Cosmeceuticals. Freedonia Industry Study #1414. Brochure Table of Contents. Study Publication Date: April 2001 Price: $3,700 Pages: 209

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1 Freedonia Industry Study #1414 Cosmeceuticals Study Publication Date: April 2001 Price: $3,700 Pages: 209 Cosmeceuticals, a new study from The Freedonia Group, provides you with an in-depth analysis of major trends in the industry and the outlook for both cosmeceutical products and chemicals -- critical information to help you with strategic planning. This brochure gives you an indication of the scope, depth and value of Freedonia's new study, Cosmeceuticals. Ordering information is included on the back page of the brochure. Brochure Table of Contents Study Highlights... 2 Table of Contents and List of Tables and Charts... 4 Sample Pages and Sample Tables from: Market Environment... 6 Cosmeceutical Products... 7 Cosmeceutical Chemicals... 8 Industry Structure... 9 Company Profiles List of Companies Profiled Forecasting Methodology About the Company Advantages of Freedonia Reports About Our Customers Other Titles From Freedonia Ordering Information... 16

2 Study Highlights Demand for cosmeceutical products is projected to increase 7.6 percent per annum to $4.3 billion in Growth will be driven by a stream of new and innovative products in response to demands of an aging populace for more effective appearance-enhancing and age defying preparations. Intensifying competition in most cosmeceutical product segments will prompt producers to continue focusing on unique active ingredients to differentiate their offerings. Skin care will continue to dominate cosmeceutical product demand, accounting for 60 percent of the total in The fastest growth among cosmeceuticals will be recorded by professional products used for appearance-enhancing facial implants, injections, chemical peels and related procedures. Leading cosmeceutical chemical manufacturers in terms of sales consist of Roche, BASF, Henkel, Bayer, Croda and Eastman Chemical. The largest producers of end-use cosmeceutical products include Johnson & Johnson, Procter & Gamble, Beiersdorf, L'Oreal, Estee Lauder and Avon Products. Freedonia Industry Study 2

3 Study Highlights Cosmeceutical Chemical Demand, 2000 Antioxidants 39.4% Specialty Chemicals 20.6% Other 6.8% Acids 11.4% Natural Extracts 11.2% Proteins 10.6% Cosmeceutical Products & Chemicals Demand (million dollars) % Annual Growth Item /00 05/00 Resident Population (million) $ cosmeceuticals/capita Cosmeceutical Products Demand SUMMARY TABLE Skin Care Hair Care Professional Other $ chemicals/000$ products Cosmeceutical Chemicals Demand Antioxidants Specialty Chemicals Acids Natural Extracts Proteins Other Copyright by The Freedonia Group, Inc. Order form on last page 3

4 List of Contents, Tables and Charts I. EXECUTIVE SUMMARY Summary Table... 3 II. MARKET ENVIRONMENT General... 4 Macroeconomic Overview... 5 Table - Macroeconomic Indicators... 6 Demographics... 6 Table - Demographic Trends... 9 Consumer Spending... 9 Table - Personal Consumption Expenditures & Disposable Personal Income...11 Dermatological Conditions...11 Table - Selected Dermatological Conditions...12 Cosmetic & Toiletry Market...13 Table - Cosmetic & Toiletry Supply & Demand...15 Skin Care Products...15 Table - Skin Care Product Shipments...18 Hair Care Products...18 Oral Hygiene Products...20 Other Cosmetic & Toiletry Shipments...21 Dermatological Pharmaceutical Shipments...21 Table - Dermatological Pharmaceutical Shipments...23 Regulatory Considerations...23 Historical Trends...25 Table - Cosmeceutical Chemicals Market Trends, International Markets...27 III. COSMECEUTICAL PRODUCTS General...29 Table - Cosmeceutical Products Demand...31 Chart - Cosmeceutical Products Demand by Type, Skin Care Cosmeceuticals...32 Table - Skin Care Cosmeceuticals Demand...34 Age-Defying Products...34 Lotions...36 Exfoliants, Masks & Cleansers...38 Medicated Lotions...39 Sun Protection Products...40 Acne Preparations...42 Other Skin Care Products...44 Sunless Tanning...45 Skin Depigmenting...46 Hair Care Cosmeceuticals Freedonia Industry Study

