CHICAGO—Japanese women are expected to live just over 86 years, topping the world’s longevity ratings for the 25th straight year; and according to Mintel Beauty Innovation, they are going to continue to look good as they get older.
Mintel’s Global New Product Database (GNPD) reported Japan has seen a significantly higher growth rate in anti-aging skincare products than the United States. Skincare products launched in Japan with an anti-aging claim increased by 85 percent from 2007 to 2009, compared to a 27-percent increase in the United States during the same time period.
“East Asia and Japan, specifically, have always been at the forefront of beauty innovation," noted Hinako Sugioka, Mintel Beauty Innovation senior consultant. “The steady increase in Japan’s longevity, traditional eating habits and long history of whitening beauty are just a few of the reasons this region continues to excel in the personal care industry."
While not as robust as Asia, the U.S. anti-aging skincare market is experiencing a boom in sales despite a poor economic atmosphere. Posting substantial growth since 2004, with gains of nearly 15 percent in both 2007 and 2008, the United States has reached estimated sales of $1.8 billion in 2009. Growth is mostly driven by the increasing number of women in the United States, particularly Baby Boomer women, who are known to be very interested in health and well-being.
According to Hinako Sugioka, the most remarkable factor in market growth is many consumers’ unwillingness to stop buying anti-aging skincare despite having to tighten their budgets for other market basket staples.