According to Euromonitor International, total global sales in the beauty and personal care industry totaled $426 billion U.S. dollars. Countries expecting a growth spurt in personal care spending in the coming years include Argentina, Brazil, China, India and Russia. In 2011, the U.S. Bureau of Labor Statistics reported that the average American consumer unit spent $634 on personal care products and services. These expenditures continued to increase in 2012 and 2013 as consumer confidence in the U.S. improved following the economic recession.
While consumers have increased their spending, they have also narrowed their focus, from personal care products useful only for aesthetics, to products that possess a more holistic approach to beauty – maximizing overall good health as a foundation to healthy looks. By applying our suite of technologies, we believe we can more rapidly develop personal care products that appeal to both requirements of the new approach to beauty – an approach that harnesses the power of synthetic biology to effectively create safer personal care products that maximize health and beauty.