5 IV. Table - Hair Care Cosmeceuticals Demand...48 Hair Growth Products...48 Finasteride-Based...49 Minoxidil-Based & Other...50 Antidandruff Shampoos...51 Professional Cosmeceutical Products...53 Table - Professional Cosmeceutical Products Demand...54 Botulinum Toxin-Based...54 Collagen Implants & Injections...56 Chemical Peels & Other Professional Products...58 Other Cosmeceutical Products...60 Table - Other Cosmeceutical Products Demand...61 Whitening Toothpastes & Related Products...61 Lip Care Products...62 Miscellaneous Cosmeceutical Products...64 COSMECEUTICAL CHEMICALS General...67 Table - Cosmeceutical Chemicals Demand...69 Chart - Cosmeceutical Chemicals Demand by Type, Antioxidants...70 Table - Antioxidants: Cosmeceutical Applications...72 Vitamin A Compounds...72 Vitamin E Compounds...74 Vitamin C Compounds...75 Coenzyme Q10 & Other...77 Specialty Chemicals...78 Table - Specialty Chemicals: Cosmeceutical Applications...79 Hair Growth Stimulants...79 Table - Hair Growth Stimulants: Cosmeceutical Applications...80 Finasteride...80 Minoxidil & Other...81 Sunscreens...82 Table - Sunscreens: Cosmeceutical Applications...85 Other Specialty Chemicals...85 Table - Other Specialty Chemicals: Cosmeceutical Applications...87 Acids...87 Table - Acids: Cosmeceutical Applications...89 Alpha Hydroxy...89 Beta Hydroxy...91 Other...93 Natural Extracts...95 Table - Natural Extracts: Cosmeceutical Applications...96 Microbial Extracts...96 Table - Microbial Extracts: Cosmeceutical Applications...97 Botulinum Toxin...97 Ceramide...98 Kojic Acid...98 Botanical Extracts...99 Table - Botanical Extracts: Cosmeceutical Applications Herbal Extracts Aloe Vera Other Enzymes Table - Enzymes: Cosmeceutical Applications Other Natural Table - Other Natural Extracts: Cosmeceutical Applications Proteins Table - Proteins: Cosmeceutical Applications Collagen Amino Acids Elastin Other Proteins Table - Other Cosmeceutical Chemicals Other Cosmeceutical Chemicals Polymers Miscellaneous V. INDUSTRY STRUCTURE General Table - US Cosmeceutical Chemical & Product Sales by Company, Market Share Cosmeceutical Products Chart - US Cosmeceutical Product Market Share, Cosmeceutical Chemicals Chart - US Cosmeceutical Chemicals Market Share, Marketing & Distribution Manufacturing Competitive Strategies Cooperative Agreements Table - Selected Cooperative Agreements Acquisitions & Divestitures Table - Selected Acquisitions & Divestitures Company Profiles Order form on last page 5

