Originally published January 25 2005
Quest for eternal youth credited with rising cosmetic sales
by Mike Adams, the Health Ranger, NaturalNews Editor
The cosmetics industry does an estimated $12.4 billion worth of business each year, and that figure is expected to rise to at least $16 billion by 2010. Skincare products account for over half the industry's revenue, and experts say that market will only get larger in the coming years. Industry analysts say the growth is fueled by consumers who are obsessed with maintaining a youthful look
The U.S. market for cosmeceutical products is valued at $12.4 billion and has the potential to grow to over $16 billion by 2010, according to "Market Trends: The U.S. Cosmeceuticals and Anti-Aging Products Market" a new report by market research publisher Packaged Facts.
Skincare products dominate the market and controlled 52% of retail sales -- or $6.4 billion -- in 2004.
Growth in this category, and the cosmeceuticals market overall, is being driven by U.S. consumers who are determined to defy the signs of aging.
Increasingly, consumers are opening their wallets to purchase a regime of anti-aging products ranging from standard wrinkle creams to home microdermabrasion kits and Pitera-rich facial treatments that retail at over $140 and $300, respectively.
While plastic surgery is outside the parameters of this Packaged Facts report, surging stats prove that Americans are vain enough to take risks for the sake of appearance, whether it's under the knife or through expensive creams, cleansers, and lotions.
In 2003, for example, nearly 9 million people underwent procedures to look younger or enhance their personal appearance.
It seems the latest round of skincare products are being used as alternatives, or in addition to, these surgical procedures.
"If a marketer thinks that cosmeceutical and anti-aging products are just for the aging Boomer, they should think again", said Don Montuori, Acquisitions Editor for Packaged Facts.
It is designed to help executives compete successfully in the highly fragmented cosmeceuticals marketplace.
The strategies of industry players like L'Oreal, Estee Lauder, Proctor & Gamble, Beiersdorf, and others are also provided.
About Packaged Facts Packaged Facts, a division of MarketResearch.com, publishes research reports on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, and demographics.
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