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Anti-Aging Market Rides High The aging of the baby boomer generation means huge opportunities for companies involved in the anti-aging market. A new report pinpoints the most successful anti-aging sectors as well as key areas for growth. What are the aspects of aging most concerning to people? How can companies respond to the real concerns that cause consumers to invest in products designed to combat aging? These are the questions competitors in the anti-aging market must ask, since the answers may not be entirely expected. A new report from Freedonia Group suggests that staying healthy on the inside is more important than fighting wrinkles. In fact, Americans spend more than eight times as much on formulated anti-aging products for health maintenance as they do on products to ward off the outward signs of aging. However, the report does predict that growth in cosmetics revenues will exceed revenue growth for health maintenance products in the coming months. The aging of the baby boomer generation means that the 50+ population in the US is increasing at a rate of 2.5 percent annually. Moreover, since the baby boomers bring with them a fairly unique outlook on life, the over-50s age group is rapidly changing in terms of attitudes towards aging. This shift has a direct effect on consumer spending habits. For example, the baby boomer generation is particularly affluent. Its members, for the most part, are willing and able to pay for products that provide anti-aging benefits. In the health maintenance sector of the anti-aging market, big gains are expected in products for memory improvement, vision care and prostate care. If direct-to-consumer marketing can astutely take advantage of existing opportunities, the growth rate will be further boosted. Eye health has become an area of increasing interest for aging Americans as studies have shown that carotenoids lutein, zeaxanthin and astaxanthin can help prevent the onset of the progressive eye disease age related macular degeneration. Specialist eye care supplement makers such as Bausch and Lomb, and mainstream multivitamin manufacturers like Wyeth Healthcare, now make a point of including lutein in their formulations. With regard to memory improvement, the report predicts that advances will be impeded by the inability of currently available supplements and pharmaceuticals to reverse function that has already been lost. The potential for striking growth exists if any company can develop a product that promises returns to previous levels of functioning. The market for "cosmeceuticals" (oral products for appearance) makes a very small dent in the overall market for anti-aging products, but with consumers becoming increasingly interested in a range of solutions, this segment is also expected to show significant growth. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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