Nutricosmetics Market is Forecast to Grow at a CAGR of 8.0% by 2027
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A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global nutricosmetics market was worth USD 6.9 billion in the year 2020. The market is estimated to grow at a CAGR of 8.0%, earning revenue of around USD 11.7 billion by the end of 2027. The global nutricosmetics market is redefining the scenario of the beauty industry and taking it forward by providing consumers with edible solutions to beauty. The market is gaining significant traction due to the changing consumption patterns of consumers due to the availability of a wide range of nutricosmetics products. Nutricosmetics are gaining popularity due to increased health awareness and the increasing prevalence of skin issues, such as acne, inflammation, psoriasis, and hives. Additionally, the negative influence of pollution and other environmental factors on skin and hair is expected to drive the growth of the nutricosmetics market in the forecast period.
Increasing Geriatric Population Fueling the Global Nutricosmetics Market
The increasing geriatric population due to the declining death rate is one of the major driving factors for the market growth. Consumers are taking nutricosmetics to control aging signs and due to its various health benefits. Certain nutricosmetic supplements are very effective in slowing the aging process along with improving health and providing longer life. Collagen, curcumin, CoQ10, festin, and crocin are some of the most common ingredients used in anti-aging supplements. As a result, the anti-aging supplements are witnessing significant growth in their demand, in both developed and developing countries alike, boosting the overall market growth.
Growing Demand for Nutricosmetics for Personal Care Applications Drives the Market Growth
Based on applications, the global nutricosmetics market is segmented into personal care and healthcare. Personal care products account for the largest share of the market due to the growing aging population. Moreover, with consumers becoming more aware of skin health, the market is witnessing growing demand. Furthermore, the nutricosmetics segment is booming as hectic lifestyles become more prevalent. Nutricosmetics products can control signs of aging, brighten the skin, protect the skin from damage from the sun, increase skin firmness, and reduce cellulite. In addition, as consumers become increasingly aware of the health hazards of chemically-laden products, they are turning to nutricosmetics products, which is driving the overall market growth.
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Global Nutricosmetics Market - By Distribution Channel
Based on distribution channels, the global nutricosmetics market is segmented into modern trade, health & beauty stores, specialty stores, pharmacy stores, and e-commerce. Health and beauty stores account for the largest market share as they provide skin and hair care checkups and recommend nutricosmetics products based on the needs of the individual. However, due to the emergence of trusted platforms like Walmart, and Nykaa (India) that sell genuine skincare products, the e-commerce segment is expected to show the highest growth rate during the forecast period. Walmart, for example, introduced its Glow Habit line of nutricosmetics in 2019 with the aim of competing with leading nutricosmetic brands.
Global Nutricosmetics Market - Regional Insights
Geographically, the global nutricosmetics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these regions, Europe dominates the global nutricosmetics market. However, the Asia-Pacific region is estimated to witness robust growth during the forecast period owing to the growth in the online sales channels, increasing health awareness, high demand for beauty products among millennials, and a large aging population. The market is well established in countries like Japan and China. Japan holds the largest market share in the Asia Pacific region due to the regulatory system in Japan. The FOSHU (Food for Specified Health Uses) legislation is the most favorable for the development of the nutricosmetics market.
Impact of COVID-19 on Global Nutricosmetics Market
The global nutricosmetics market was negatively impacted during the initial phase of the COVID-19 pandemic. Consequently, the production activities and supply chain were restricted due to lockdown and staff shortages, halting the growth of the global nutricosmetics market. However, the market is expected to recover from this setback soon with the increasing penetration of online sales channels. Several reports conclude that skincare remained consumers’ priority even during the pandemic and thus, their spending on nutricosmetics increased, driving the overall global nutricosmetics market growth.
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Competitive Landscape
The leading players in the global nutricosmetics market are Lonza Group Ltd., Frutels LLC, Quest, GliSODin Skin Nutrients, Perricone MD, Frutarom Industries Ltd., Solgar Inc., Functionalab Inc., Nutrilo GmbH, Excelvite, GlaxoSmithKline plc, Martek, Biosciences Corporation, Ferrosan A/S, Groupe Danone, Laboratoire Oenobiol S.A.S, Sanofi-Aventis U.S., Croda International Plc., Pfizer Inc., Borna Inc., and other prominent players.
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