6 Market Environment The Market Environment Section discusses factors influencing cosmeceutical demand, including consumer spending and demographic trends, as well as cosmetic and toiletry product shipments. Regulatory Considerations MARKET ENVIRONMENT This information provides you with an understanding and an analysis of the climate in which the cosmeceuticals industry operates. Opportunities for cosmeceuticals extend into both the pharmaceutical and cosmetic and toiletry industries. Accordingly, these products are subject to widely varying regulations and different competitive pressures. Under the Food, Drug and SAMPLE PAGE Cosmetic Act, drugs are subject to review and approval by the Food & Drug Administration (FDA). Drugs are articles intended for use in diagnosis, cure, mitigation or prevention of disease and articles intended to affect structure or functions of the body. Cosmeceuticals sold as cosmetics and toiletries fall under less extensive regulatory scrutiny than pharmaceutical preparations, needing only to prove safety prior to market introduction. Whether a particular product is regulated as a drug, cosmetic or both depends on its intended use. For example, products with claims appearing on product labels, in advertising or on other promotional materials asserting that use of the contents will restore hair growth, reduce cellulite or revitalize cells qualify as drugs. Products with two intended uses, such as anti-dandruff shampoos and makeup marketed with sun protection claims, qualify as both drugs and cosmetics. Cosmeceuticals are increasingly attracting the attention of government regulatory agencies. The FDA, the primary public overseer of drugs and cosmetics, is becoming increasingly concerned that many products sold as age-defying and appearance-enhancing preparations carry misleading advertising claims which confuse consumers. Over-the-counter products marketed as health and beauty aids or personal care goods are falling under particularly sharp scrutiny due to the lack of extensive clinical evidence supporting effectiveness. Even in the area of cosmeceuticals classified as active drugs, where the FDA maintains tighter control, off-label uses by unregulated medical providers, especially plastic surgeons, are prompting the agency to consider the adoption of tighter marketing controls. Anticipated changes in cosmeceutical regulations will likely follow a similar pattern as projected for herbal medicines and nutraceuticals. Specifically, 6 Freedonia Industry Study

7 Cosmeceutical Products COSMECEUTICAL PRODUCTS The Cosmeceutical Products Section provides demand for historical years and forecasts growth to 2005 and This information helps you: Analyze your company's growth potential in the industry. Outline your strategic plans for five and ten years out. Collagen Implants & Injections Demand for collagen implants and injections used in elective facial cosmetic surgery is projected to expand 9.1 percent per annum to $85 million in 2005, SAMPLE PAGE spurred by the clinically recognized effectiveness of the substance in the treatment of fine lines, scars and other skin contour defects. Collagen treatments produce longer lasting results than BOTOX and a faster onset of results than over-the-counter age-defying preparations. Further gains will be limited by competition from new laser and other alternative treatments, and by concerns regarding a possible link between the use of bovine products and the human variant of mad cow disease. Collagen implants or injections derived from cows are widely used to improve the structure and water retention properties of the skin as well as to smooth out wrinkles. These treatments typically last for nine to twelve weeks, eventually being absorbed and necessitating repeat treatments. Collagen injections are generally less effective than BOTOX in reversing visible signs of aging around the eyes. Establish sales goals. The possibility of allergic reactions and the alleged involvement of bovine byproducts in the transmission of the human variant of mad cow disease are expected to moderate demand for cow-derived collagen, which dominates the collagen market, and spur the development of alternative sources of the material. For example, AUTOLOGEN (Collagenesis) is an injectable collagen dispersion made from the patient s own skin, while DERMALOGEN (Collagenesis) is an injectable tissue matrix rich in collagen and procured from donor tissue. Skin Care Cosmeceuticals Demand ALLODERM (LifeCell), also a donated human skin product, offers longer-lasting wrinkle reduction as it is in the form of a collagen sheet designed for implantation. (million dollars) Item Competition from synthetic implantable 1990and injectable 1995 material, 2000 such 2005 as GORE TEX (WL Gore) and soft eptfe, is expected to intensify in the near future. Soft Resident Population (million) $ skin care cosmeceuticals/capita Skin Care Cosmeceuticals Age-Defying Products neg Medicated Lotions Sun Protection Products Acne Preparations Other Skin Care Products % skin care products Cosmeceutical Products Demand Copyright by The Freedonia Group, Inc. SAMPLE TABLE Order form on last page 7

