North America is the largest consumer of cosmeceuticals worldwide. Its cosmeceutical market stands at USD XX million in 2016 and is expected to reach USD XX million by 2021 growing at a CAGR of XX% during the forecasted period 2016-2021.
North America Cosmeceutical Market Dynamics
The major drivers for the market are the increase in aging population, increased demand for natural and botanical ingredients in beauty products and innovations in product technology. Around forty million people are over the age of sixty-five in the US alone and this aging population has created a huge demand for anti-aging beauty products. Middle age group people who are keener on looking young spend more on beauty products which also supports the market growth. North America is the largest market for the consumption of organic and natural product which has increased the demand for botanical ingredient based cosmeceuticals.
Major restraints for the market are the complex regulatory environment and the spurious products in the market. Currently, there is no such regulation for the cosmeceuticals which is a major hurdle for manufacturers as some of the products may require pre-market approval due to stringent regulation.
North America Cosmeceutical Market Segmentation
The product type market is segmented into skin care, hair care, injectable, lip care, and tooth whitening. Skin care holds the largest market share due to the increased consumption of anti-aging beauty products. The injectable market has saturated in the region and is growing at a moderate rate. The injectable market is sub-segmented into botulinum based toxic injectable, dermal filler, and others. Hyaluronic acid based dermal filler is the fastest growing market under injectable.
Market segmentation on the basis of active ingredient type includes antioxidants, botanicals, peptides & proteins, exfoliants, moisturizer, retinoids and others. Antioxidants consist of the largest market driven by the demand from the aging population.
Dependency on plant source, less energy requirement, and eco-friendly benefits makes the production of cosmeceutical more sustainable. The growing demand from men grooming segment is giving another big opportunity to the cosmeceutical market.
Key Players in the North American Cosmeceutical Market
The key players in the market are Procter and Gamble, Jhonson & Jhonson, L’oreal, Avon, Allergan and Croda International Plc. amongst others.