A recent industry report* has shown that the demand for cosmeceutical products will likely increase 8.5% per year, generating revenue of over US$8 billion by 2010; within this market, skin care is expected to account for more than 60% of the total cosmeceutical product demand in 2010, with the call for antiaging products growing at over twice the rate of other cosmeceutical products.
"This growth is being propelled by a stream of new and technologically advanced products offering age-defying and other appearance-enhancing benefits for an aging population," according to a report by IntertechPira, organizer of the 2008 Cosmeceuticals Summit. " What’s more, the growth in this industry is no longer simply related to the needs of ‘baby boomers,’ there are now products targeted to women in their 50s, 40s, 30s and even 20s.
While this growth is encouraging, the increase in sales and market interest is being somewhat tempered with the rise of new EU, Californian, Japanese, Canadian and ASEAN legislation along with the strengthening of the US Food and Drug Administration (FDA) regulations and the emergence of new cosmetic categories. With such growth in consumer expectation and demand, what can the industry do to meet these needs while maintaining compliance under the watchful eye of regulating bodies? The 2008 Cosmeceuticals Summit aims to find out during its assessment of recent research, regulatory and market developments impacting the cosmeceuticals industry, held Feb. 11-12, 2008, in San Diego, Calif., USA.
"The FDA does not officially recognize the term cosmeceuticals, but cosmetics are certainly coming under increasing scrutiny," stated a marketing piece from the organizers. "For example, the implications of the 7th Amendment to the EU Cosmetics Directive are far-reaching. As the cosmetics industry continues to develop and produce even more innovative products, the question remains as to how and when the science arena will be able to comply with these new and more restrictive regulations.
IntertechPira’s Cosmeceuticals Summit 2008 will address these questions and more through presentations and panel discussions. In addition, participants will hear from industry leaders on the most recent scientific innovations and developments occurring in this growing and highly competitive arena. There will also be an opportunity to network and discuss the latest business issues at several social functions. For more information, visit www.intertechpira.com/regulations.
*Freedonia’s Cosmeceuticals to 2010 Report, October 2006
