Despite Recession, Cosmeceutical Market Grows at Rapid Clip
November 6, 2009
In bad economic times, cosmetics ordinarily do fine–because, experts say, women are likely to buy small things, like lipstick, instead of big ticket items–to make themselves feel happier. So I was interested to read in today’s Wall Street Journal that Loreal is planning to offer lower priced items–following a 7 per cent decline in profits, this year.
But there is a bright spot. My client, Scientia Advisors, released a study this week showing that the global market for cosmeceuticals (cosmetics offering health benefits) is growing nearly twice as fast as the overall cosmetics and toiletries market.
Scientia found that in order to sustain such rapid growth, manufacturers and brand owners must fill a relentless demand for new ingredient concepts in a context of changing government regulations, market dynamics and cultural trends.
Cosmeceuticals are personal care products that go beyond cosmetics by providing an added health benefit –such as UV skin protection, wrinkle or acne reduction, or hair or skin moisturizing—but do not claim a therapeutic effect. Cosmeceuticals are also known as biofunctional materials, dermaceuticals, functional cosmetics, performance cosmetics, active cosmetics, and dermocosmetics.
For more info you can download the study from Scientia’s Web site at www.scientiaadv.com.
–Anita Harris
HarrisComBlog is a publication of the Harris Communications Group of Cambridge, MA. We also publish the New Cambridge Observer.
