According to the report, recession-proof anti-aging is the skincare segment reporting the biggest growth over the last five years, with the global market now valued at $122.3 billion.
With baby boomers (born 1946 - 1964) now turning 65 at a rate of 8,000 individuals per day, the report observes that the market is expected to grow at a CAGR of 7.8% to 2019.
Innovation in the industry
Datamonitor International Consumer Insights analyst Daniel Bone notes that manufacturers are turning to research and development to back up their products, in an effort to boost the consumer-savvy baby boomers’ trust.
“Companies are clearly investing heavily in R&D to capitalize on the high consumer interest in anti-ageing and cosmeceuticals.”
The recent development and release of several new active ingredients including Silab’s Volunage and Phytocéane’s Aquasaphir certainly offers evidence of this.
The rise of the baby boomers
Baby boomers are considered a particularly successful generation – and they’re starting to buy big in the anti-aging sector.
In 2012, the first of the baby boomers reached retirement age, and as the generation increasingly moves into this age-group, it is estimated that the anti-aging sector will grow to a value of $191.7 billion in 2019
Branching out
Other personal care segments are expected to tap into the rise of the baby boomers, according to Euromonitor International’s expert Nicole Tyrimou.
“In North America, Australasia, Western and Eastern Europe, anti-aging is expected to only strengthen its presence within other categories.”
Tyrimou predicts that the market will now see the rise of “a new generation of products” which branch out from targeting wrinkles, historically the emphasis of products for Western markets.
“From hair care to color cosmetics, the majority of new products are including anti-aging claims, showcasing how the anti-aging label has become a ‘must-have’ on new products’ list of multiple claims,” she observes.