The North American cosmeceuticals market is predicted to grow at 5.92% CAGR from 2023 to 2028, and the market size is anticipated to be worth USD 26.03 billion by 2028 from USD 19.98 billion in 2023.
The increasing incidence of skin disorders among the North American population primarily drives the cosmeceuticals market in North America. Many people in North American countries suffer from skin disorders such as acne, wrinkles, pimples, oily skin, and hair damage due to irritation in the scalp owing to the growing adoption of lifestyle changes. These are also caused due to environmental pollution and increasing consumption of alcohol, junk foods, and smoking habits. As a result, to reduce or prevent these skin issues, dermatology professionals prefer to use cosmeceutical products for permanent solutions. These cosmeceuticals are products that have both cosmetic and therapeutic beneficial effects on skin health and beauty. In addition, Cosmeceuticals product contains active ingredients that work more on the skin than normal cosmetic products.
The growing beauty consciousness among people of all age groups is another major factor contributing to the growth of the cosmeceuticals market in North America. In addition, increasing employment among women and an increasing number of social media influencers are favoring the growth of the cosmeceuticals market in North America. To create self-confidence and to increase attraction from the viewers, both females, and men are showing interest in using cosmeceutical products that give permanent recovery from any skin issue.
The rising penetration of technology in the manufacturing processes of cosmeceutical products is anticipated to boost regional market growth. Furthermore, owing to the growing demand for cosmeceutical products, the key market players focus on developing organic varieties, which have fewer side effects than chemical-based cosmetics. In addition, increasing investments and rising R&D activities are estimated to fuel North America’s market growth rate.
The high cost of branded products is majorly restraining market growth. Due to using all the natural ingredients in the products, such as creams and oil, the product's price is high. As a result, ordinary people cannot afford them and seek other alternative products at a lower cost. Also, less availability of cosmeceutical products in every medical or cosmetic store hampers the market growth. Several cosmeceutical drugs have been released for different skin problems, but it has yet to give immediate results, which may hamper the market growth. In addition, some side effects of using the cosmeceutical product for an extended period also impede market growth.
This research report on the North American cosmeceuticals market has been segmented and sub-segmented into the following categories:
By Product Type:
By Distribution Channel:
By Country:
Geographically, North America held the most significant share of the worldwide market in 2022 and is predicted to grow at a promising CAGR during the forecast period owing to the growing number of dermatology centers and increasing healthcare expenditure. In addition, the growing awareness programs by the major market participants on cosmeceutical products to make people aware of the benefits of cosmeceutical drugs and therapies are expected to boost market growth in North America. Furthermore, the increasing geriatric population in the North American region is another factor favoring regional market growth. With increasing age, people prefer to use anti-wrinkle creams to prevent wrinkles.
The U.S. cosmeceuticals market held the largest share of the North American market in 2022, and the domination of the U.S. in the North American region is anticipated to continue during the forecast period. Owing to growing awareness of using cosmeceutical drugs among the U.S. population and increasing investments by market participants to develop effective cosmeceutical drugs that give more benefits than everyday cosmetic products, the U.S. market is expected to rise at a notable CAGR during the forecast period.
Canada is another potential regional market for cosmeceuticals in the North American region. In Canada, Health Canada takes several measures to approve cosmeceuticals products, which help reduce the side effects caused by the product or treatment by conducting many clinical trials. In addition, the presence of many cosmeceutical companies in the region also drives the market growth in this country.
KEY MARKET PLAYERS:
L'Oreal SA, Procter & Gamble, Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, and Johnson & Johnson Inc. are a few promising companies operating in the North American cosmeceuticals market.
Frequently Asked Questions
The North American cosmeceuticals market is predicted to grow at a CAGR of 5.44% from 2023 to 2028.
Factors such as the growing consumer demand for anti-aging products and sun protection, rising awareness of the benefits of using natural and organic products, and the growing focus on personal appearance and self-care drive the North American cosmeceuticals market.
Regulatory hurdles, such as the need for FDA approval for some products, and the increasing competition from alternative products, such as medical procedures and natural remedies are some of the notable challenges to the North American cosmeceuticals market.
L'Oreal, Procter & Gamble, Johnson & Johnson, Unilever, Estée Lauder, and Shiseido are a few of the prominent companies in the North American cosmeceuticals market.
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