The North America Nutricosmetics Market is anticipated to witness a CAGR of 8.85% during the forecast period (2020-2025).
- Increasing healthcare costs, obesity, aging population, and chronic health conditions, are key factors driving the sales of nutricosmetics products.
- The shift of consumers to healthier consumption habits like veganism and more preference for organic foods is promoting the use of naturally-developed nutricosmetics in the region.
- However, American consumers are generally less health-conscious than their counterparts from other developed countries. Thus, due to the lack of sales through streamlined distribution channels like pharmacies, many companies have witnessed minimal success in the market and have reconsidered the existence of their products.
Key Market Trends
Herbal Supplements are expected to Foster the Growth of the Market
Among the ingredients used in nutricosmetics, antioxidants are the most crucial ones. As free-radical scavengers, they prevent the oxidation of cell compounds, which is generally considered one of the main mechanisms of premature aging. The best-known antioxidants are carotenoids (beta-carotene, lycopene, lutein, zeaxanthin, and astaxanthin) and polyphenols (anthocyanidins, catechins, flavonoids, tannins, and procyanidins, such as Pycnogenol). Its sources include tomatoes, fungi, algae, tea leaves, grape seed, citrus fruits, and berries. The incorporation of antioxidants in herbally-produced supplements is the demand of the region and therefore, several manufacturers are trying to develop herbal solutions for various issues.
The Demand for Fortified Foods is Rising
Fortified and functional foods are becoming more popular among health-conscious consumers, leading to the higher uptake of carotenoids among major food companies. Carotenoids are known to have many antioxidant properties. Many nutricosmetic manufacturers use natural ingredients, such as fruit extracts and PUFA, which when ingested, can enhance the appearance of skin, nails, and hair. Among all the ingestible and topical combination products within the industry, beauty drinks are proving to be a highly palatable option. The major reasons for the increased demand for beauty drinks include increasing prevalence of lifestyle diseases and people consciously taking preventive healthcare measures. In addition, the market for beauty drinks is predominantly driven by the standard consumer shift toward preventive skincare, with the increasing aging population in the developed countries of the region.
In the United States, consumers dislike consuming ingestible products from cosmetic brands. Therefore, food and beverage manufacturers consider nutricosmetics to be a good opportunity to enter the nutricosmetics market with their fortified food products that provide similar benefits like nutricosmetics. The Canadian market is driven by increasing demand for health and beauty products like supplements and drinks among the aging population and young adults. Hence, the manufacturers have a great platform to exhibit their research and innovation and come up with unique remedies to cater to the fueling demand of the nutricosmetic market.
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