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By: Carrie Lennard
Posted: March 26, 2010, from the April 2010 issue of Skin Inc. magazine.
Facial skin care, and anti-aging products in particular, have arguably been the saviors of the beauty and personal care industry during an otherwise dismal economic period. As the lipstick theory fell apart for color cosmetics, which suffered value and volume sales declines, facial skin care proved itself to be made of far sterner stuff.
According to global business intelligence provider Euromonitor International, with a value growth rate of 6% during 2007–2008, facial skin care products outperformed the beauty and personal care industry as a whole, which weighed in at 5%. Euromonitor also noted anti-aging products maintained a double-digit growth of 10% during that time as well, and it was one of the few categories whose performance remained unchanged from the previous year.
Additionally, in the key region of Asia, whitening remained a major growth driver for the facial care industry.
Age before beauty?
Euromonitor data shows anti-aging products were one of the biggest drivers of global skin care during the past five years, accounting for 29% of the global facial skin care industry, which was worth $60 billion in 2008. The anti-aging category was also the largest contributor to growth of any facial skin care category in absolute value terms, adding an impressive $7 billion between 2003 and 2008.
And developments continue to take hold. Despite the fact that the anti-aging segment is beginning to show signs of maturity, manufacturers are tackling the issue from all sides. One method of doing so is to expand the products’ consumer base and push up value with eye-catching new product claims. Consistent consumer demand has also become apparent as consumers prioritize anti-aging and refuse steadfastly to cut back.