Cosmeceuticals Markets in the US, the UK, France, Germany, Italy, Spain & Japan to be Worth USD 42.4 billion by 2018, Says GBI Research18 Feb 2013 • by Natalie Aster
The global population grows older while increasing social pressures drive individuals to look younger, and consumer awareness has risen for cosmeceutical products which offer a way to keep up appearances without going under the knife, says a new report by market experts GBI Research.
The new report, "Cosmeceuticals Market to 2018 - Technological Advances and Consumer Awareness Boost Commercial Potential for Innovative and Premium-Priced Products" by GBI Research, states that the market for cosmeceuticals - cosmetics which contain active pharmaceutical ingredient to exhibit therapeutic effects on the skin - represents the fastest growing segment of today’s personal care industry. Demand is spiraling, driven mainly by anti-aging products, which offer an alternate to cosmetic surgical procedures, which promise more dramatic results but at a higher cost in terms of time, money and safety.
Cosmeceuticals Market to 2018 - Technological Advances and Consumer Awareness Boost Commercial Potential for Innovative and Premium-Priced Products
Published: January, 2012
Price: US$ 3,500.00
Cosmeceuticals encompass a wide range of products. For example, anti-dandruff shampoo is a cosmetic as it cleanses the hair, but is also a pharmaceutical as it treats the scalp. Similarly, a tinted moisturizer may offer cosmetic enhancement while providing sun factor protection and anti-aging properties. Common ingredients in cosmeceuticals include hydroxy acids such as salicylic acid, antioxidants such as vitamins C, and natural botanicals such as aloe vera, along with enzymes, hormones, and topical anesthetics.
Cosmeceuticals are not officially recognized by the Food and Drug Administration (FDA), so while products are tested for safety by the manufacturer and the FDA, proof of the claimed therapeutic advantages is not demanded. Many cosmeceutical marketers include ingredients with only have anecdotal evidence of its effects, and make no direct claims concerning results. The consumer is often left to guess at associations between elaborate ingredients and purported outcomes.
However, cosmeceuticals must adhere to specific regulations for Good Manufacturing Practices (GMP) to ensure that products are not misbranded. Product efficacy is scrutinized by the US Federal Trade Commission (FTC), and cosmeceutical products that are perceived to be promising unrealistic expectations may be pulled from the shelves.
The cosmeceuticals markets in the US, the UK, France, Germany, Italy, Spain and Japan were estimated to be worth $30.9 billion collectively in 2011, with the combined markets expected to reach $42.4 billion by 2018, following growth at a CAGR of 4.6%. Presently, cosmeceutical companies rely on developed nations, but increasing wealth in emerging markets such as Latin America, China and India is expected to see products reach out to an even wider audience in the future.
More information can be found in the report “Cosmeceuticals Market to 2018 - Technological Advances and Consumer Awareness Boost Commercial Potential for Innovative and Premium-Priced Products” by GBI Research.
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