Nutricosmetics Market

Nutricosmetics Market Outlook & Key Findings

• Nutricosmetics market is expected to rise at 7% CAGR in 2020, however, due to the COVID-19 outbreak consumption has declined in major markets of Europe and the U.S.
• The rising consumption of nutritional supplements is driving the nutricosmetics market
• The demand for anti-aging products is rising in response to the increasing aging population in major countries of East Asia.  
• North America and Europe nutricosmetics markets are quite popular for cosmetics innovation and consumer-oriented products.
• High testing and labelling standard remains a key factor, as brands tussle to maintain their growth rate over the forecast period

Nutricosmetics Market Analysis: Demand for Healthy Skin, Hair and Nail Fuels Demand

Nutricosmetics supplement helps in maintaining healthy skin, hair, and nail. Dietary supplement and oral nutritional supplements are currently witnessing a stably rising demand, as buyers’ preference for health and nutritional supplement has risen due to the ongoing COVID-19 crisis. The major factor encouraging the growth of the nutricosmetics market is the rising concern of aging, other skincare issues and hair related problems.

Thus, companies operating in the market are considerably focusing on meeting the needs of women to reduce their premature skin aging problems. The increasing awareness of consumers about the benefits of nutricosmetics in solving problems related to aging, wrinkles, and hair issues, without any possible side effects is enabling growth in the market. Despite growth opportunities, the market has slowed down due to the outbreak of COVID-19.

Nutricosmetics Market to Witness Entry of Local Players

Some of the key players operating in the market are BASF SE, Functionalab Group, Herbalife Nutrition Ltd., and Frutarom Industries Ltd. Although aspiring nutricosmetics brands have leaped up all across the globe, major manufacturers’ players are either US-based or European-based.

The nutricosmetics market is expanding as players focus on product launches. Consumers are getting more conscious about their skin and thus opting for beauty supplements derived from natural sources. Market players are including innovative products in their portfolio to woo consumers. This will in turn enable growth in the market.

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Diverse Uses and Benefits of Nutricosmetics to Fuel Their Demand

Various types of products are available in the nutricosmetics market. These include sunscreens, anti-aging, skin allergy, and skin brightening products. These products are rich in Omega-3 and vitamins which is one of the key factors increasing their demand. Furthermore, increasing awareness among consumers about adverse effects of artificial counterparts has contributed to a rise in demand for nutricosmetics.

The supplement used in skincare products are a combination of different ingredients such as vitamins C and E, proanthocyanidins, and other ingredients, which help in giving protection against sunburn and other skin problems. Therefore these ingredients are gaining popularity among manufacturers to develop supplements based personal care products.

Nutricosmetics Consumption Pattern: Natural Ingredients Stimulating the Growth  

Major ingredients used in nutricosmetics are Lycopene, Vitamin C, Collagen, and many other natural ingredients. Antioxidants are one of the key ingredients found mainly in vegetables, fruits, tea, and other pluses. Nutricosmetics therefore offer several benefits, which is a key reason behind the rising demand witnessed in the market. Consumers are using these natural supplements to fight against various skin related problems. Increasing preference for natural ingredients such as, collagen, lycopene, and others will bode well for the market.

Nutricosmetics Sales: Pharmacies and Online Retailers Emerge as Major Sales Channels

Sales of nutricosmetics supplement and dietary supplements are generally happen through pharmacies and specialty stores. The sales of nutricosmetics supplement is rising with the increasing number of hypermarkets and rising supermarkets. Besides this, the market is likely to witness increasing sales in convenience stores as well. While the COVID-19 outbreak may have hindered sales opportunities, increasing online sales are helping the business to stay afloat amidst crisis. However, the major challenge for online retailers is to meet the product range and pricing of specialty and drug stores.

High Testing and Labelling Standards: One of the Key Challenges for Nutricosmetics Market

The nutricosmetics market deals with skincare products, which need to go through various levels of approval before they reach the market. These products need to be tested before they enter the market, as any side effect can cause serious damage to consumers as well as brand reputations. It is therefore necessary for producers to adhere to strict guidelines.

Nutricosmetics is tested by authorities such as the Federal Food, Drug, and Cosmetic Act (FD&C Act), European Commission, and the Fair Packaging and Labeling Act (FPLA). .

As nutricosmetics are often produced using new ingredients, they are mandated to undergo various trials and seek approval from various national and international authorities before reaching the final market. This slows the

Nutricosmetics: Region-wise Analysis

The U.S. and Europe will continue to dominate the market for nutricosmetics. The US nutricosmetics market is consistently showing positive growth, and it is expected to grow at nearly 5% in 2020. Europe and the U.S. are nearly contributing two-third of the overall revenue generated in the nutricosmetics market.

Other emerging markets for nutricosmetics such as India and China are showing significant sales opportunities for nutricosmetics products. Besides rising awareness about benefits of nutricosmetics, willingness among consumers to spend on organic beauty products will aid the expansion of the market in Asia Pacific.

Leading Suppliers in Nutricosmetics Market

The nutricosmetics market is witnessing the entry of various local players. Some of the major players operating in the nutricosmetics market are,

Americas

• Herbalife International, Inc.
• General Nutrition Centers, Inc.
• Beiersdorf AG
• Functionlab Inc.,
• Unipharm Inc.

Europe

• Vitabiotics Ltd.
• Robis S.L.,
• Compendium GMBH
• Biohealth International GMBH
• Dronania Pharmaceuticals GMBH

Asia Pacific

• Shiseido Co. Ltd.
• Pola Orbis Holdings Inc.
• ExcelVite Sdn. Bhd
• LycoRed Ltd.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report

Nutricosmetics: The Road Ahead

The opportunities for the nutricosmetics market remain massive, as demand from younger generation is forecast to rise. Excessive pollution and exposure to sunlight are causing various skin-related problems, compelling people to look for skin care products containing naturally derived ingredients. Spurred by this, the demand for nutricosmetics is poised to surge in the coming years.

East Asia would remain at the driver’s seat in the nutricosmetics market, with the skincare segment expected to hold a dominant position. Besides this, increasing research and development initiatives undertaken by the market players will enable growth in the near future.

The nutricosmetics market is driven by various factors. However, despite positive growth forecasts, the availability of substitutes and high testing standards may restrain the market to an extent. Furthermore, impact of growth drivers and restraints will impact the market in varying degree across key segments. For instance, as represented in the chart below, the increasing demand for liquid and powder form will result in drop in the tablets segment by 260 bps points between 2020 and 2030.