Search for Youth Drives Skin Care Market

CHICAGO—Apparently, Ponce de Leon wasn’t the only one who believed in the power of the fountain of youth. Mintel reported sales of anti-aging skin care products rose to more than $1.6 billion in 2008, with sales of such products surpassing those of facial cleansers. Additionally, U.S. sales of anti-aging skin care items rose 13 percent from 2006 to 2008; Mintel expects the market to grow by more than 20 percent through 2013.

“Anti-aging won’t fall to the recession,” said Kat Fay, senior beauty and personal care product analyst, 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 skin care as a reasonably priced investment in their appearance and well-being.”

According to Mintel’s Global New Products Database, nearly a third (32 percent) of U.S. facial skin care product launches tracked in 2008 boasted anti-aging claims. Globally, one in four (26 percent) included such claims. Fay noted: “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.”

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