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.