Nutricosmetics are currently in high demand among young generation. In the coming years however the demand among aging population is poised to surge as well due to growing popularity for anti-aging products. The nutricosmetics market has evolved over the years and is now attracting an increasing customer base. With leading players improving their product testing and labelling processes at the behest of various government initiatives, the market is likely to entertain more consumers in the near future. Recent studies suggest that the nutricosmetics market will witness impressive growth in the coming years.
Key Takeaways from the Nutricosmetics Market Study
- Greater opportunity for companies to focus on research and development of new product and improving quality of existing products.
- East Asia is expected to expand at a higher CAGR in the global nutricosmetics market owing to the presence of a considerably large population, which represents a fairly large demography for the market players to impress.
- Among sales channel, online sales is expected to witness surging demand in the coming years. Availability of multiple brands across online platforms and convenience of shopping offered by ecommerce will bolster traffic in this sales channel.
Consumers are increasingly opting for skincare supplements as they cater to various skin problems. The rising awareness about health benefits achieved through herbal supplements will spur growth witnessed in the market in the coming years. In Europe the demand for anti-aging products is significantly high, which will in turn bode well for the market.
“Prominent players in the global nutricosmetics market are focusing on innovative and including natural and organic ingredients in their products. Through this they aim at expanding their consumer base while gaining competitive edge,” said an FMI analyst.
Covid-19 Impact & 2020 Nutricosmetics Market Analysis
For More Detailed Insights on Nutricosmetics Market
With the current scenario of COVID-19, industries are finding it hard to keep their manufacturing units functioning. Prolonged period of lockdown is not only hampering the manufacturing sector but hindering sourcing of raw materials. Sales through traditional channels as well have considerably declined. While continued online sales provide some relief to manufacturers, growth in the nutricosmetics market in the post COVID-19 period is likely to remain stunted for some time.
Who is winning?
Some of the major players operating in the nutricosmetics market are BASF SE, ExcelVite Sdn. Bhd, Frutarom Industries Ltd, Frutels LLC, Functionalab, GliSODin Skin Nutrients, BORBA LLC, LycoRed Ltd., Herbalife Nutrition Ltd., Nestle SA, New Avon Co., Pfizer Inc., Pola Orbis Holdings Inc., Vitabiotics Ltd., Unipharm Inc., Shiseido Co. Ltd., among other.
Several nutricosmetics companies are spending on innovation, expanding their geographic presence, and entering into strategic partnership with online companies such as ebay, Amazon, and other companies. This will allow companies to increase their brand awareness and also gain competitive advantage.
Get Valuable Insights into Nutricosmetics Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global nutricosmetics market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the nutricosmetics market based on the form type (powder, liquid, capsules, tablets), active ingredients (carotenoids, vitamins, Omega-3, collagen, and others), sales channel (wholesalers/distributors, online retailers, hypermarkets/supermarkets, pharmacy stores, specialty stores, convenience stores, and other sales channel), application (skin care, hair care, and nail care), across six major regions.
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