The size of the North American cosmeceuticals market is predicted to grow at 5.92% CAGR from 2021 to 2026.
The aging of the overall population has been one of the main factors in the growth of the cosmeceuticals market in recent years in the North American region. Over the past two decades, declining fertility and death rates have led to a sustained increase in the aging of the world's population. The modern changing lifestyle habits and growing desire to look visually appealing will lead to more adoption of cosmeceuticals worldwide. Many well-established companies are situated in North America, which will emerge in favor of the market growth rate. The growing demand for natural and vegan products with minimal side effects has given the huge potential for many companies operating in the market. In addition, the availability of cheap cosmeceuticals will help in the growth of the market.
The strong desire of men and women to maintain a youthful appearance has prepared and nurtured the cosmetics industry around the world. The rapid aging of the population has led to a great demand for anti-aging products to prevent wrinkles, age spots, dry skin, uneven skin tone, and even hair damage, thus creating space for new cosmetics innovations that are leading to market growth. In addition, favorable macroeconomic conditions and increased consumer spending have allowed consumers to purchase more products, or more expensive items, from industry outlets. The ability to spend more on products sold by this industry will benefit its overall performance in the five years. As a result, the industry's revenue has increased during the current period. In addition, industry revenues are expected to continue to grow across the North American region. Furthermore, the proliferation of green and cruelty-free products is likely to spur growth for market opportunities.
Certain restraining factors such as market saturation due to the variety of cosmetics products available and competition from online retailers are expected to slow down the growth rate of the North American cosmeceuticals market.
Impact of COVID-19 on the North American cosmeceuticals market:
The recent coronavirus outbreak has forced governments worldwide to take strict measures to ensure the spread of the disease is contained. As more and more people are invited to stay indoors, people seek to run their affairs from the inside. Despite the slowdown in most manufacturing processes, the demand for cosmetics continues to grow during pandemics. Beauty referrals, interior product marketing, and online influencer adoption of beauty products have opened up huge growth potential. The only real dilemma is the gap between supply and demand due to the current transportation bans. Manufacturing restrictions are expected to ease, and companies will likely look to take advantage of the situation with the support of e-commerce websites during the latter half of 2020 and 2021.
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:
The United States belongs to one of the three major trading arenas in the cosmeceuticals market. The developed healthcare infrastructure in U.S. and high per capita expenditure is expected to dominate and help drive the growth of the North American cosmeceuticals market. As a result, pharmacies have had a major share, especially in the sale of antiperspirants, dandruff shampoos, and sunscreens in the United States.
Growing internet penetration and smartphone users positively impact the e-commerce industry, further boosting online sales of cosmeceuticals in the region. The cosmetics industry ranks among the holders of nanotechnology patents in the United States. L'Oréal, which devotes 3.55% of its turnover to research and innovation, is the leader in the nano patents field, followed by Procter & Gamble and Henkel. In Canada, the cosmeceuticals market is one of the fastest-growing industries and is the home base for international cosmetic companies. As a result, there has been a tremendous demand for anti-wrinkle products in the North American region.
In addition, companies use digital and social media ads to inform consumers of new product launches in the market.
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.