Nutracosmetic Market

Nutracosmetic Market Research, 2031

The global nutracosmetic market size was valued at $3.6 billion in 2021, and is projected to reach $7.8 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

The global coronavirus pandemic has created a number of challenges for exporters in developing and developed countries. Challenges witnessed by exporters of nutricosmetics products are expected to remain in the future as different states and governments around the world attempt to tackle COVID-19 with various measures.

Nutricosmetics popularity among the aging population is also witnessed as one of the key drivers of the global nutricosmetics market. Rapid growth in aging population base, coupled with increased awareness regarding health and wellness also fuel demand for nutricosmetics.

Nutricosmetics have become an indispensable feature of modern lifestyle of individuals. In addition, growth in consciousness about external beauty along with  internal intellect has become one of the major driving factors for use of nutricosmetics in the global market. Presently, along with women, rise in use of nutricosmetics by men in their daily routine propels growth of the global nutricosmetics market. Hence, change in lifestyles have led to growth of the global market. Moreover, nutricosmetics products are highly adopted by females as they desire to flaunt a healthy, glowing skin, thereby augmenting which propels the market growth. Furthermore, demand for herbal and natural skin nutricosmetics products is anticipated to increase at a substantial rate during the nutracosmetic market forecast period.

The number of social media users have increased considerably with rise in internet penetration. Taking this into consideration, stakeholders of nutricosmetics are indulged in creating awareness regarding their products and its benefits by using social media channels such as Instagram and Facebook. Moreover, social media is one of the strategies adopted by various manufactures on imparting awareness about their product offerings among target customers on social media channels. Thus, through social media awareness strategy, the global nutricosmetics is expected to gain various opportunities to increase customer reach among its target segments.

The nutricosmetics industry is segmented on the basis of ingredient, application demography, distribution channel, and region. By ingredient, the nutricosmetics market is divided into carotenoids, probiotics, vitamins, and others. By application, it is divided into skin care, hair care, and nail care. On the basis of demography, it is bifurcated into male and female. By distribution channel, it is divided into hypermarkets/supermarkets, specialty stores, pharmacies & drug stores, online sales channels, and others.  Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

By ingredient, the carotenoids segment constituted a major market share; however, the probiotics segment is projected to experience growth at the highest CAGR during the forecast period. Carotenoid use in nutricosmetics products has increased as it helps in smoothing deep wrinkles, mimic wrinkles, and others. Moreover, carotenoids also increase skin elasticity, firmness, and density. Furthermore, they regenerate and repair collagen and elastin fibers, which are damaged by UV radiation and it also helps in improvingskin thickness.

By application, the skin care segment led, in terms of share, and is expected to continue to grow with a robust CAGR during the forecast period. The rise in awareness regarding nutricosmetics skin care products is anticipated to fuel growth of the nutricosmetics market. Rise in standard of living in emerging markets and inclined preference toward beauty is expected to fuel the market further in the future.

On the basis of demographic, it is categorized into male and female. The female segment held a major share and is projected to remain dominant during the forecast period. This is attributed to change in the mindset, along with increase in level of literacy among urban as well as rural population, which, in turn, has provided scope for awareness on nutricosmetics products. Moreover, nutricosmetics products are highly adopted by females as they desire to flaunt a healthy, glowing skin, which propels growth of the market.

By distribution channel, the market is divided into hypermarkets/supermarkets, specialty stores, pharmacies & drug stores, online sales channels, and others. The hypermarkets/supermarkets segment accounted for the highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period. The increase in urbanization, rise in working class population, and competitive pricing boosts popularity of hypermarkets in developed and developing regions. Furthermore, these stores offer a variety of brands in a particular product category, offering more options for consumers to buy nutricosmetics products of their choice.

By region, Europe accounted for the highest nutracosmetic market share in 2021, and is expected to grow at a significant CAGR during the forecast period. The Europe nutricosmetics market is driven by innovations with new color pallets and skin specific treatments. In European countries, growing concerns about skin cancers and exposure to harmful rays have increased the use of nutricosmetics products. Increase in distribution of nutricosmetics product chains and broadening consumer demand for natural nutricosmetics are some additional factors that supplement growth of the Europe nutricosmetics market.

Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the nutracosmetic industry are include Amway Corporation, BASF SE., Blackmores Limited, GlaxoSmithKline PLC, Harbin Pharmaceutical Group Co., Ltd., Herbalife International of America, Inc., KORA Organics, Nutrova, Shiseido Company, Limited and Suntory Holdings Limited.

COVID-19 Impact Analysis

• COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
• The global coronavirus pandemic has created a number of challenges for exporters in developing and developed countries. Challenges witnessed by exporters of nutricosmetics products are expected to remain in the future as different states and governments around the world attempt to tackle COVID-19 with various measures.
• Implementation of curfew and practice of maintaining social distancing globally affect domestic as well as international production, which, in turn, hampers growth of the overall market.
• Import and export restrictions on goods and quarantine & lockdown measures imposed by governments are key challenges that exporters are facing during this pandemic.
• Delays and disruptions at country borders have impacted transportation and delivery of nutricosmetics products.
• Disruptions in sales can also be witnessed from the demand side. All businesses face temporary closures except essential products and services. This leads to lower sales of nutricosmetics.

 Nutracosmetic Market Report Highlights