The UK Cosmeceutical and Nutraceutical Sectors: Market and Employment Profile
COGENT (The Sector Skills Council for Science Based Industry)
This report looks at the performance and prospects of two fast growing sectors within the pharmaceutical industry – cosmeceuticals and nutraceuticals.
The study provides a snapshot of the health and prospects for these growing sectors. Cosmeceutical is a combined term of ‘cosmetic’ and ‘pharmaceutical’. It refers to cosmetic products which have active ingredients that claim to have medical benefits. Nutraceutical is also a ‘blended’ sector combining the term ‘nutrition’ and ‘pharmaceutical’ applied to food or food products that can provide health and medical benefits, including the prevention and treatment of disease. The analysis of drivers and constraints for cosmeceuticals certainly showed an industry which is changing rapidly with new products, markets and technologies being driven by new target groups, an ageing population and a desire to stay healthy and look young.
With economic constraints affecting sales the nutraceutical sector is experiencing similar trends with the emergence of multiple distribution channels. The biggest issue facing the sector is the very real challenge to demonstrating positive links between consumption of functional foods/VMS products and health benefits and responding the legislative requirements.
“Recent global market reports estimate the cosmeceutical industry to be worth just over $30bn in 2011”.