The Global Nutricosmetics Market was valued at US$ 5.00 billion in 2016, according to a new report published by Coherent Market Insights. Nutricosmetics are nutritional supplements that are required by the body skin health and personal grooming. These are mainly of two forms liquid or solid which are taken orally. However, inadequate intake of vitamins, carotenes, omega-3 fatty acids and others in the diet may led to certain deficiency and hair, nail, skin defects, aging of skin and wrinkle formation. Europe dominated the global nutricosmetics market during the last three years and is expected to retain its dominance in the market throughout the forecast period, due to growing consumer awareness for beauty solutions coupled with increasing awareness for skin aging and wrinkle formation.
Omega-3 fatty acids is projected to be the fastest growing product segment and expected to grow at a CAGR of 11.75% in terms of revenue during the forecast period. Moreover, the growing retail sector across the region is also expected to boost the market for nutricosmetics from 2017 to 2025 due to its high availability in super-markets, retail stores and pharmacies. For instance, according to India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the retail market in India is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to income growth, urbanization, and attitudinal shifts. The growing application industry such as skin care, hair care, oral care, sun protection and others is propelling the market for nutricosmetics during the forecast period.
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These products of nutricosmetics which are taken orally as liquids or pill is expected to gain traction among the busy lifestyles and the growing urban population during the forecast period. The nutricosmetics market is expected to be highly driven by the cosmetics market which is expected to exhibit a CAGR of 5.2% in terms of revenue during 2017-2025 and is expected to retain the trend during the forecast period. Whereas, vitamin is the largest product segment, accounting for over 56.6% share of the global nutricosmetics market in 2016 and is expected to remain dominated during the forecast period.
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Key takeaways of the market:
- Europe is projected to be the lucrative region in global nutricosmetics market. It accounted for around 34.12% of overall nutricosmetics market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end use industries in Germany, U.K., France and other countries. The growing consumer awareness towards prevention of pre-mature skin aging and hair loss are some of the key drivers for the growth of nutricosmetics in the Europe.
- The market in North America is expected to register a significant growth rate over the forecast period. Rise in popularity of ready to drink nutricosmetics beverages, preference for effective and safe beauty solutions boosts the sales of cosmetics supplements are expected to create lucrative growth opportunities for the players in this region.
- Vitamins is dominating the market for product segments in the global nutricosmetics market during the projected period.
- Frutarom Ltd, Lucas Meyer Cosmetics S.A.S., Sanofi-Aventis U.S. LLC, Croda International Plc, and Pfizer Inc, Functionalab Inc. are few of the key players in global nutricosmetics
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.
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