Anti-aging products jumped to the forefront of facial skincare sales in 2008, opening retailers' doors to increased sales and profits. Americans are pouring more money into the fountain of youth known as anti-aging skincare, according to a new report from market research firm, Mintel. It revealed that sales of anti-aging skincare products rose to over $1.6 billion in 2008. For the first time, anti-aging sales surpassed sales of facial cleansers, which garnered nearly $570 million in 2008.
The market for anti-aging skincare has grown rapidly over the past couple of years. According to the Mintel study, that product category's U.S. sales rose 13 percent from 2006 to 2008, outpacing general facial skincare sales, which grew less than 11 percent. The study expects the market to remain robust over the next five years, and forecasts an annual growth rate of about 20 percent through 2013.
"Anti-aging won't fall to the recession," said Kat Fay, senior beauty and personal care product analyst at Mintel. "Looking young is extremely important to many women, especially baby boomers, and it's not an issue they're willing to compromise on because of tightened budgets. Many women see anti-aging skincare as a reasonably priced investment in their appearance and well being."
Innovative product launches also played a hand in the rise of the anti-aging skincare category. According to Mintel's global new products database, nearly a third of U.S. facial skincare product launches tracked in 2008 boasted anti-aging claims. Globally, one in four included such claims. "Manufacturers see the growing demand for anti-aging benefits and they're responding accordingly with a constant flow of new products. The latest launches are more detailed and scientific in their claims, ingredients and projected benefits," Fay noted.
Mintel monitors new beauty and personal care product launches worldwide, and cites advancements in both the science and marketing of products in this category. Among the new formulas are Sirtuins, which are naturally occurring enzymes that are thought to boost cell longevity, and provide anti-aging benefits.
For example, Natura Bissé's premium skincare product, The Cure, contains peptides that modulate sirtuins. It claims to prevent premature aging and wrinkles. Estée Lauder's new Time Zone Line and Wrinkle Reducing Creme likewise boasts, "Sirtuin EX1 Technology," and claims to stimulate proteins for a more youthful look.
Expect more of these types of products, said the Mintel researchers. They also noted that products in this category are likely to be backed by significant marketing dollars aimed at both consumers and retailers that give the products shelf space.
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