Japanese women are expected to live just over 86 years, topping the world’s longevity ratings for the 25th consecutive year and, according to Mintel Beauty Innovation, they are going to continue to look good as they get older.
Mintel’s Global New Product Database (GNPD) reports 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 85% from 2007 to 2009, compared to a 27% increase in the US during the same time period.
“East Asia and Japan, specifically, have always been at the forefront of beauty innovation,” said Hinako Sugioka, Mintel beauty innovation senior consultant. “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.”
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% in both 2007 and 2008, the US has reached estimated sales of $1.8bn 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.
According to Sugioka, 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.