The Cosmeceutical Market
Skin care is by far the most important category in the global beauty and personal care industry. Consequently, cosmeceuticals skin care products are one of the fastest growing areas of the beauty business in line with the increasing consumer focus on wellness. Originally introduced into premium skin care products, cosmeceuticals are increasingly crossing over into other areas such as make-up and hair care.
"The development of new product categories like cosmeceuticals and dermo-cosmetics has grown considerably in the last five years, driven by America's obsession with anti-aging and wellness," said Toon Van Beeck, senior analyst with IBIS World.
Although remaining a niche category, there is still significant competition on the market as consumers are willing to pay the higher price for these products because they perceive the ingredients to be expensive, uniquely manufactured and intensively researched.
Cosmeceutical skin care products are marketed as an effective and more sophisticated way to fight signs of aging, by combining base moisturizing ingredients with highly effective active ingredients such as anti-oxidants or exfoliants.
Cosmeceuticals benefit from an increasing aging population inclined toward scientifically proven technology that slows the aging process. Future growth in the skin care category will continue to be driven by anti-agers. Many consumers sacrifice many other areas of spending before altering their attempts to hold on to a youthful appearance.
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