8 Cosmeceutical Chemicals The Cosmeceutical Chemicals Section analyzes demand through the years 2005 and The information presented will help you: Hair Growth Stimulants - Minoxidil & Other COSMECEUTICAL CHEMICALS Focus your sales and marketing efforts on high growth areas. Propose new areas for development. Demand for minoxidil in cosmeceutical applications is forecast to rise 5.6 percent yearly to $21 million in Increasing generic competition, loss of patients to SAMPLE PAGE finasteride and inconsistent results will weaken growth opportunities. Nevertheless, modest growth in demand for the hair growth stimulant products will be supported by men and, to a much lesser extent, women battling an inherited pattern of baldness and seeking to retain the youthful appearance afforded by a full head of hair. Natural Extracts: Cosmeceutical Applications (million dollars) Minoxidil is an antihypertensive agent that was discovered to grow hair on the back of the scalp of many tested patients. Initially introduced under the ROGAINE tradename by Upjohn in the late 1980s, the compound became the first topical treatment for male pattern baldness. Originally sold exclusively through prescriptions, minoxidil gained FDA authorization in 1995 for over-the-counter distribution. Patent protection expired in 1997 and several generic products are now available. However, Pharmacia s ROGAINE brands continue to dominate sales, holding a market share of roughly 85 percent. Minoxidil has lost considerable interest among potential customers over the past Item several 1990 years. The 1995 compound 2000 does not 2005 work on 2010 about one-third of patients and cannot be used by individuals with various heart conditions. In addition, minoxidil Cosmeceutical Products Demand requires 1090 adherence 1780 to a strict 2965 administration 4275 regimen 6100to produce positive results. $ extracts/000$ cosmeceuticals SAMPLE TABLE No other hair growth treatments are approved by the FDA. New medications in Natural Extracts Demand Microbial clinical trial 2 testing include 9 other 25 5 alpha-reductase inhibitor agents for men. Botanical Other treatments 7 that 13are not approved 23 by 38the FDA 63 to treat hair loss but are used Enzymes by physicians 6 include 11off-label 19 prescription 29 products, 43such as spironolactone, Other flutamide, 2ketoconazole, 4 cimetidine, 7 progesterone, retinoids and oral contracep- % natural extracts Copyright 9.6 by The 10.3 Freedonia 11.2 Group, 13.5 Inc Cosmeceutical Chemicals Demand Copyright by The Freedonia Group, Inc. 8 Freedonia Industry Study

9 Industry Structure Sample page from Freedonia Industry Study Gain #1117 a better Fractional understanding Horsepower of your Motors competition and analyze your company's position in the industry with information about: market share INDUSTRY STRUCTURE competitive strategies manufacturing marketing & distribution cooperative agreements acquisitions & divestitures Marketing & Distribution The marketing and distribution of cosmeceutical products and chemicals contrasts sharply between and within the two industry segments. Leading producers of overthe-counter end-use formulations, such as Procter & Gamble and Schering-Plough, typically sell through major retail merchandise outlets such as drug stores, variety stores and supermarkets. Marketing strategies are usually built around aggressive advertising campaigns implemented through mass media outlets. Allergan and SAMPLE PAGE Avon Products represent exceptions to this norm. Allergan markets and distributes its MD FORTE line of age-defying preparations through dermatologists. Avon Products and Mary Kay Cosmetics sell their products directly to consumers through a large network of independent sales agents who call on customers at home, and smaller direct marketers sell through informercials. The Internet has also expanded marketing opportunities for cosmeceutical makers. Avon Products, for example, has an extensive offering of products complete with descriptions and ingredient lists, plus personalized advice via from an Avon representative, available online; while small manufacturers and distributors, such as bio2, also effectively promote their more limited array of offerings to consumers on their own customized web sites as well as larger cosmetic-and-toiletry marketing web sites. However, personal care products, including cosmeceuticals, have not experienced the soaring sales volumes enjoyed by e-tailers of books, clothing and many other personal items. In 1999, only one percent of cosmetic and toiletry sales were generated from online sales, and of those who made purchases online, the majority were motivated primarily by convenience. Consumer purchasing decisions regarding cosmeceuticals and other personal care items continue to rely heavily on point of purchase variables, including tactile, olfactory and other sensory experiences. As a result, manufacturers will need to develop new strategies and provide more than a cataloging of offerings in order to attract new customers. Recent innovative strategies for the Order form on last page 9

