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According to Mintel Beauty Innovation, Japanese women are expected to live to just over 86 years, topping the world’s longevity ratings for the 25th straight year and they are going to continue to look good as they get older.
Mintel’s Global New Product Database (GNPD) reports that Japan has seen a significantly higher growth rate in antiaging skin care products than the United States. Skin care products launched in Japan with an antiaging claim increased by 85% from 2007 to 2009, compared to a 27% increase in the U.S. during the same time period.
“East Asia and Japan, specifically, have always been at the forefront of beauty innovation,” says Hinako Sugioka, senior consultant, Mintel Beauty Innovation. “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 U.S. antiaging skin care 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 U.S. has reached estimated sales of $1.8 billion in 2009. Growth is mostly driven by the increasing number of women in the U.S., particularly baby boomer women, who are known to be very interested in health and well-being.
According to Sugioka, the most remarkable factor in market growth is many consumers’ unwillingness to stop buying antiaging skin care despite having to tighten their budgets for other market basket staples.