U.S. Cosmetics to Reach $8.5 Billion thanks to Anti-Aging Demand

Evelyn Lauder (Estee Lauder’s daughter-in-law) has said that “we’ve earned our faces” when asked whether she would ever use Botox or filler injections. Apparently she’s not the only one to embrace the effects of aging.

According to a new Cosmeceuticals study by the Freedonia Group, Inc. featured in GCI magazine, U.S demand for cosmeceuticals is expected to increase to $8.5 billion by 2015.

The driving factor? ANTI-AGING PRODUCTS.

The study found that the anti-aging product consumer extended beyond the traditional 45 and older baby boomers and now includes much younger individuals due to the national obsession with youth and products that help stave off aging.

For cosmetics companies, the following factors also contribute to the increase:

-Growing pricing pressures due to the expanding market of private label brands
-Rapid growth of innovative ingredients
-Competition from “alternative” treatments such as cosmetic surgery

How can cosmetics brands compete? According to the study:

-Use value-added active ingredients in product formulations
-Invest in antioxidants since it will remain the largest category
-Promote botanicals since consumers continue to demand “natural” products

Skincare products will remain the LARGEST product category set to account for 64% of all cosmeceutical product demand.

For more info, visit GCI