Estimated to be worth $7 billion (€5.9bn), future growth of 3.5 per cent a year is expected to be fuelled by new product lines that promise to help fight the appearance of numerous visible siggs of ageing, says a new report from Kline & Company entitled Global Cosmetics & Toiletries 2004: United Kingdom.
"The market for skin care products in the U. is poised to grow by more than 5 per cent over the next few years, driven by at-home anti-aging products, just like in the other mature Western markets," says Lenka Contreras, vice president and head of the Consumer Products practice for Kline's research division.
"Facial products account for the bulk of anti-aging sales, but hand and body lotions are also featuring skin brighteners, firming agents, and cellulite reducers with anti-aging effects, and these products will have some of the highest growth rates in the next five years."
The anti-aging trend has also carried over into colour cosmetics category, with lipstick and lip gloss containing collagen-like formulations designed to give the appearance of fuller, younger-looking lips. The report says that these formulas are becoming more readily available at a variety of price points, from department store brands like Chanel's Aqualumiere Sheer Colour Lip Shine to lower-end brands like Rimmel's Volume Boost Lipstick.
Men's cosmetics are also continuing to grow, albeit from a much smaller base. Anti-ageing products are also starting to feature in this category, with a host of men's moisturising products featuring increasingly sophisticated formulations that often contain sunscreens, being directed at young professionals.
Looking at the market as a whole, the Kline repot believes that the UK market still holds plenty of potential, despite its maturity and the modest growth.
"While overall sales growth hasn't been fantastic, market value growth has outpaced volume growth, which means that manufacturers have created a greater perceived value for their products," said David Vladyka, head of Kline's Consumer Products consulting practice.
"Unit sales appear to have held steady, which indicates that customers are willing to pay more for the perceived value of reformulated products and line extensions," Vladyka added. "While some of the products may cost a bit more to make, the anti-aging trend is definitely resulting in a higher return for marketers."