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The global nutricosmetics market size is anticipated to exhibit prominent growth during the forecast years, owing to increasing consumer awareness about the goodness of nutricosmetics products, coupled with a higher inclination of consumers towards orally consumable natural health products. Rising awareness about ‘beauty from within’ concept is further fueling the growth of global market.
Key companies operating in the global nutricosmetics market are focusing on the launch of innovative products to increase their clientele base and maintain their market prominence. Beiersdorf AG (Germany), BASF SE (Germany), and Amway (U.S.) are some of the key companies performing in the global market.
Nutricosmetics are specialized products that are designed to aid health and beauty. Nutricosmetics are prepared with the incorporation of nutraceutical ingredients and have the potential to improve overall health. Orally deliverable nutricosmetics are gaining significant attention from consumers due to their efficacy to boost the overall skin or hair health by providing nutrition from inside.
Increasing demand for nutritional and functional health benefitting products is expected to contribute to aid the market growth. The rapidly increasing elderly population who seek cosmetic assistance, coupled with increasing beauty consciousness especially among the urban population is projected to contribute significantly in boosting the global nutricosmetics market growth during the forecast years.
Key Market Driver -
Key Market Driver – Increasing demand for beauty and health supplements is expected to propel the market growth
Key Market Restraint -
Key Market Restraint – Low awareness about the product and its benefits is expected to hinder the market growth
According to the United Nations, the global population aged 80 years or above is anticipated to grow by more than threefold during 2017 and 2050 and is estimated to reach 425 million by the end of 2050. Rising efforts by market players to develop innovative products and adoption of exotic marketing strategies by them is further projected to help the global nutricosmetics market grow crucially in the forthcoming years.
Stringent regulations on the use of ingredients in orally consumed products due to safety concerns is projected to act as a restraining factor for the growth of the global nutricosmetics industry. Furthermore, lower awareness regarding the benefit of nutricosmetics especially among the rural global population is expected to restrict market growth.
Some of the major companies that are present in the global nutricosmetics market are BASF SE (Germany), Beiersdorf AG (Germany), Amway (U.S.), Pfizer Inc. (U.S.), Suntory (Japan), Lonza Group AG (Switzerland), Shiseido Company Limited (Japan), Lucas Meyer Cosmetics S.A.S. (France), Borba Inc. (U.S.), and Herbalife Nutrition (U.S.).
On the basis of product type, the nutricosmetics market has been segmented into carotenoids, vitamins, Omega 3 fatty acids, and others. Carotenoids segment is expected to hold a crucial market share in the global market owing to their antioxidant properties that is beneficial for hair, skin and overall health. Beta-carotene, lutein, lycopene, and astaxanthin are some of the major carotenoids use for industrial applications.
On the basis of application, the global nutricosmetics market has been segmented into skincare, haircare, personal care, weight management, and others. Skincare segment is projected to dominate the global nutricosmetics market, due to increasing elderly population and increasing issues of skin sagging, aging, and others. Rising consumer interest in skin brightening and tightening products, sun protection products, and cellulite reduction products is further anticipated to aid the segment’s growth during the forecast period.
Europe currently enjoys the major nutricosmetics market share and is expected to continue its dominance during the forecast years, owing to higher penetration of nutricosmetics products in the European market, along with rising product launches in prominent countries of the region. The rising elderly population in Europe is another prominent reason which is expected to boost the nutricosmetic market of the region.
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Asia Pacific is expected to hold a significant market share in the nutricosmetics market due to increasing recognition and adoption of the product in emerging economies of the region, such as India, China, and Japan. Increased consumer inclination towards personal grooming, coupled with their escalated per capita income is further projected to fuel the growth of Asia Pacific nutricosmetics market during the forthcoming years.
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