R&D News: Japan leading the way in anti-aging skincare
Mintel’s Global New Product Database (GNPD) reports that Japan has seen a significantly higher growth rate in anti-aging skincare products than the US. Skincare products launched in Japan with an anti-aging claim increased by a staggering 85 percent from 2007 to 2009, compared to a 27 percent increase in the US during the same time period.
The research firm said that while not as robust as Asia, the US 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 US has reached estimated sales of $1.8 billion in 2009.
Growth is mostly driven by the increasing number of women in the US, particularly Baby Boomer women, who are known to be very interested in health and wellbeing, said the research firm.
According to Hinako Sugioka, a senior consultant at Mintel Beauty Innovation, 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.
Hinako Sugioka said: “East Asia and Japan, specifically, have always been at the forefront of beauty innovation. 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.”
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