US sales grows for high-tech cosmetics - firm

18 September 2007 23:37  [Source: ICIS news]

NEW YORK (ICIS news)--US sales of beauty products that offer medical benefits and advanced technological efficiency have grown in the past 10 years, despite their higher price tags, an industry analyst said on Tuesday.

So-called cosmeceutical products, which were virtually unknown in the prestige skin-care market in 1997, now account for 11% of the segment, said Karen Grant, senior analyst at the NPD Group and the keynote speaker at this year's HBA (Health and Beauty America) Expo in New York.

NPD estimated 2006 sales of US cosmeceuticals, which are cosmetic products that have medicinal benefits, at $687m (€495m).

"In prestige skin care, previously unheard of brands touting cosmetic-surgery like benefits broke into the top 20 brands, and products selling above $70 in retail grew to represent over 20% of US prestige facial care sales," said Grant.

Beauty product sales in US department stores last year grew by $2bn in 1997 to $8.2bn last year, added Grant.

"The beauty industry has grown every year, repeatedly defying economic concerns," she said. "While aging baby boomers are influencing the marketplace, other demand factors include young people and men increasingly buying beauty products as well as the marketplace becoming more ethnically diverse."

The cosmetic show runs from Tuesday until Thursday.

($1.00 = €0.72)

By: Doris de Guzman
+1 713 525 2653

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