The Global "Food-Based Cosmetics Market" is estimated to reach at a high CAGR during the forecast period (2022-2029).
Cosmetic products derived from all-natural food-based ingredients are referred to as food-based cosmetics. The range of food-based ingredients includes fruits, vegetables, nuts, milk, and many others. Food products have always been active in cosmetic preparations owing to their nutritious content. The detoxifying properties of these staple foods increased their adoption as an active ingredient in the cosmetics industry. The global food-based cosmetics market is valued at USD XX million in 2022 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Growing demand for food-based cosmetics, owing to its health benefits
The potential health benefits of healthy food on the skin are the primary factor driving the adoption of food products in cosmetic formulations. Consumers across the globe have an interesting perception that healthy food is also good for their beauty. Scientific evidence related to the detoxifying effect of fruits and vegetables is motivating their use as beauty aids, thus driving the growth of the food-based cosmetics market. The rising awareness towards long-term issues associated with the use of chemical-filled cosmetics is also motivating the consumer shift towards food-based beauty products. Furthermore, the growing production of plant-based raw materials for cosmetics is boosting the market growth. For instance, Roquette Frères, a leading supplier of ingredients to the beauty and personal care industry introduced a new product line of high-performance plant-based ingredients for the cosmetics industry to cater to the growing demand for food-based cosmetics. An aging population, rising pollution, and rising living standards are the other factors responsible for the growth of the food-based cosmetics market. Fruits such as grapes, blueberries, apples, and pomegranates are increasingly in the interest of the older population owing to their anti-aging properties and thus increasing their use potential in cosmetics. However, concerns related to the safety of raw materials procured are the key factor hindering the growth of the food-based cosmetics market. The use of fruits and vegetables that are grown in inorganic farming practices causes severe toxicity in the products.
Skincare evolved as the largest category of food-based cosmetics
The global food-based cosmetics market has been segmented by product type into skincare, hair care, color cosmetics, and others. Skincare evolved as the largest category of food-based cosmetics market owing to high consumer demand for eye creams and moisturizers derived from fruits and vegetables. The evolution of mushroom-based anti-aging creams, avocado-based lip balms, fruit-based cleansers are supporting the segment growth. Recently, owing to the growing demands for natural products and growing health consciousness among customers, coconut oil is witnessing increased utilization in the cosmetic industry, with an even special focus on the usage of virgin coconut oil (VCO).
The Asia Pacific is expected to dominate the global food-based cosmetics market during the forecast period
The Asia Pacific evolved as the largest market for food-based cosmetics owing to the well-established market for cosmetic products and demand for natural products in countries such as China, India, South Korea, and Singapore. According to the investor presentation 2018 of L'Oréal S.A., the Asia Pacific region accounted for a share of 55% in the global skincare market. Ruby Organics is Indian’s first vegan makeup brand. They use only natural and organically sourced ingredients. Soul Tree is the first Indian brand to provide European certified natural products and makeup. All their products use organic and naturally sourced ingredients with Ayurvedic recipes. Their lip-glosses come in Indian-skin-friendly hues and are lightweight and non-sticky.
The global food-based cosmetics market has marked its infancy during the early years of the century when companies such as Yes To and Intelligent Nutrients launched their food-based cosmetic formulations. Since then, the market has been witnessing the launch of novel formulations. For instance, in June 2019, AU NATURAL SKINFOOD, Dr. Au Superfruit Eye Serum in New Zealand to cater the growing demand for anti-aging cosmetics in the domestic market. In December 2018, European beauty products manufacturer Weleda expanded its existing line of skin food cream by the launch of three formulations. The newly launched products include food-based body butter, lip balm and a skincare cream. These product launches are indicating the widening spectrum of food-based cosmetics products. With the ongoing developments and surging demand for organic products, the food-based cosmetics market is estimated to grow at a lucrative growth rate in the near future. The changing regulations and legalization of cannabis-derived products is likely to affect the market. Some of the key players in the market are YESTO, INC, Intelligent Nutrients, Inc., 100% PURE, SkinFood, and Ren Skincare.
COVID-19 Impact: Positive impact on the food-based cosmetics market
The global spread of covid-19 caused a halt in consumer purchases and business activities. As the pandemic led to lockdowns, resulting in less exposure of people to the world outside the houses, resulted in reduced need for cosmetics. The shut of specialty beauty stores, which gave consumers the option to test products on board, further resulted in decline of sales. The supply chain of the cosmetics industry has taken a massive hit due to the lockdown that is likely to leave a lasting impact. This has led to consumer reliance on cosmetics being drastically reduced. For example, In China, according to the McKinsey report, the cosmetic industry declined up to 80% in February, and in March, a 20% decline was seen on a year-on-year basis. Moreover, retail sales are down due to lockdown, the online purchase of cosmetic products have seen a swift increase, still, the revenue is not much or high customer traffic that will bridge the gap instigated by negligible offline purchasing. Even the online sales were hit due to increased prices of the makeup products. Leading companies like Amorepacific, reported losses for first quarter due to the outbreak of a pandemic, with sales taking a dip of 22% while Shiseido Company reported a drop in net sales of 15.8%. Furthermore, some other associated impacts of coronavirus include the temporary closure of salons because of the lockdown imposed by governments across the globe.
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