Propelled by a slew of new and technologically advanced product introductions offering age-defying and other appearance-enhancing benefits for an aging population, U.S. demand for cosmeceutical products is expected to increase at a rate of 11% per year, reaching $7 billion in 2008, reported Cleveland, OH-based The Freedonia Group, Inc. The value of chemicals used in the products is expected to advance at a slightly faster pace, increasing 11.3% per year, with gains spurred by the use of new and high value-added active ingredients in product formulations.
Skin care products will continue to be the leader in cosmeceutical product demand, accounting for more than 60% of total sales in 2008, with the demand for anti-aging products growing at more than twice the rate of other skin care cosmeceuticals. Professional products are expected to experience the fastest growth, with annual gains through 2008 reaching nearly 16%. According to the study, Merck’s finasteride-based hair growth stimulant, Propecia, and Allergen’s wrinkle-fighting injection, Botox, both patented, will lead advances.
Demand for cosmeceutical chemicals will continue to outpace products as producers increasingly invest research and development efforts in discovering more effective active ingredients to add to product formulations, the study stated.
For a copy of the Cosmeceuticals report, visit www.freedoniagroup.com.