The global market for cosmeceuticals (cosmetics offering health benefits) is growing nearly twice as fast as the overall cosmetics and toiletries market. However, 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.
So said Harry Glorikian, managing partner of the management consulting firm Scientia Advisors, based on a global study of the cosmeceutical industry released today.
Scientia Advisors is a management consulting firm specializing in growth strategies for major and emerging companies in life science fields, worldwide.
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.
In its study, Scientia found that: