Monday, July 28, 2014

Buyers have spoken: Cosmeceuticals reign as the fastest-growing personal care segment

Who's afraid of nip/tuck? A movement of women who are either afraid or have no time to go under the knife has driven the growth of cosmeceuticals---formulations that inject marvels of medical science in beauty products---to spiraling levels. GBI Research reported cosmeceutics as the fastest-growing personal care segment, with sales in big markets, like US, Japan, and France, amounting to $30.9 billion.

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Many of these products, apart from being sold in websites, upscale shops, and drugstores, are dispensed by physicians. Cosmeceuticals bought from dermatologists contribute to $560 million in 2011 sales, and is anticipated to even grow to $1.8 billion come 2018.

Overall, according to IBISWorld, cosmeceutical sales in 2012 amounted to $7.4 billion, and Freedonia Group reports that projected sales for 2015 may reach up to $8.5 billion.

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While antioxidants remain the most popular ingredient in cosmeceutics, there lies a growing preference toward anti-aging formulations. The rise in popularity of such fountains-of-youth-in-bottles has been meteoric but not surprising. After all, the last few years saw baby boomers reach their silver-gray years. Although keen on undoing the effects of time and gravity to their skin, many of them refuse to undergo measures as drastic as surgery. Cosmeceuticals provide them a viable choice.

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Brands like LancĂ´me and P&G's Olay have created top-selling botox-in-jars, but what further lends credibility and equity to this segment are "doctor brands," or skincare lines created by physicians like Jart, Brandt, and Perricone. What stirs the most surprising buzz among these doctor brands is the start-up venture StriVectin, a wrinkle-fighting line that had its humble, slightly awkward beginnings as a stretchmark application.

Jay Oyakawa, an aesthetic marketing expert, serves as managing director at DermPRO, an e-commerce service catering to dermatologists, plastic surgeons, and beauty entrepreneurs. Subscribe to this blog for the latest in the cosmetic industry.

1 comment:

  1. That's great! That would be a great beauty product.