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Facial skincare market is worth £554 million per year Growth of the market is dependent on continuing to segment the
market according to individual needs according to skin type, age, ethnicity etc
British Association of Aesthetic Plastic Surgeons (BAAPS), the number of operations carried out in 2005 by member
cosmetic surgeons increased by 34.6% from 2004.
Antiageing procedures including facelifts, eyelid surgery and brow lifts showed even larger increases,
rising 42.1%, 50.2% and 34.8% respectively year on year.
For consumers looking for dramatic results, high-science products inspired by medical and pharmaceutical formulae are expected to boost value sales growth. |
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| Looking to the future of facial skincare |
| Growing popularity for cosmetic surgery will see women trading up to products that profess to offer the same results as going under the knife for a fraction of the price. Personal disposable incomes and the number of working women will help grow the market as women have more money to spend on maintaining the appearance of their skin. To tap into this, the masstige and premium sectors are set to drive value growth looking forward to 2011. |
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| Responding to demand by demographic |
| Demographic composition is a key driver of market innovation as manufacturers look to segment their product offerings to hold greater appeal. Consumer demand for customised cosmetics that are especially formulated to respond to their specific concerns is key. |
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| Cashing in on baby boom |
| However, consumers under the age of 19 are forecast to see numbers decline to 2010. Looking forward, the silver-haired crowd will offer golden opportunities for manufacturers with numbers of 45- 54-year-olds forecast to grow in number by more than 9% over the next four years. By 2010, this band of consumers is expected to account for 14% of the UK's female population. As a result, manufacturers are increasingly adapting product formulae and advertising campaigns to appeal to women of this age, innovating in anti-ageing formulae, creams for crow's feet, laughter lines and age spots. |
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| The benefits facing working women |
Just under half the working population are female, with numbers projected to increase slightly faster than for men over a ten-year period up to 2010. For the majority of women, working provides them with the freedom to control their own finances and spend on personal goods such as skincare or to trade up to more expensive brands. They are also more likely to spend more on their appearance. As women grow older, they may become more conscious of losing out to younger colleagues in the workplace and are more likely to use anti-ageing skincare to help them retain their looks and competitive edge in the workplace.
With more women in employment, they are busier than ever and this is generating demand for products that offer greater convenience or portability. Added-benefit products that can help speed up skincare routines or make them easier to use when on the go are expected to drive growth looking forward to 2010. |
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| Cosmetic surgery drives up sales of skincare |
According to the British Association of Aesthetic Plastic Surgeons (BAAPS), the number of operations carried out in 2005 by member cosmetic surgeons increased by 34.6% from 2004. Antiageing procedures including facelifts, eyelid surgery and brow lifts showed even larger increases, rising 42.1%, 50.2% and 34.8% respectively year on year. The figures do not account for the growing acceptance of Botox and filler injections.
Despite the trend for cosmetic surgery, most women cannot afford, or do not wish to undergo, invasive surgery to achieve better looks. Recognising this trend, microdermabrasion is taking an increasing share of this market. |
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| Adding benefits adds to sales |
Manufacturers have been incorporating added benefits into their skincare lines to help push price tags higher and higher to grow value sales. Anti-ageing has been one added benefit that strikes a chord amongst women of all ages, from those in their twenties looking to delay the signs of ageing, to those in their thirties, forties and older who want to minimise the appearance of their lines and wrinkles.
Most brands making anti-ageing claims tend to be priced at a premium to regular skincare products and this has led many consumers to trade up to higher-priced products, both within the mass and premium sectors. As a result, a new 'masstige' price sector has been emerging in the UK skincare market with many mass brands successfully clawing their way into price brackets that had previously been the prerogative of the premium brands.
Consumers have proven that they are prepared to pay premiums for skincare that they feel is customised to their specific needs and concerns. The increasingly segmented skincare market is responding to this demand with its ever increasing product offering.
Premium skincare grew by almost 24% since 2001, compared to growth of just under 18% of massmarket products. |
SOURCE: Mintel |
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