SOURCE: The Freedonia Group, Inc.

July 07, 2005 10:36 ET

US Anti-Aging Products Demand to Exceed $30 Billion in 2009

CLEVELAND, OH -- (MARKET WIRE) -- July 7, 2005 -- America's obsession with youth will continue to drive demand for formulated anti-aging products, which will rise 8.7 percent per year to $30.7 billion in 2009. Fueling gains will be a stream of new and improved products offering health maintenance and appearance enhancing benefits to a largely untapped customer base of middle-aged and elderly consumers. Further promoting gains is the increase in the number of individuals entering the 50 and over population segment, which is set to expand at a 2.5 percent annual rate. These individuals, who belong to one of the most affluent generations, are willing and able to pay for products that provide anti-aging benefits. The total value of anti-aging chemicals will increase to $4.1 billion in 2009 as increasing amounts of value-added, technology-driven and proprietary blends -- all of which generally maintain a higher pricing structure -- are used in the manufacture of formulated products. These and other trends are presented in "Anti-Aging Products," a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm.

Astute direct-to-consumer marketing and new, more effective anti-aging pharmaceuticals and dietary supplements will promote growth in the large health maintenance segment. The most rapid gains are projected for memory improvement, vision care and prostate care products. Further advances will be limited by the inability of current medications to cure or reverse lost memory functions. Demand for vision care pharmaceuticals and dietary supplements will be propelled as aging baby boomers become aware of debilitating eye conditions and seek both preventative measures and ameliorative treatments. Demand for prostate care pharmaceuticals and supplements will be driven by the increasing diagnosis of benign prostatic hyperplasia (BPH), which will affect nearly ten million men in 2009, and by the greater willingness among men in general to be proactive in maintaining their health.

New product introductions and the passage of the baby boomer generation through middle age (when age-related changes become more apparent) will stimulate demand for formulated appearance anti-aging products. Strong growth will arise from products that reduce the visibility of wrinkles and age spots (e.g., wrinkle removal injections and age-defying lotions). Hair growth stimulants will also record robust gains.

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