The aging boomers are set to trigger a huge growth in demand for a spectrum of anti-aging products in the US, as the rush to cling on to youthful looks and maintain good health gathers pace, reports Simon Pitman.
According the latest market report from the Freedonia Group , this demand is likely to trigger an 8.7 per cent annual increase in the market for anti-aging products, which should give the category a total value of $30.7 billion by 2009, compared to an estimated value of $20.2 billion in 2004.
Fueling the market increase will be a series of new and improved products that claim to offer both health maintenance and appearance enhancing benefits to the first of the baby boomer generation now entering the over 50s age category.
Besides the fact that this generation is now contributing to a 2.5 per cent annual increase in the size of the over 50s population in the US, the over 50s age group is rapidly changing its attitudes towards aging, which is directly affecting consumer habits, too.
"These individuals, who belong to one of the most affluent generations, are willing and able to pay for products that provide anti-aging benefits," the Anti-Aging Products report abstract says.
Looking specifically at cosmetics products, the market for anti-aging ingredients and chemicals is set to grow exponentially. The report highlights the fact that this value-added category will be worth $4.1 billion by 2009, driven by the increase of technology-driven and proprietary blends that form an integral part of many products' anti-aging claims.
The most successful products containing these chemicals are likely to feature chemicals or ingredients that reduce the visibility of wrinkles and age spots, such as wrinkle removal injections and age-defying lotions. Likewise hair re-growth formulations for both men and women are set to become increasingly popular.
Breaking the figures down, the report says that health maintenance will remain the largest part of the market, with an estimated value of $26.7 billion dollars by 2009 representing an 8.4 per cent growth rate.
Although appearance-related ant-aging products remain a smaller part of the overall market, growth rates for this category are expected to carry on well into double figures for the next four years. By 2009 appearance-related products are expected to have grown at an annual rate of 12.6 per cent to reach $3.9 billion.
By far the largest category in this sub-category is anti-aging products for the skin, with sales of $3.18 billion, while hair loss treatments are expected to reach $675 million.
The report also highlights the future growth of more effective anti-aging pharmaceuticals and dietary supplements that will promote growth in the large health maintenance segment.
Currently the market for cosmeceuticals makes a very small dent in the overall market for anti-aging products, but with consumers becoming increasingly interested in natural solutions, this segment is also expected to show significant growth.
Euromonitor puts world growth rates at around 20 to 30 per cent, but stresses the fact that this is from a base that is tiny, compared to the rest of the market. The market for cosmeceuticals in the US is currently valued at $858 million.