10 Company Profiles The Profiles Section analyzes 32 companies active in the U.S. cosmeceuticals market. These profiles represent a sampling or cross-section of the types of companies involved in the industry. Divisions, subsidiaries, joint ventures, etc., are discussed under appropriate parent companies. Sources for profiles included: Bristol-Myers Squibb Company 345 Park Avenue New York, NY Clairol Incorporated Two Blanchley Road Stamford, CT COMPANY PROFILES Information provided by key staff members in the respective companies Annual reports 10-K reports Security analysts reports Corporate product literature Bristol-Myers Squibb (BMS), a diversified global health and personal care products company, operated through one segment in 2000: Medicines. In September 2000, the Company announced plans to divest Clairol Incorporated, a $1.9 billion personal care products subsidiary, which had comprised BMS s former Beauty Care segment. In February 2001, BMS announced its decision to spin off Zimmer Incorporated, a $1.1 billion subsidiary involved in the production of medical devices, as an independent, publicly held company by the end of the third quarter of Both Clairol and Zimmer were reported as discontinued operations in BMS s sales from continuing operations in 2000 totaled $18.2 billion, including US sales of $12.1 billion. BMS employed 44,000 in SAMPLE PAGE The Company is active in the cosmeceuticals industry through both its core medicines operations and the discontinued operations of Clairol. Among BMS s over-the-counter and prescription medications are several products which can be classified as cosmeceuticals, including the Company s KERI and LAC-HYDIN lotions, PRESUN sunscreens, SOLAGE topical treatment for the lightening of pigments in liver sports, and VANIQA creams to slow the growth of unwanted facial hair in women. For example, the Company s KERI lotions, which are available over the counter, are designed to moisturize, soothe and protect skin. Copyright by The Freedonia Group, Inc. 10 Freedonia Industry Study

11 Companies Profiled Active Organics Incorporated Allergan Incorporated Aloecorp Ashland Incorporated Avon Products Incorporated BASF AG Bayer AG Haarmann & Reimer Beiersdorf AG La Prairie Incorporated Bristol-Myers Squibb Company Clairol Church & Dwight Company Incorporated Ciba Specialty Chemicals Incorporated Clariant International Limited Croda International plc Sederma SA DuPont (EI) de Nemours Eastman Chemical Company Estee Lauder Companies Incorporated Henkel KGaA Cognis Corporation Laboratoires Serobiologiques ICC Industries Incorporated Frutarom Meer Inamed Corporation Collagen Aesthetics McGhan Medical Indena SpA International Specialty Products Incorporated Johnson & Johnson McNeil Consumer Healthcare Neutrogena Corporation Ortho Dermatological RoC SA Kao Corporation Jergens (Andrew) Company Kyowa Hakko Kogyo Company Limited L Oreal SA Cosmair Incorporated Merck & Company Incorporated Pharmacia Corporation Procter & Gamble Company Rhodia SA Roche Holding Limited Schering-Plough Corporation Unilever Group Chesebrough-Pond s Order form on last page 11

12 Forecasting Methodology Freedonia does not just collect and reprint data; Freedonia develops data. Our analysts thoroughly investigate an industry by extensively interviewing key industry participants and analyzing information from sources such as associations, government and trade literature. Once this research is complete, Freedonia establishes one set of forecasts. All writing, editing and forecasting is done in-house to assure quality and consistency. In cases where data does not exist, Freedonia develops the data based on input/output ratios, bills of materials and flow charts. The following chart summarizes Freedonia's methodology: The Freedonia Economics Group Consistent framework of economic indicators on... Resident Population Cosmetic & Toiletry Shipments Gross Domestic Product (GDP)... and many others Freedonia In-house Research Quantitative forecasting Industry structure & market share analyses Product analyses & forecasts Methodology for Cosmeceuticals Extensive Interviews Key participants Industry experts End-users Proprietary Electronic Database Trade publications Government reports Corporate literature Online databases... and many others 12 Freedonia Industry Study

