Cosmeceutical makers can charge a premium

By Dominique Patton

- Last updated on GMT

Related tags: Cosmetics

Consumers are more than willing to pay a premium for cosmetic
products that promise fewer wrinkles, including cosmeceutical
supplements, suggests a new report.

The success of Botox injections, and as a follow-on trend, Botox replacement creams has demonstrated Europeans' hunger for products that can keep them looking good into old age.

But such products have also had a knock-on effect on other segments of the cosmetics industry, say market analysts Datamonitor, including what they define as 'oral beauty products'.

"There is a growing appetite amongst consumers for non-surgical treatments with comparable effects,"​ said Lawrence Gould, author of the new report.

He forecasts the overall European cosmeceuticals market to be worth US$4.4 billion in 2009, growing 5 per cent from today. This includes all cosmetic products containing at least one bio-active ingredient for the skin.

"High-performance cosmeceuticals can bring benefits comparable to those of plastic surgery or salon treatments in the same time as it takes to apply a daily moisturizer,"​ added Gould.

Growing awareness of the link between diet and health, and by extension physical appearance, means that many consumers are receptive to the concept of 'beauty from within'.

This idea has been boosted by a major marketing campaign launched by Laboratoires Inneov, a joint venture between Nestle and L'Oreal, created in December 2002. Its first product was a supplement aimed at women over 40 years of age who are concerned about skin firmness following the menopause.

As expected, women aged over 50 years are the most willing to pay for cosmeceuticals. But although women are the major receptor to these products, 54.1 per cent of senior men are prepared to spend more on cosmeceuticals, says the report.

The figure for women of the same age is considerably higher at 63.7 per cent.

But it is the younger men, in the 25-34-year-old age group, who are the most prepared to pay more for cosmeceuticals. Rather than hiding the effects of age when it comes, they are preparing never to grow old at all, suggests the report.

Many manufacturers have recognized the importance of this emerging consumer group, in particular L'Oreal with its Men's Expert range of skincare products.

"In order to target this opportunity over the next five years, manufacturers will need to ensure that new products have a clear, specific and measurable functionality. In addition, they need to recognise consumers' increasing desire to prevent the onset of problems rather than to cure them,"​ concludes Gould.

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