The anti-aging category has become quite saturated — not to mention confusing for many shoppers — but it is expected to enjoy growth going forward as the economy continues to improve and aging consumers continue to seek magic in a bottle.
"The economic recession didn't hit this segment as hard as other beauty categories, but reduced consumer spending certainly had some impact," stated research firm Mintel in its February 2013 report on the U.S. anti-aging skin care market. "As the levels of disposable income slowly begin to rise, consumers may once again turn to more discretionary purchases such as anti-aging skin care. In addition, the aging population will continue to outpace total population growth, likely resulting in long-term growth potential for the category."
Mintel estimates that the category will see a modest turnaround beginning in 2013, which will grow by roughly 13% through 2017, reaching sales of more than $2.8 billion.
It likely comes as no surprise that Mintel's research revealed that, among respondents, wrinkles and dry skin ranked as the leading skin concerns with regards to aging. Coming in next on the list were under-eye circles, age/sun spots and sagging skin. While dry skin can be an issue regardless of age, Mintel suggests that manufacturers consider highlighting how skin might need different types of hydration as it ages. They may also want to emphasize other issues that worsen with age, such as flaky skin, redness and uneven skin tone.
Already taking a page from this strategy are Vichy Laboratoires and Lumene.
Vichy Laboratoires, a French beauty brand, earlier this year expanded its Neovadiol range, which is for women 50 years and older, with the new Neovadiol Gf Lip & Eye Contours and Neovadiol Lumiere BB Cream.
According to Vichy, women over the age of 50 years represent 43% of the adult population in the United States and 75% of the nation's wealth. However, skin care lines that target this consumer represent less than 10% of the overall skin care market.
In addition, Lumene, a European skin care and cosmetics brand from Finland, has developed Complete Rewind, a new anti-aging skin care line that leverages anti-glycation technology. The line is especially geared toward women ages 50 years and older. The line hit retail this summer.
Meanwhile, general anti-aging skin care products that do not target a specific age group continue to flood the market.
Among those is beauty brand Vbeaute, which recently announced its expansion into a handful of Duane Reade and Walgreens Look Boutiques this summer. The beauty brand is known for its anti-aging skin care and lip products formulated with Swiss Alpine rose botanical technology, a plant praised for its ability to thrive in even the harshest of climates.
In addition, Kathy Ireland, CEO and chief designer of Kathy Ireland Worldwide and women's health advocate, is collaborating with board-certified surgeon Dr. David Scharp in bringing to the beauty market a stem cell-derived product brand called Stemáge.
Ireland and Sharp note that the unique aspect of the skin rejuvenation system is that it targets visible signs of aging through the proprietary use of human Mesenchymal stem cell derivatives, not stem cells, but rather active ingredients or derivatives of which stem cells are comprised.
Meanwhile, body anti-aging products are rising into the spotlight. According to IRI, sales of body anti-aging products rose nearly 12% for the 12 weeks ended June 16 at U.S. multi-outlet locations. The biggest gainer, according to the data, is private label, which enjoyed a 79% boost in sales.