When it comes to China’s anti-aging beauty market, the focus has always been on “anti-early aging;” that is, the first signs of aging for young people aged 25 and up. I took this phenomenon for granted until last year, when the official figures on an aging Chinese population made headlines nationwide: in 2023 China’s population aged 60 and older reached 297 million, accounting for 21.1% of the overall population. By 2035, it is expected to make up 30%. 

Against this backdrop, on January 15, China’s State Council unveiled its first “silver economy” plan. Titled “Opinions on Developing the Silver Economy and Promoting the Well-being of the Elderly,” it detailed 26 policies in four key areas to meet all emergent needs of China’s aging population. For the beauty and personal care industry, the most relevant item in this policy document is “develop the anti-aging industry.” That development includes:

• Deepen research on the mechanism of skin aging, human aging model, human hair health, etc.;
• Strengthen the R&D and application of gene technology, regenerative medicine, and laser radio frequency among others in the field of anti-aging;
• Promote the further utilization of biotechnology such as gene detection and molecular diagnosis in the prevention of aging-related diseases, and develop early screening products and services for aging-related diseases;
• Promote the research and development of cosmetic raw materials, formula and production process design and development.

Low-Age Elderly

Along with myriad government measures to address the needs of an aging population, the silver economy plan signals an upcoming shift for China’s beauty and personal care industry. It will expand the traditional “anti-early aging” to address the diverse needs of an aging population.

According to AgeClub, a local market research company specializing in the silver economy, the real opportunities lie in the “low-age elderly” and menopausal demographics.

The former is represented by those in their 60s and 70s who are more willing to pursue high-quality products and experiences.

The latter group holds even greater potential. By 2030, the number of menopausal Chinese will exceed 210 million. More than 80% of them may experience menopausal symptoms including skin dryness, hot flashes/sweating and emotional fluctuations.

While increasingly regarded as a real white space opportunity, in reality, the category needs time to take off. Working with an event organizer, I recently surveyed local cosmetic product managers. On the question of “is your company interested in or entering the sector of anti-aging for mature skin (women aged 45+)?” 73% of the 48 respondents said they were either extremely or relatively interested. Only 20% revealed they had already entered the sector.

This disparity is reflected by the current market situation; the category of elderly-specific anti-aging products or menopausal care fell short so far. A few brands emerged in recent years, namely Fang Hua by local startup Fanghua Biotech, Banyue Fusheng and Wu Shi Jia by Liby, and DuoHe by B.U.T. (beauty).

Banyue Fusheng and Wu Shi Jia are most noteworthy, partly because they are under the umbrella of Liby, a local giant traditionally focused on the massive household care market. Banyue Fusheng launched toothpaste and body cream in 2021, targeting the people ages 45-65 with sensitive skin. Formulas are promoted as having “zero addition” of fragrances, color and alcohol. The products also feature a patented fructo-oligosacchides (FOS) active and stratified liquid crystal technology.  Wu Shi Jia, on the other hand, specifically targets women aged 50+. Its facial and body care formulas feature patented “Postmeno-Care” technology for post-menopausal skin.

Fang Hua debuted its patented body lotion in 2020 for the “elderly;” i.e., consumers ages 55-75. The lotion targets their specific skin issues such as dryness, itching, ulcers and malodor. When it launched, the lotion was the first of its kind in China. Later, the brand expanded into toothpaste and bodywash categories. Product formulas feature bifida yeast, lactobacillus ferment lysate and vitamin E, which is said to enhance skin metabolism and improve the skin barrier. The DuoHe facial and body care consumer’s age ranges from 50 to more than 80.

The most recent high-profile move comes from Yuesai by L’Oréal. In December, the brand upgraded its Ginseng product line, which is now clearly labelled “for mature skin of 50+.” The range includes toner, serum, day and night cream, and eye cream. It is reportedly the first premium skincare line specifically targeting skin over 50 in China.

Ingredient Registration

Clearly, the downstream anti-aging market is just beginning to shift. But the upstream one has evolved significantly during the past three years. That’s obvious when one reviews cosmetic ingredient registration, which is closely tied to product development.

From 2021 to 2023, 117 new cosmetic ingredients were registered by 77 companies. Looking at the data, function claims are expanding from humectant and skin cleanser to include more anti-aging-related ingredients like skin protectant, antioxidant and anti-wrinkle agent. Here’s a look at three ingredient registrations.

β-Nicotinamide Mononucleotide (NMN): Registered eight times by eight companies, it is known for its potential anti-aging properties. But its use in cosmetics has been scrutinized as of late, due to regulatory concerns. Companies may need to navigate regulatory challenges carefully while exploring its anti-aging benefits.

Bakuchiol: Registered four times, it has been gaining attention as a natural alternative to retinol. Its multiple registrations suggest a growing trend among brands to incorporate natural and less irritating ingredients into their anti-aging formulations, catering to sensitive skin.

N-Acetylneuraminic Acid (Sialic Acid or Bird’s Nest Acid): Registered three times, indicating an interest in ingredients with multifunctional benefits, particularly in hydration and anti-aging.

Other registrations include pyrroloquinoline quinone disodium salt as an antioxidant, sodium lauroyl methyl isethionate as a surfactant, and Gynura procumbens extract as a skin protectant and antioxidant. All were registered twice by various companies. While highlighting product development that aligns with consumer demands for natural, less irritating and health-centric beauty solutions, the evolving ingredient registration also indicates a high level of interest in those with potential anti-aging properties.

Clearly, against the backdrop of a rapidly aging society, China’s beauty market is undergoing a profound transformation, moving beyond the traditional focus on youth to embrace the nuanced needs of an aging population. Successful beauty companies will tailor their product mix to meet the needs of this growing population.

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Ally Dai
Freelance Writer
allisondai@126.com
allydai73@gmail.com
 
Ally Dai is a freelance writer/independent consultant based in Shanghai. She has covered the beauty industry for more than 15 years. Previously a senior editor and industry researcher, she now works on content creation with publishing houses, event organizers and PR companies in the personal care and life science industries.