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Men’s Segment Shows Promise

MEN ARE INCREASINGLY INTERESTED in combatting the aging process, although not to the extent of women. However, the men's market for anti-aging facial products holds potential for increased sales as the population is expected to grow by 10.3% between 2005 and 2015, according to figures compiled by Mintel Oxygen research. The New York Times recently reported on the growth of men's grooming products

MEN ARE INCREASINGLY INTERESTED in combatting the aging process, although not to the extent of women. However, the men's market for anti-aging facial products holds potential for increased sales as the population is expected to grow by 10.3% between 2005 and 2015, according to figures compiled by Mintel Oxygen research.

The New York Times recently reported on the growth of men's grooming products with the fastest growth coming from the nonshaving skincare segment — facial cleansers, moisturizers and exfoliates. Skincare grew fivefold from $40.9 million in 1997 to $217 million last year, according to figures from Euromonitor International.

However, Mintel offers a cautionary note. Its surveys show that use of anti-aging products by men seems to have declined between December 2008 and November 2009. Men appear significantly likely to have traded down to less expensive brands in the past, perhaps the result of the depressed economy.

New product entries for men have also dropped off during that time. Tom Vierhile, director, product launch analytics, Datamonitor, said, “The high-water market for anti-aging facial skincare products for men was 2008 [39 new SKUs]. Launches have dropped off a bit since then, perhaps due to the economy. All told, the men's segment is a very small part of the overall market.”