sophisticated grooming routine.”
Male shoppers were also more likely to be confused by the number of choices available, with 52 percent expressing interest in an app which would help them pick products customized to their needs, compared to 33 percent of overall consumers.
The report recommended manufacturers search for tools which would make the shopping process faster and more relevant, since statistically men are likely to spend less time shopping than women.
Anti-aging market “very small and declining”
The anti-aging section is “one of the largest and fastest growing” in the market, but this has not translated to sales in the body care sector, which is described as “very small and declining.”
The study identified the need for companies to communicate the actual benefits of anti-aging products in order to increase sales, since 84 percent of female respondents aged 55 or more and 90 percent of females aged 35-54 reported interest in products with anti-aging ingredients.
It also pointed to the need to demonstrate points of differentiation such as ease of use and health and wellness benefits.
The report also shows that despite botanical/herbal being a common product claim, interest in organic products should not be overstated, with only 25 percent of consumers showing interest in organic products when purchasing.
Reasons suggested include a crowded and competitive market and a lack of genuine differentiation between products.
Mintel recommended that companies make an effort to make more functional claims about organic products rather than selling them as “simply a sensory experience,” a line of approach which is backed up by both consumer research and sales performance.