The latest market research confirms the cosmeceuticals segment is continuing with robust growth, and Sephora is one retailer responding, recently launching a new range of beauty supplements alongside its more traditional cosmetics offering.
The range comes from the manufacturer HUM Nutrition, which describes the products as “a line of targeted vitamins aimed at solving beauty and lifestyle concerns”, and will be sold across select Sephora retail stores, and also the nationwide e-retail platform, Sephora.com.
Sephora’s move seems a savvy one, tapping into the strong category growth: in 2013, the market was estimated at US$35 billion and is likely to augment at a CAGR of around 7% during 2013-2018, according to RNCOS.
"Sephora has done a phenomenal job in innovating beauty with forward thinking brands," said Walter Faulstroh, CEO of HUM Nutrition.
Globally, cosmeceuticals are on the rise, analysts at RNCOS note: “With increasing fascination among people to look young and the global population's increasing median age, the cosmeceuticals product market is growing at a significant rate.”
The growth of the market is set to only further continue, the firm predicts, thanks to the emergence of new trends and technologies, which will build upon those already wooing consumers.
“Advancements in technology and emergence of new and herbal ingredients have further contributed to the progress in the commercialization of cosmeceutical products worldwide,” the analysts confirm.
Sephora’s move to supply HUM products is confirmation that the US market is ripe for such products.
"We are very excited to be the exclusive retailer partner for HUM, giving our Sephora clients a new innovative approach to their beauty regimen," Margarita Arriagada, SEPHORA Chief Merchant, said of the recent partnership.
Although dubbed ‘cosmeceuticals’, critics suggest that the name’s implicit link with ‘pharmaceuticals’ lends the products a misleadingly medical appearance in consumer perception.
In the US though, this is offset by a legally-required disclaimer, highlighting the lack of clinical study behind the claims the products make: “These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.”