Against this background, on January 15, China’s State Council announced its first “silver economy” plan. The report, titled “Opinions on developing the silver economy and promoting the welfare of the elderly,” detailed 26 policies in four key areas to meet all the new needs of China’s aging population. . For the beauty and personal care industry, the most relevant item in this policy document is “Developing the anti-aging industry”. Its development includes:
- We will deepen our research into the mechanisms of skin aging, human aging models, human hair health, etc.
- Strengthen research and development and application of genetic technology, regenerative medicine, laser high frequency, etc. in the anti-aging field.
- Promote further use of biotechnology such as gene detection and molecular diagnosis in the prevention of age-related diseases, and promote the development of early screening products and services for age-related diseases.
- We promote the research and development of cosmetic raw materials and the design and development of formulation and manufacturing processes.
In addition to the government’s myriad measures to address the needs of an aging population, the Silver Economy Plan signals upcoming changes in China’s beauty and personal care industry. The conventional “early aging measures” will be expanded to respond to the diverse needs of an aging society.
According to Age Club, a local market research firm specializing in the silver economy, the real opportunity lies with the “younger elderly” and menopausal population.
The former group is typically people in their 60s and 70s who are highly motivated to pursue high-quality products and experiences.
The latter group has even greater potential. By 2030, the number of Chinese people experiencing menopause is expected to exceed 210 million. More than 80% of them may experience menopausal symptoms such as dry skin, hot flashes and sweating, and emotional fluctuations.
Although increasingly seen as a true white space opportunity, the reality is that the category will need time to catch on. I recently worked with an event organizer to survey local cosmetics managers. Regarding the question, “Is your company interested in or involved in the anti-aging field for mature skin (women over 45 years old)?” Of the 48 respondents, 73% said they were very or relatively interested. Only 20% revealed that they were already in this field.
This difference is reflected in current market conditions. The categories of anti-aging products and menopausal care for the elderly have so far been underserved. Several brands have emerged in recent years, including local startup Fanghua Biotech’s Fang Hua, Liby’s Banyue Fusheng and Wu Shi Jia, and BUT (beauty)’s DuoHe.
Banyue Fusheng and Wu Shi Jia are the most notable companies, in part because they are affiliated with Liby, a large local company that has traditionally focused on the large home care market. In 2021, Banyue Fusheng launched toothpaste and body cream targeting people aged 45 to 65 with sensitive skin. The formula is advertised as having “no added fragrances, colors, or alcohol.” The product also features patented fructooligosaccharide (FOS) active layered liquid crystal technology. Meanwhile, Wu Shi Jia specifically targets women over 50. Facial and body care formulas feature patented ‘Post Menocare’ technology for post-menopausal skin.
Fang Hua debuted a patented body lotion aimed at “seniors” in 2020. That is, consumers between the ages of 55 and 75. This lotion targets specific skin issues such as dryness, itching, ulcers, and bad odor. At the time of its release, this lotion was the first lotion in China. Later, the brand also expanded into toothpaste and body wash categories. The product’s formulation includes Bifidobacterium yeast, lactic acid bacteria ferment lysate, and vitamin E, which is said to increase skin metabolism and improve the skin barrier. The ages of DuoHe facial and body care consumers range from 50 years old to over 80 years old.
A recent high-profile move comes from L’Oréal’s Yuesai. In December, the brand upgraded its ginseng product line, which now says it’s “for mature skin over 50.” The products include toners, serums, day and night creams, and eye creams. It is reportedly the first premium skin care line specifically targeting the skin of people over 50 in China.
Clearly, the downstream anti-aging market is just beginning to change. But the upstream side has evolved significantly over the past three years. This becomes obvious when you review the ingredient registration of cosmetics, which is closely related to product development.
From 2021 to 2023, 77 companies registered 117 new cosmetic raw materials. Looking at the data, functional claims have expanded from moisturizers and skin cleansers to include anti-aging ingredients such as skin protectants, antioxidants and anti-wrinkle agents. Here, we will look at three component registrations.
β-nicotinamide mononucleotide (NMN): Registered eight times by eight companies and known for its potential anti-aging properties. However, its use in cosmetics has recently come under scrutiny due to regulatory concerns. Companies may need to carefully address regulatory challenges while exploring the benefits of anti-aging.
Bakuchiol: Registered four times, it is gaining attention as a natural alternative to retinol. Its multiple registrations suggest a growing trend among brands to incorporate natural, mild ingredients into anti-aging formulas to accommodate sensitive skin.
N-acetylneuraminic acid (sialic acid or bird’s nest acid): Registered three times, indicating interest in ingredients with multifunctional benefits, especially hydration and anti-aging.
Other registrations include pyrroloquinoline quinone disodium salt as an antioxidant, sodium lauroylmethylisethionate as a surfactant, and Gynura procumbens extract as a skin protectant and antioxidant. He was registered twice, all by different companies. While emphasizing product development tailored to consumer demand for natural, non-irritating, health-focused beauty solutions, the evolving ingredient register also shows strong interest in ingredients with potential anti-aging properties. Masu.
Against the backdrop of a rapidly aging society, China’s beauty market is clearly undergoing a major transformation, moving beyond its traditional focus on youth to embrace the nuanced needs of an aging population. Successful beauty companies tailor their product mix to the needs of this growing population.
Ally Dye
freelance writer
allisondai@126.com
allydai73@gmail.com
Allie Dai is a freelance writer and independent consultant based in Shanghai. She has been covering the beauty industry for over 15 years. Previously she was a senior editor and industry researcher, and currently works in Personal Care and Life. She works with publishers, event organizers and PR companies in the science industry on content creation.
