Driven by demand for anti-aging products, the $5.8 billion U.S. skin care market will reach $7 billion by 2010, according to a new study by Packaged Facts.
Sales of anti-aging products will rise even faster with an annual growth rate of 11.3% expected by 2010––one of the highest growth rates for the whole industry. The driving force behind the growth will continue to be the baby boomer generation, a group that is currently spending billions each year in an effort to maintain youthful looks and wellness.
Despite the fact that sales of facial cleansers are forecast to remain relatively flat, the company, a division of U.S.-based MarketResearch.com, has predicted that all other skin care segments, including moisturizers, cleansers and hand and body lotions, will also experience healthy growth rates.
The company notes that it is high-end, mass-market products that will fuel the sales growth of these products, with consumer demand for multifunctional products increasing. Protection, prevention, deep cleansing, or regeneration promises are all highly desirable product incentives for the consumer.
Demand for products containing organic and natural ingredients is predicted to continue, further boosting the intended growth, with more and more companies creating new product lines to profit from the growing niche. More info: www.packagedfacts.com.