Market Overview
Nutricosmetics promote the concept of beauty through a healthy body. These products are taken orally, either as pills or liquids. These products have active ingredients, which offer a vital link between the health and cosmetic properties of nutritional elements.
The Nutricosmetics Market is expected to grow at a CAGR of 9.35% during the forecasting period (2020-2027).
The growing demand from consumers for beauty from within products is one of the significant nutricosmetics market trends that will affect the market landscape. With the increased consumer awareness about the importance of protecting the skin from UV radiation and lowering the risk of skin cancer, there is a rise in the number of individuals focusing on the healthy appearance of the skin, hair, and nails. Rising consumer awareness regarding grooming and skin health coupled with busy lifestyle is having an impact on the growing skin care nutricosmetics segment.
Market Dynamics
Drivers
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Rising Geriatric Population
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Demand For Products With Natural Ingredients
Restraints
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High Testing and Labelling Standards
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COVID-19 Impact
Market Segmentation
Dietary supplements evolved as the most established and widely used mode of nutrient intake across the globe. These formulations are consumed as supplement to regular diets to ensure adequate nutritional supply to the body. The ease of ingestion and accurate supply of nutrients made dietary supplements as the preferred choice.
Along with these potential benefits, the early impact on the body caused by oral ingestion motivated the beauty industry towards development of supplements.
The global supplements market valued USD 4,231.60 million in 2019 and is estimated to reach USD 7,961.58 million by 2027, growing at a CAGR of 8.39% during 2020-2027.
Supplements are purported to offer a wide-range of benefits to the skin, such as softening lines and wrinkles, and improving elasticity and roughness. In addition, supplements have been studied for their effectiveness in improving difficult-to-treat skin problems, such as melasma.
Supplements contain nutrients (peptides, vitamins, minerals, proteins, carotenes, and omega-3 fatty acids) derived from food products, and are concentrated in pills, powders, gels and other forms.
Recent study on nutricosmetic supplements reported significant reduction in eye wrinkle depth among individuals taking supplement containing collagen peptides. Study participants also showed improvement in their skin’s collagen and elastin after eight weeks of taking the supplements.
Geographical Analysis
Growing acceptance of nutricosmetics products especially the herbal supplements in the U.S. is identified as the highest impact rendering driver for this region.
The nutricosmetics market in North America valued USD 563.07 million in 2019 and is estimated to reach USD 938.24 million in 2027, by growing at a CAGR of 6.70% during 2020-2027.
In the United States, nutricosmetics products are classified as dietary supplements, and the FDA does not provide clear legal definitions. Consequently, the US nutricosmetics industry is still in its adolescence. The consumers in the U.S., however, dislike consuming ingestible cosmetic products. Food and beverage manufacturers therefore consider nutricosmetics as a good opportunity to enter the nutricosmetics market with their fortified food products which provide similar advantages as nutricosmetics. Also, the consumers in U.S hesitate to take oral beauty products due to which the market in U.S is small.
Anti-ageing products are now used preventatively from an early age especially amongst white Americans. In the United States 57% of Millennials and 68 % of Generation X use anti-ageing products daily. Demand is much lower for the ethnic population of the United States as a result of their skin type. Hair products represent a large part of the beauty products market for the ethnic population of the United States, since these products play a role in an individual’s identity.
Competitive Landscape
Supplements segment has been witnessing several new entrants and product designs in the market. Companies such as Gelita AG, Functionalab, Herbalife Nutrition, Amway and Lucas Meyer Cosmetics are some of the leading players in the market. However, functional food & beverages segment is consolidated as this segment is restricted by regulatory landscape.
For instance, the nutricosmetics sales in Europe is largely dominated by four companies – Vitabiotics Ltd., Robis S.L., Compendium GMBH, Biohealth International GMBH,. These companies represent every unit sold in the region.
In the U.S, consumers show interest in dietary supplements rather than dietary supplements for nutricosmetics. On the other hand, consumers of APAC region show large interest in nutricosmetics due to growing ageing population in countries like Japan. Hence, the existing players of dietary supplements will try to add nutricosmetics into their product portfolio which provides huge opportunity for the growth of nutricosmetics market.
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