A GROWING MARKET
Top Curve
MARKET OVERVIEWS: GROWTH POTENTIAL
The global beauty and wellness market size is estimated at approximately $500 billion. THE ANTI-AGING PORTION OF THE MARKET IS ESTIMATED AT APPROXIMATELY $100 BILLION, WITH ANNUAL GLOBAL GROWTH RATES BETWEEN 8% AND 10% OVER THE NEXT DECADE. Asia-Pacific and North America represent the largest growth geographies.
The market overview information on this page and in the left column sections has been extracted from the following report: Anti-Aging Products—A Global Strategic Business Report, March 2008 (Global Industry Analysts, Inc.).
U.S. MARKET GROWTH
- The U.S. market for anti-aging products is projected to grow 76.25% by the end of 2015.
THE 75 MILLION STRONG BABY BOOMER POPULATION IN THE UNITED STATES IS A KEY GROWTH DRIVER FOR ANTI-AGING PRODUCTS. In the United States, baby boomers are estimated to control about 70% of wealth, hold 80% of the money in loans and savings, represent 66% of stockholders, and own 77% of the financial assets. Aging boomers allocate a large portion of their expenditure to vitamins and health foods in the United States, as they are becoming increasingly health-conscious.
In the United States, anti-aging product categories are not limited to aging baby boomers alone but are widely purchased by young people. This newly emerging target group demands advanced products with quick results and improved quality.
EUROPE MARKET GROWTH
- The European market for anti-aging products is projected to grow 73.43% by the end of 2015.
IN EUROPE, 25 TO 34 YEAR OLDS ARE THE MOST IMPORTANT USERS OF ANTI-AGING PRODUCTS. Germany represents the largest market with an estimated share of 31.02% in 2007. The market for anti-aging products in Germany was estimated at $8.26 billion in 2007. France represents the fastest growing market for anti-aging products with a compounded annual rate of 9.19% over the analysis period 2001–2010. The United Kingdom also offers room for future growth where the demand for anti-aging products is gathering momentum. Vitamin and mineral supplements are also an important segment of the European over-the-counter products market.
JAPAN MARKET GROWTH
- The Japanese market for anti-aging products is projected to grow 72.33% by the end of 2015.
MOST JAPANESE CONSUMERS USE ANTI-AGING PRODUCTS IRRESPECTIVE OF THEIR AGE. Japan’s aging baby boomer population rakes in a 35% share in the total population, underpinning the huge market for anti-aging cosmetics. Consumers of anti-aging products over the age of 40 years are typically affluent and exhibit tendencies to purchase premium brands. Increasing concern for maintaining beautiful skin among women is helping cosmeceutical sales, while demand for skin care products including firming and anti-aging ingredients is growing among women over 50.
In Japan, anti-aging vitamins and supplements are projected to experience a promising 15% annual growth rate, or 61% growth by the end of 2015. Moreover, health care supplements, food, and beverages are fast gaining consumer favor as beauty drinks.
ASIA-PACIFIC MARKET GROWTH
- The Asia-Pacific market for anti-aging products is projected to grow 82.20% by the end of 2015.
There is growing demand for skin care products in the Asia-Pacific region, including China, Australia, India, Hong Kong, Indonesia, Malaysia, New Zealand, South Korea, Philippines, Taiwan, Singapore, Thailand, and Vietnam. As a result, THE ASIA-PACIFIC MARKET IS PROVIDING TREMENDOUS EXPORT OPPORTUNITIES FOR U.S. AND OTHER FOREIGN COMPANIES. Some skin care products such as anti-aging products, skin whitening products, tooth whitening products, and sun care products are witnessing high demand in most of the Asian markets.
Recent health scares in Asia-Pacific have driven consumers to look for ways to strengthen their immune systems, which has increased the sales of vitamin and dietary supplements. Increasingly hectic lifestyles and the introduction of many product innovations are also contributing to the rising demand for dietary supplements in the region as a whole.
