New study reveals a booming US comeceutical market
13 November 2008
A new report from international industrial market research company Freedonia has revealed that the US demand for cosmeceutical products is expected to increase 7.2 per cent year on year - reaching $9.4 billion in 2012.
The study suggests that the increase will be fuelled by the introduction of new and technologically advanced products that will offer appearance enhancing benefits for an aging population. Growth of the cosmeceutical market will be challenged by other popular treatments such as cosmetic surgery and laser resurfacing which are often seen as producing more noticeable results. Cosmeceutial products will also face intense pricing competition in the coming years.
However, non-surgical cosmetic treatments such as injectable products like Botox are expected to see the fastest growth rate among cosmeceutical products, achieving double-digit annual gains in the US through 2012. This is thought to be due to the increasing public acceptance and understanding of non-surgical wrinkle treatments.
The report anticipates that the cosmeceuatical chemicals used in products like Botox and popular dermal fillers are expected to experience huge growth as producers increasingly develop more effective, value-added active ingredients to add to their product formulations.
Information released by a UK provider of Botox earlier this month revealed that sales of the wrinkle-relaxing injections have soared 300 per cent in the last year in the UK, adding further weight to recent reports that cosmetic surgery has remained relatively unaffected by the economic downturn - specifically in the field on non-surgical treatments.