Consumer demand for cosmeceutical products is expected to rise 8.5% a year to $5.1 billion in 2007, according to Cosmeceuticals, a study from The Freedonia Group Inc., Cleveland. The increase will be propelled by a stream of new and advanced product introductions offering age-defying and appearance-enhancing benefits for an aging populations, The Freedonia Group said.
Skin care products (including anti-aging, acne and sun care items) will acount for almost 60% of total cosmeceuticals sales in 2007. While annual growth of 7.8% is anticipated, further gains will be restrained by price competition among over-the-counter brands.
Professional products are expected to experience the fastest growth among cosmeceuticals, with annual gains exceeding 15%, representatives from The Freedonia Group said.
Other cosmeceutical products expected to post double-digit gains include botanical extracts and enzymes, supported by consumer preference for natural products as well as the development of more stable, better-performing chemicals at competitive prices.
More info: Website: www.freedoniagroup.com..