The Packaged Facts report states that the overall skin care market is estimated to currently stand at $5.8 billion and is set to surge ahead in the near future, with the company stating that it will reach $7 billion by 2010.
However, anti-aging products are said to continue to lead the market, with an annual growth rate of 11.3 per cent expected by 2010 - one of the highest growth rates for the whole industry.
The driving force behind the growth will continue to be the baby boomer generation, a group that is currently spending billions each year in an effort to maintain youthful looks and wellness.
Despite the fact that sales of facial cleansers are forecast to remain relatively flat, the company, a division of US based MarketResearch.com, has predicted that all other skin care segments, including moisturizers, cleansers and hand and body lotions, will also experience healthy growth rates.
The company notes that it is high-end, mass-market products that will fuel the sales growth of these products, with consumer demand for multi functional products increasing. Protection, prevention, deep cleansing, or regeneration promises are all highly desirable product incentives for the consumer.
The ever-growing recent trend of products containing organic and natural ingredients is predicted to continue, further boosting the intended growth, with more and more companies creating new product lines to profit from the growing niche.
As ever, awareness of current trends and economic traits will continue to be a principal tool for all manufacturers who intend to benefit from the sales growth, with manufacturers encouraged to consider re-branding of products in order to cater to a 'wider audience'.
Don Montuori, publisher of the Packaged Facts reports, said "Rebranding has paid off in several instances and positioning products in a more cosmeceutical fashion has fueled market growth and will continue to do so in the next several years as consumers buy into the promise of better looking skin."