Better With Time: Anti-aging is set for growth in more ways than one
The professional skin care brand launched first in the medical, therapeutic, and aesthetic marketplace and boasts an array of products that are not pH-dependent and can be readily customized into skin care cocktails, Jennifer Bancroft, CEO of Leio Corp, (the parent company of VISÃOMD) tells Cosmetics Design.
Besides being on trend with skin care that can be personalized, the brand is well positioned just now. A new report out from market researcher Technovio looks at the Global Anti-aging Products Market 2015-2019, and the firm’s analysts are predicting the category will “grow at a CAGR of 7.71% during the period 2014-2019.”
Young all over
The Technovio report segments anti-aging into skin care, hair care, and others. Brands innovating in this space know that there’s a lot of potential in “other” products.
Facial skin care is the fundamental space of anti-aging. The extensive VISÃOMD product line branches out well beyond facial skin care into multifunction sun care products and lip care and also includes an eye brown and lash treatment. Plus, the brand is developing anti-aging skin care products for the body.
Anti-aging hair care logically extends into skin care. Dalal Moussa, CEO of Obliphica hair care tells Cosmetics Design that her company’s product line increases scalp circulation thanks to the anti-aging antioxidants in the Seaberry. That company is looking to “other” categories as well and will be launching three hair styling products formulated with that signature ingredient in January 2016, according to Moussa.
Market motivation
Consumers both young and old are buying anti-aging products—that’s two demographics passionate about a category that’s traditionally been marketed to just one.
Not surprisingly, baby boomers are driving growth in the category, Bancroft says. She notes that those consumers “control 70 – 80% of the wealth” and that “60 is the new 40,” so it makes sense they are big anti-aging shoppers.
Bancroft points to the “prejuvenation” trend among consumers 35 and under as another market driver. VISÃOMD, she affirms, is also right for those consumers looking to counteract the signs of aging early.
Beyond confirming who is buying anti-aging, Bancroft has a good sense of what consumers are looing for. Anti-aging shoppers are eager for “more green options,” she tells Cosmetics Design. And with the beauty and personal care space opening up to serve more diverse consumers, smart brands are “conscious of global skin types” and formulating products accordingly.
The Technovio report backs up Bancroft’s insights, pointing to the “rise in aging population worldwide” as a top market driver and the “increasing demand for natural and organic ingredients” as a market trend.
