Strong future for premium cosmeceuticals

By Jess Halliday

- Last updated on GMT

Manufacturers of cosmeceuticals need to make sure they have a
clear, specific and measurable functionality, and focus as much on
prevention as on remedy, says a new report from market researcher
Datamonitor.

The market for cosmeceuticals - defined as products that contain one or more bioactive ingredient - is growing apace on both sides of the Atlantic. In Europe it is expected to be worth around €3.6 billion ($4.4 billion) by 2009 - 5.5 percent more than its current value. The US is tipped to reach $3.6 billion (€3 billion) by 2009. The report, entitled Insights into Tomorrow's Cosmeceutical Consumers, suggests that the market is being driven by a combination of consumers' wish to prevent wrinkles and their apprehension about surgery or invasive treatments, such as Botox. This has created a space in the market, which manufacturers are moving swiftly to fill. "There is a growing appetite amongst consumers for non-surgical treatments with comparable effects", said author Lawrence Gould, consumer markets analyst at Datamonitor. While Gould said that the availability of high-performance cosmetics will continue to push this market forward, it may well be to the disadvantage of professional, surgical treatments. For example, home microdermabrasion kits such as L'Oréal's ReFinish launched at the beginning of this year may mean less trips to the salon. And those who were wavering over having Botox could turn instead to Wrinkle Relax (originally named Faux-Tox). Oral beauty products are also gaining a foot-hold in this area, where skin care meets dietary supplements. In December 2002 L'Oréal and Nestlé teamed up to form Innéov Laboratories, which launched Innéov Fermeti the following year for postmenopausal women concerned about skin firmness. Denmark's Ferrosan has also extended its line of Imedeen anti-ageing supplements, and introduced its first topical products last year. Inside Beauty, the first trade show for oral beauty products is taking place this week as part of Health and Beauty America in New York. As one would expect, women are the biggest users of cosmeceutical products. In a survey conducted by the research firm showed 51 percent of women said they would be willing to pay more for cosmeceuticals tailored to their specific needs. But in the age of metrosexuality men's needs are certainly not to be ignored, as 45.5 percent said they would be prepared to stump up for the benefits of cosmeceuticals. For both sexes, the peak of interest was in the 50 plus category, with 63.7 percent of women and 54.1 percent of men answering the same question in the affirmative. Amongst younger users - even those as young as 18 to 24 years - 41 percent of men and 44.2 percent of women expressed interest in cosmeceuticals, but they are more swayed by preventing ageing skin, rather than treating it. "They are preparing to never to grow old at all," said the report. External links to companies or organisations mentioned in thisstory: Datamonitor

Related topics: Market Trends, Skin Care

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