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(MoneyNewsWire.Net, February 22, 2018 ) As of 2017, the North America cosmeceuticals market was valued at USD 13.686 billion and is projected to reach a value of USD 21.41 billion by the end of 2023, registering a CAGR of 7.74% over the forecast period (2018 - 2023). The scope of this report is limited to products that are offered by the major players including providers of skin care, hair care, injectable, and oral care. While the regional scope of the report is limited to North America. A country-wise analysis of the market has also been included, which emphasizes the major trends in the area.
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Cosmeceuticals are cosmetic products that offer medical benefits as well. Growing health concerns and increasing focus on natural ingredients have driven innovations in the cosmeceuticals technology. Active ingredients used in cosmeceuticals focus on providing health benefits to the user, while the product also serves as a cosmetic. Changing consumer behavior and concerns regarding the artificial ingredients used in the cosmetic products is driving the adoption rate of cosmeceuticals in the market.
Aging Population and Increasing Consumer Awareness on Cosmeceuticals Drive the Growth for these Products
Over the past two decades, declining fertility and mortality rate have resulted in a sustained rise in the aging population, globally. People are living longer because of the better nutrition, healthcare, education, and economic well-being. Strong desire among men and women to retain youthful appearances have groomed and nurtured the cosmetic industry, worldwide. Rapidly aging demographics has led to a robust demand for anti-aging products, in order to prevent wrinkles, age spots, dry skin, uneven skin tone, and even hair damages, creating room for new innovations in cosmetics, thus, boosting the industry growth.
Anti-aging Products have been experiencing High Growth Owing to the Growing Older Population Demographic
Aging population was one of the primary factors driving the growth of the cosmeceuticals market in the recent past. Aging has been evolved as one of the primary beauty concerns faced by the male and female population alike, around the globe. Although aging is a natural process, many factors have been identified as causes for loss of elasticity and formation of wrinkles. These causes include damage from climatic conditions (sun, cold, and wind), smoking, stress, fatigue, malnutrition, and environmental irritants. With the rising pollution levels and consumers’ consciousness regarding health, the market for cosmeceuticals is expected to witness a robust growth over the forecast period. Though they are priced significantly higher than the conventional cosmetic products, due to the presence of active ingredients, growing disposable income has facilitated consumers towards purchasing these products, particularly in the highly developed roots of North America.
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Skincare Products Continue Unwavering Growth, Owing to the Rising Demand
Skincare products account for the largest share of the cosmeceutical products market. Skincare cosmeceutical products are formulated specifically to maintain, restore, and repair skin of consumers. These products are designed to offer desired qualities, such as improved beauty and medical benefits to the skin. Aging population, around the globe, is one of the primary factors driving the market growth for these products. Skincare cosmeceutical products market have been further classified, based on function, into anti-aging, anti-acne, sun protection, moisturizers, and others. Skincare cosmeceuticals are being used since a long time around the world. With skincare being one of the largest cosmetics market in the world, cosmeceutical skin care products have been experiencing an increased demand from the users.
Key Developments in the Market
October 2017 - L’Oreal collaborated with Movember foundation, to counter the health crisis being faced by men. Movember foundation identified that men are being affected by many health issues and L’Oreal aspires to take this initiative to higher stages with this collaboration.
Major Players: PROCTER AND GAMBLE, JOHNSON AND JOHNSON, L’OREAL, AVON, ALLERGAN, CRODA, INTERNATIONAL PLC., SABINSA CORPORATION, UNILEVER, CLARINS, SHISEIDO GROUP, HENKEL, ESTEE LAUDER, BEIERSDORF, amongst others.
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• Examine the growth and use of cosmeceutical products in the North American market
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