Cosmeceuticals a Growing Market

NEW YORK—The U.S. cosmeceutical market, valued at $16 billion in 2007, is set to reach $21 billion by 2012, according to research company Packaged Facts. Skincare, the largest cosmeceutical category is currently valued at $8.9 billion; all the categories (skincare, haircare and color cosmetics) rose 4 to 7 percent during 2003 to 2007, with an overall gain of 25 percent. “The assortment of cosmeceutical products is constantly broadening,” said Cathy Minkler, editor, Packaged Facts. “To cash in on consumer demand, marketers are creating extensions of existing brands, repositioning brands or introducing new brands entirely.”

The U.S. Cosmeceuticals Market, 6^th Edition report also noted that target marketing to baby boomers has had great success, but new trends are advocating panache to the younger X and Y generations, even babies are using cosmeceuticals more than ever, including a $35 infant skin moisturizer.

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