The cosmeceutical skin care industry is predicted to grow by 6.8% annually, according to a new report by IBISWorld.
Predicting revenue growth of up to $7.6bn by 2019, the Cosmeceutical Skin Care Production in the US report revealed factors such as rapid product innovation and ageing baby boomers behind the sales increase. “The United States' ageing population is a significant factor behind the success of cosmeceuticals.” Jocelyn Phillips, Industry Analyst at IBISWorld revealed. “Baby boomers, the country's largest demographic, are past the age of 50 and represent a key market for the industry's players. Over the five years to 2014, the size of this population has grown at an average annual rate of 2.3% reaching an expected 109m people by the end of 2014.
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