Nutracosmetic Market Expected to Reach $7.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nutracosmetic Market," The nutracosmetic market size was valued at $3.6 billion in 2021, and is estimated to reach $7.8 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031. Nutricosmetics evolve from a combination of products for nutrition and personal care that helps in rejuvenation and protection of body. They are used to treat skin, hair, nail, and weight management problems. These products are formulated for hair growth and help in reduce hair thinning and encourage hair volume. Available nutricosmetics for nails help to strengthen nails and prevent breakage of nails. These products are consumed in both supplement and liquid form.
Convergence of advancements, beauty, and lifestyle propels growth of the nutricosmetics market. Moreover, the nutricosmetics market has witnessed continuous and sustained growth over the years, owing to rise in beauty-conscious female population. Several other factors such as increase in female labor force, rise in awareness regarding maintaining prolonged beauty, and change in lifestyle have significantly contributed toward growth of the nutricosmetics market. Furthermore, demand for herbal and natural skin nutricosmetics products is anticipated to increase at a substantial rate during the nutracosmetic market forecast period Hence, rise in awareness regarding fashion and natural skin products significantly propels nutracosmetic market growth.
Manufacturers are changing their product branding and advertising strategies to accelerate their sales across various countries. Innovative strategies such as new product launches with natural ingredients, regular nutricosmetics products, and innovative packaging have been adopted by manufacturing companies to increase sales of nutricosmetics products. As nutricosmetics have become an integral part of lives, consumers, especially women, prefer to use products, which are handy and easy to use while travelling or attending social meetings. Use of natural ingredients for manufacturing nutricosmetics products, which does not have any adverse effect on skin is a popular strategy of manufacturers to attract more customers. This also helps in increasing revenue of companies operating in this industry. Collectively, all these strategies adopted by manufacturers drive the global nutracosmetic industry.
The market in the Asia-Pacific offers lucrative nutracosmetic market opportunities for operating players, owing to presence of countries such as India, China, Australia, and New Zealand. Increase in adoption of western lifestyle, surge in population, and rise in disposable income of consumers majorly are the major nutracosmetic market trends. Moreover, increase in awareness regarding nutricosmetics products and its associated benefits have further augmented growth of the market. Developing regions offer potential growth opportunities to the market players for launching innovative nutricosmetics products. Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities, owing to increase in awareness regarding nutricosmetics products and its benefits.

The market in Asia-Pacific offers lucrative growth opportunities for operating players, owing to presence of countries such as India, China, Australia, and New Zealand. Increase in adoption of western lifestyle, surge in population, and rise in disposable income of consumers majorly drive growth of the nutricosmetics market. Moreover, increase in awareness regarding nutricosmetics products and its associated benefits have further led to growth of the market. Developing regions offer potential growth opportunities to market players for launching innovative nutricosmetics products. Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities, owing to increase in awareness regarding nutricosmetics products and its benefits.

KEY FINDINGS OF THE STUDY
•    By ingredient,  the carotenoids segment constituted a major nutracosmetic market share in 2021. However, the probiotics segment is projected to experience growth at the highest CAGR during the forecast period. 
•    By application, the skin care segment lead in terms of market share in 2021, and is expected to continue to grow with robust CAGR during the forecast period.
•    On the basis of demography, the female segment held a major share in the market in 2021, and is projected to remain dominant during the forecast period. This is attributed to change in the mindset of individuals, 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. 
•    By distribution channel, the hypermarkets/supermarkets accounted for the highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period.
•    By region, Europe accounted for the highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period. 

Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the nutracosmetic market analysis are 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.