13 About The Freedonia Group The Freedonia Group, Inc. is a leading international industry study/ database company. Since 1985, Freedonia has published over 1,600 titles covering areas such as chemicals, coatings and adhesives, building materials, plastics, industrial components and equipment, health care, packaging, household goods, security, and many other industries. Freedonia has produced a wide variety of titles, including: Enzymes: Specialty & Industrial Plant-Derived Chemicals Pharmaceutical Chemicals Amino Acids Because Freedonia is a reliable information source, our forecasts are cited in numerous publications such as The Wall Street Journal, The Financial Times, Chemical Market Reporter and Happi. Advantages of Freedonia Reports In-house operations Because all of our staff work at the same location, interaction between analysts and departments provides a strong system of checks and balances. Consistency Our Economics Group develops indicators that are used by all analysts. Therefore, every Freedonia study is based on a consistent set of economic assumptions (GDP, resident population, cosmetic and toiletry shipments, etc.) Reliable forecasts Because all of our forecasts consider the environment in which a product or industry is operating, as well as threats and opportunities to the market, Freedonia forecasts are reliable indicators of future performance. One-on-one interviews All studies are produced by conducting interviews with key industry participants and end-users. Proprietary electronic database Freedonia s analysts can tap into an extensive in-house electronic database containing corporate literature (including private company information), trade publications, government reports and many other sources of information. Order form on last page 13

14 About Our Customers Freedonia's clients include major US and international companies in the manufacturing, services, consulting and financial sectors. Typical purchasers of Freedonia studies : Key Executives Corporate Planners Market Researchers Financial Analysts Information Centers New Product Developers Merger & Acquisition Specialists Since 1985 we have provided research to customers ranging in size from global conglomerates to one person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia research to help with their strategic planning. Some of Freedonia's customers in the cosmeceuticals market include: BASF AG, Bayer AG, Eastman Chemical Company and Rhodia SA. 14 Freedonia Industry Study

15 Other Titles From Freedonia For more information about these or other Freedonia titles, please contact us at: The Freedonia Group, Inc. Phone: (440) (800) Fax: (440) Cosmeceuticals - Private Companies Report Private companies in the US cosmeceutical industry are active as producers and distributors of end products (e.g., skin care, hair care, professional products); as well as cosmeceutical chemicals (e.g., vitamins, hydroxy acids, proteins, extracts, enzymes, sunscreens). This report profiles over 100 privately-held US companies (e.g., Tanning Research Labs, SkinCeuticals, Active Organics). It also forecasts industry demand, reviews acquisitions, evaluates market share, and lists firms by product and location. # / $3,200 Plant-Derived Chemicals Demand for plant-derived chemicals in the US will grow over 7% annually. Growth will be driven by new plant-based pharmaceuticals and gains in the beverage market, where consumers are preferring higher natural flavor loadings. Botanical extracts will be the fastest growing segment, surpassing essential oils as the top product by This study analyzes the $2 billion US plant-derived chemical industry to 2005 and 2010 by product and market. It also presents market share data and profiles key companies. # / $3,600 Industrial & Specialty Enzymes Specialty and industrial enzymes demand in the US will grow over 7% annually, spurred by the advent of novel biocatalysts targeted at a myriad of end uses (e.g., textiles, cosmetics). Medical and diagnostic enzymes will remain the leading end use by value. The enzyme industry will continue to benefit from biotechnology-based approaches to production. This study analyzes the $1.8 billion US enzymes industry to 2004 and 2009 by product and market. It also presents market share data and profiles key firms. # / $3,500 Pharmaceutical Chemicals US demand for pharmaceutical chemicals will increase 7% annually. Bulk hormones and related agents will see the fastest growth based on new bioengineered compounds for cancer, diabetes and infertility. Respiratory chemicals will also do well spurred by improved asthma and allergy therapies. This study analyzes the $14.6 billion US pharmaceutical chemicals industry to 2004 and 2009 by therapeutic class, regulatory status, and production source. It also presents market share data and profiles key industry players. # / $3,800 Amino Acids The US market for amino acids will exceed 1.1 billion pounds in Methionine will remain the leading product as it continues to benefit from expanding poultry demand. Lysine will grow even faster as more of it is used in chicken and pig diets. Tryptophan will experience stellar growth as it continues to emerge as an animal feed additive on an industrial scale. This study analyzes the $1.2 billion US amino acids industry to 2004 and 2009 by type and market. It also evaluates market share and profiles key firms. # / $3,600 World Amino Acids World demand for amino acids will grow over 5% annually, driven by burgeoning applications in animal feed, pharmaceuticals and nutraceuticals. Lysine will lead gains as it finds greater use in chicken and pig diets. Asia/Pacific will remain the leader in production and consumption, largely due to it s huge MSG market. This study analyzes the $5.7 billion world amino acids industry to 2004 and 2009 by product, market, region and 17 countries. The study also evaluates market share and profiles key firms. # / $4,500 Plant-Derived Chemicals - Private Companies Report Most companies in the $2.1 billion US plant-derived chemicals industry are privately-held niche players. No one firm, public or private, controls a dominant share of the market. Ten private companies, however, each have plant-derived chemical sales of over $25 million. This report profiles over 120 companies (e.g., Aloecorp, Buffalo Color, Frutarom Meer, Indene USA, Kalsec, J. Manheimer, AM Todd, Triarco). The report also forecasts industry demand, analyzes acquisitions, and lists firms by product and location. # / $3,200 Cosmetic & Toiletry Chemicals - Private Companies Report Hundreds of private firms participate in this $5.1 billion US industry. Five have total cosmetic and toiletry chemical sales of at least $50 million each. Another 23 have total corporate sales of at least $50 million each, including products other than cosmetic and toiletry chemicals. This report profiles over 130 privately-held companies (e.g., Belmay, Firmenich, Huntsman, Lipo Chemicals, Noville). The report also forecasts industry demand, reviews acquisitions, and lists companies by chemical function and location. # / $3,200 Order form on last page 15

