U.S. Demand for Cosmeceutical Products to Exceed $8 Billion in 2010
Tuesday January 2, 3:39 pm ET
CLEVELAND, OH--(MARKET WIRE)--Jan 2, 2007 -- Demand for cosmeceutical products is expected to increase 8.5 percent per year to over $8 billion in 2010, propelled by a stream of new and technologically advanced product introductions offering age-defying and other appearance-enhancing benefits for an aging population. Limiting opportunities will be competition from alternative treatments, such as laser resurfacing and cosmetic surgery, which often offer more dramatic results, though at a greater cost in terms of time, money and safety. Cosmeceutical products also face intense pricing competition due to the growing market penetration of private label cosmeceutical brands and the rapid commoditization of innovative ingredients and products. These and other trends including market share, market leaders, market size and company profiles are presented in "Cosmeceuticals," a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.
The value of chemicals used in cosmeceutical products is expected to advance 8.8 percent per year to $1.2 billion in 2010, with gains spurred by the use of new, value-added active ingredients in product formulations. Chemicals used in professional products will drive gains, with strong advances expected for botulinum toxin and hyaluronic acid. Other chemicals expected to record rapid gains include amino acids, antioxidants, botanical extracts and beta hydroxy acids.
Skin care products will account for 60 percent of all cosmeceutical product demand in 2010. Anti-aging products will achieve above-average growth, with gains driven by a highly receptive, fast-expanding group of middle-aged and relatively affluent consumers who want to prevent or redress visible damage to the skin caused by aging, ultraviolet radiation and other environmental stressors. Improved formulations will further promote the use of age-defying products.
Professional products are expected to experience the fastest growth among cosmeceutical products, achieving double-digit annual gains through 2010. Strong prospects for these products are the result of growing demand and acceptance on the consumer side and the increasing availability and proficiency of practitioners. The aging of the U.S. population, an increasingly competitive work force, continued exposure to beauty "ideals" in entertainment and advertising, and favorable consumer incomes are expected to spur continued interest in professional products.
Source: Freedonia Group, Inc.
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