Nutricosmetics Market By On the basis of Ingredient (Carotenoids, Vitamins, Omega 3 Fatty Acids); On the basis of Application {(Personal Care (Skin Care, Skin Care, Hair Care), Health Care)};By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Nutricosmetics Market Overview and Definition
The global nutricosmetics market size is to grow to USD 17.2 billion by 2032 at a CAGR of 9% from the early figures of USD 7.5 billion in 2022. Nutricosmetics results from the intersection of cosmeceuticals and nutraceuticals, characterized as oral supplementation of nutrients formulated and explicitly marketed for beauty purposes. Their consumption is fueled by increased health and beauty awareness. The nutricosmetics market is projected to grow with the key manufacturers investing in the development of improved products.Globally the nutricosmetics market is anticipated to grow significantly during the coming years. In the health management sector and overall beauty, nutricosmetics find applications. They are regarded as a convenient solution and support for beauty enhancement without negatively affecting the user's health.
Nutricosmetics Market Key Highlights
- In 2020, the sales of nutricosmetics had dipped; however, the long-term outlook of the market remains good.
- Sales through online channels increased in 2020 however, the brick-and-mortar store remains the preferred sales channel for nutricosmetics.
Nutricosmetics Market Drivers
The demand for nutraceutical-based cosmetic products is increasing, which includes nutricosmetics and is a major factor that drives the global nutricosmetics market. It is gaining popularity among customers due to health and beauty benefits. The major restraints for the global nutricosmetics market are the stringent regulations. The largest geographical segment in the market is Europe, followed by the Asia Pacific and North America. The major application for nutricosmetics is skincare products.
The large base of elderly population in developed Western European countries and the presence of high market penetration rates of such products in the region are some of the factors contributing to its largest market share in Europe. The Asia Pacific market also holds a significant share of the overall market on account of the high usage of these products in Japan. On the other hand, the nutricosmetics market in North America is expected to grow at the fastest rate in the coming years. This is due to the growing acceptance of nutricosmetics products, especially the herbal supplements in the United States, identified as the highest impact rendering driver in North America.
In the market, 'Clean Label' is gaining traction due to healthy aging trends worldwide. Antioxidants are present in carotenoids, co-enzymes, and flavonoids to hydrate the skin, reduce acne, dark circles, and skin wrinkles. Nutricosmetics, which are based on collagen, have stormed the retail shelf space in the recent past due to consumers' fair knowledge about their functionality, including anti-aging, revitalizing hair, skin elasticity, and hydration of the skin. Vitamin B3 or Niacinamide is an ingredient that helps prevent hyperpigmentation, heal acne, and improve skin tone. It is used to hydrate the top layer of the skin. Also, Vitamin B3 decreases topical inflammation and radical damage to sun exposure.
Nutricosmetics Market Key Regional Insights
One of the leading markets for the Nutricosmetics is North America, and it is expected to cover nearly 1/5th of the global nutricosmetics market by the end of 2030. The regular consumer in the region still prefers using topical cosmetics, and there is a significant shift in the perception of nutricosmetics. This is likely to reflect in terms of market value in the next decade. Due to changing perceptions towards healthier alternatives to beauty and wellness, substantial growth is projected.
The European market is seeing an upward trend due to changing lifestyles of the customers in this region. The growth is expected to continue over the coming years as people adapt to the new way of personal care and beauty enhancements using nutricosmetics. The European region is expected to see incremental growth in the premium segment in the nutricosmetics market. Moreover, multifunctional products offer skincare, nails and hair maintenance, and other properties.
In East Asia, nutricosmetics have been an integral part of beauty rituals for centuries, and this region is projected to witness the highest growth in the coming years. There are many new products launches that remain a key factor to drive growth in this region and the availability of the products to the common people.
Nutricosmetics Market Key Market Players
The following are the key market players:
- BASF
- Solgar Inc.
- Nutrilo GmbH
- Lonza Group LLC
- Husumer Mineralbrunnen GmbH
- Martek Biosciences Corporation
- Functionalab
- Suntory
- Pfizer
- Herbalife
- Beiersdorf
- Amway
Nutricosmetics Market Segmentation
On the basis of Ingredient
- Carotenoids
- Vitamins
- Omega 3 Fatty Acids
- Others
On the basis of Application
- Personal Care
- Skin Care
- Hair Care
- Others
- Health Care
- Digestive Health
- Heart Health
- Weight Management
- Others
On the basis of Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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- Publication date: 19th January 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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