Growing without blemishes

There is a lot riding on dark spots, crow?s feet, laugh lines and wrinkles. A lot in terms of R&D, marketing spend and growth projections. The global market for anti-ageing products and services is estimated to touch $274.5 bn in 2013 at a compounded annual growth rate of 11.1% according to BCC research. Pegged at $162.2 bn in 2008 globally, that?s quite some progress indeed. The trajectory isn?t any different for India. ?The anti-ageing market was estimated at around Rs 713 mn in 2008, with a healthy growth of 22.8% over the previous year and a CAGR of 16.8% over the last five years. It is expected to continue the trend of being the fastest growing skincare segment, growing at a CAGR of 17.8% over the next five years, to swell up to a Rs 1.6 bn market by 2013,? says Hitesh D Gajaria, Executive Director, KPMG India.

Possibly a reason why Lux just launched its Purple Lotus and Cream, a new range of anti-ageing soap; Oriflame too recently came up with a range of Time Reversing products, replete with body balms, facial oil capsules etc; And Garnier?s AgeLift TriActiv Cream helped the brand bag the Product of the Year award 2010. Most brands today have launched a dedicated anti-ageing range. ?We already have three more new anti-ageing products lined up for launch this year,? says Sharmili Rajput, MD, Oriflame India giving a clear indication of the assured returns.

Dr Sanjay Parashar will more than agree. The plastic & laser surgeon has just set up Cocoona International Centre for Aesthetic Transformation and Training Institute in Delhi with an investment of Rs one crore. He has plenty of reasons to be assured of a good return on investment. ?The Botox injections are the fastest-growing non-surgical cosmetic procedure in the industry and there is an increase of 46% over the previous year. This segment is likely to grow at more than 100% this year. Currently working mothers between the ages of 40 and 55 years old are the most common users of Botox. In the next decade, Botox will also become more popular in 30-35 age groups as more people will realise its potential in delaying the wrinkles on the face,? says Dr Parashar. He estimates the demand to come from metros and urban centres such as Pune and Chandigarh. He additionally expects about 300 medical tourists to come in for cosmetic procedures this year and hopes the figure to rise by 30% in the next.

Botox apart, anti-ageing procedures such as neck-lifts, face-lifts, microdermabrasion, liposuction and chemical peels procedures are also getting much sought after. The anti-ageing market, broadly divided into appearance, disease and fitness segments, has been itself undergoing a makeover. According to the BCC report, Anti-ageing Products and Services: the Global Market, the disease treatment segment occupies the largest share of the market currently. However, the appearance segment, with the second largest share of the market, is fast catching up. At a CAGR of 10.4%, the segment is expected to generate $105.4 bn in 2013! ?Our anti-ageing portfolio has been growing at double digits for the last two years. We launched our first anti-ageing cream in India in 1997. It?s definitely a niche market,? says Richa Singh, Marketing Manager, Garnier India.

Dr Parashar can map the trend well. ?Cosmetic procedure is just one aspect of contemporary ?makeover culture?. Within an ethic that approves working on the self, improvement is regarded as necessity rather than a vanity. Our bodies have become personal capital, to be invested in, worked and improved. It?s all about managing your assets,? he explains. He adds that Bioflavanoids are increasingly becoming more popular as anti-ageing supplements for those with high blood pressure. As are lycopene, selenium and lutein.

?I decided to invest in an anti-ageing night cream well before I hit 30. Though there weren?t really any visible signs of ageing, I?d wanted to delay the ageing process. It gives me an immense confidence boost. And that?s an asset one needs in any profession,? says Priyanka Ahluwalia, editor with a publishing house.

Visible signs of ageing have definitely emerged as a key concern for women world over. Recent research by The NPD Group, a market research company, ?anti-ageing continues to be a key motivator for purchase among women skincare users.? 75% women in the survey responded that they ?use skincare products to look the best they can for their age.? 53% women said that anti-ageing benefits (such as wrinkle/line reduction and firming/lifting) were extremely or very important to them. The number was much higher for women over 35 years of age.

Dr Mohan Thomas, the Medical Director of The Cosmetic Surgery Institute in India and also the Founder President of Academy of Anti Ageing Medicine feels that the growth potential of the sector is definitely strong: ?US and Britain are the largest anti-ageing markets of the world. India still stands very low on the totem pole.? He adds ?the newer developments in anti-ageing procedures are minimalistic in nature with very little down time. We live in such a fast paced world that down time becomes more important than the longevity of the results for a certain segment of people. These procedures include injectables, chemical peels, and selective use of grown hormone and testosterone?The very latest anti-ageing technology relates to protecting stem cells, repairing DNA and boosting the immune system.?

Gajaria has another reason to explain the trend: ?With media and advertising reaching even the smallest of towns in India via DTH and cable TV, awareness and aspiration levels have sky-rocketed. A clear evidence can be seen in consumers as young as 20 years of age starting to use anti-ageing products believing it to be a preventive measure to minimise the detrimental effects a hot and humid or cold and dry weather. This has further broadened the consumer base for such products.? Clearly, for the sector, the road ahead seems to have no blemishes at all.