Sales of Anti-Aging Products on the Rise, According to Mintel Study
From SPATRADE - Feb 23, 2009
Anti-aging skin care products are becoming the most purchased skin care items, according to a new study by Mintel. Sales of anti-aging skin care products rose to more than $1.6 billion in 2008. According to Mintel’s Global New Products Database, over one third of U.S. facial skin care product launches tracked in 2008 boasted anti-aging claims. Globally, one in four (26%) 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,” states Kat Fay, senior beauty and personal care product analyst at Mintel.
Sales of anti-aging products surpassed sales of facial cleansers, which garnered nearly $570 million in 2008. Sales of anti-aging skin care in the U.S rose 13% from 2006 to 2008, outpacing general facial skin care sales, which grew less than 11%. Mintel expects the market to grow approximately 20% within the next five years.
“Anti-aging won’t fall to the recession,” predicts Fay. “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 skin care as a reasonably priced investment in their appearance and well-being.”
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