16 How to Order For more information about our products, please call the Freedonia Customer Service Department at (440) or (800) or fax (440) Ordering Information Fill out the coupon below and mail it to The Freedonia Group, or send your order by fax (440) , or to Handling and Shipping is FREE There is NO charge for handling and shipping. In the US we ship via UPS. Outside the US, we provide free airmail service. If you would like express delivery, we provide this to you at cost. Save Fifteen Percent If you order three (3) different titles at the same time, you can receive a discount of 15 percent. If your order is accompanied by a check, you may take a 5 percent cash discount (discounts do not apply to corporate use licenses). Use Credit Card You may charge your order to either Visa, MasterCard or American Express. Please include your credit card account number, expiration date and your signature. Corporate Use Licenses Now every decision maker in your organization can act on the key intelligence found in all Freedonia studies. For an additional $2,000, you receive unlimited use of an electronic version (PDF) of the study. Place it on your Intranet, it to coworkers around the world, or print it as many times as you like! Order it today. Orders Outside of the US Checks must be paid in US funds and drawn against a US bank. Wire transfers should be sent to: Fifth Third Bank, Cincinnati, Ohio; The Freedonia Group, Inc.; SWIFT #FTBCUS3C; ABA # ; Account # (please include study number and/or invoice number with all wire transfers). Additional Copies Additional copies are available to original purchasers at $400 per title. Online Access The complete text and tables from our studies and reports can be found on our Web site and through major commercial online vendors. THE FREEDONIA GROUP, INC. 767 Beta Drive Cleveland, OH USA Phone: (440) (800) Fax: (440) Name: Title: TITLE PRICE #1414 Cosmeceuticals $3,700 Corporate Use License $2,000 Additional Print $400 Each Company: Division: Street: (no PO Box please) City/State/Zip: Please check method of payment: Total: $ Enclosed is my check (5% discount) drawn on a US bank and payable to The Freedonia Group, Inc., in US funds. (Ohio residents add 7% sales tax). Bill my company MasterCard Visa American Express Country: Phone: Fax: MO. YR. F-SM.1414 SHIPPING and HANDLING charges are FREE via UPS (USA only) or airmail. Express delivery available at cost. Please inquire. Credit Card # Signature: Expiration Date