February 27, 2014
With the fountain of youth ever elusive, women and men across the globe rely on cosmeceuticals to ward off the signs of aging. These creams, cleansers and moisturizers bridge the gap between cosmetics and pharmaceuticals to offer medicinal-like benefits with cutting-edge ingredients and technologies. Theyve also been the fastest-growing part of the cosmetics market, logging consistent growth in the past decade with no signs of slowing.
U.S. cosmeceutical demand is expected to grow 5.8 percent annually, reaching USD $8.5 billion in 2015, according to The Freedonia Group. Though skin care comprises nearly two-thirds of category sales, Freedonias estimate also includes injectables (11 percent), hair care (8 percent) and lip care (6 percent).
Cosmeceuticals have captured increased market share, theyve dominated trends, and theyre driving the cosmetics market right now," said Karen Grant, global industry analyst, beauty, NPD Group. These brands are expanding the marketplace using not just new scientific technology, but really harnessing the elements directly from natural products to create a more holistic approach to beauty."
Unsurprisingly, the cosmeceutical consumer is a woman above the age of 35, usually with disposable income. This is especially true in the anti-aging category. However, "Other products such as quick solution masks are creating a lot of buzz that have a somewhat younger orientation," Grant said, noting that women as young as 20 are looking to develop a skin-care regimen including these products.
So, what do women want? Find out in Cosmeceutical Market Primed for Growth" in INSIDER's Cosmeceutical Digital Issue.
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