LAS VEGAS—With demand for cosmeceutical products in the United States expected to increase 7.4 percent each year, reaching $8.2 billion by 2012, it’s no wonder many are thinking of entering the personal care market. Mindy S. Goldstein, Ph.D., president, Personal Care Tech Solutions LLC, offered tips on what to know before entering the market in a presentation at SupplySide West.
Before one invests in a cosmeceutical product, he should be sure the raw materials provide a functional performance benefit to the finished product, are differentiated from the competition, are primarily sold on performance not price, and provide specific label and/or performance claims. The availability ingredients for the products should also be considered.
She also noted consumers are interested in “naturally-derived” raw materials, products targeted at mitigating environmental effects, products that contain multiple functions and products that have been scientifically tested. She said different testing is needed for topical use versus ingestion; and appropriate safety tests include: scarification, HRIPT, Ames, in vitro ocular, cellular toxicity and phototoxicity. Animal testing should be avoided, if possible.
Patents are another important aspect to stepping into the personal care arena. She said to check if patents have been made that cover the topical use of ingredients one wishes to use.
Lastly, she offered tips on choosing a commercial partner to get the finished product on the market. She said things to consider are: sales strategies, other products the potential partner may sell, pricing, sampling and current costumers.