Cosmeceutical sector to reach £27bn within five years
Cosmeceutical skincare is the fastest growing segment of today’s personal care industry and is forecast to be worth almost £27billion by 2018.
The global cosmeceuticals market was worth $30.9billion (£19.6bn) in 2011, according to a new report from analyst GBI Research.
The market is expected to reach $42.4bn (£26.9bn) by 2018, growing at an annual rate of 4.6%.
This forecast growth rate is faster than the current rate of growth. The market has so far seen a compound annual growth rate (CAGR) of 3.6% in the last seven years, up from $24.1bn (£15.3bn) in 2004.
The top five European countries accounted for almost 65% of the overall cosmeceuticals market in 2011, followed by the US.
GBI said growth in Europe is mainly being driven by better results of cosmeceuticals, heavy marketing, slow economic improvement, and rising disposable income.
Antioxidants remain one of the most popular ingredients for cosmeceutical skincare.