The Global Nutricosmetics market was valued at US$6.358 billion in 2019. Nutricosmetics refers to orally ingested nutritional supplements that are formulated and marketed specifically for beauty purposes. Consumers nowadays understand that the topical application of any cosmetic product and treatment can only deliver superficial results. As such, they are incorporating nutricosmetics into their routine in order to treat issues such as cellulite and acne from the inside. Rising average per capita income across many countries coupled with growing urbanization has provided a boost to the nutricosmetics market worldwide. With life expectancy continues to rise, the aging of the global population is further surging the sales of nutricosmetics. According to the World Bank Group, the population, aged 65 and above, reached 673,618,927 by 2018 from 523,666,170 in 2010. Furthermore, a gradual shift towards less invasive skin treatment procedures will further continue to bolster the growth of nutricosmetics market during the next five years. The rising number of beauty consumers is escalating the demand not only for topical creams and serums but also for supplements and powders in order to treat different skin and hair problems from inside-out. With consumers’ ever-growing pursuit of wellness, the demand for nutricosmetics is augmenting significantly for thicker hair, stronger nails, and various skin concerns such as acne and fine lines. Market players are also adding new products into their portfolio as per the need of different consumers across different regions. This is also fuelling the overall market growth of nutricosmetics. Rapidly growing online retail industry is further attracting new vendors to enter this market, thereby propelling the market growth.
Nutricosmetics market has been segmented on the basis of ingredients, product type, distribution channel, and geography. By ingredients, Nutricosmetics market has been segmented as carotenoids, collagen, omega 3 fatty acids, peptides, and others. On the basis of product type, the segmentation has been done as skincare, haircare, nails. The Nutricosmetics market has been also segmented by distribution channel as online and offline.
Skincare holds the major market share
By product type, skincare held the largest market share in 2019 and will remain at its position till the end of the forecast period. Increasing demand for effective anti-aging treatments among the mushrooming global aging population is spurring the demand for nutricosmetics with collagen as an ingredient. Growing concerns among people to look youthful is ramping up the sales of various nutricosmetics products to get better skin texture.
Rising online sales of nutricosmetics worldwide
By distribution channel, the online segment is projected to witness a substantial CAGR during the forecast period owing to the booming global e-commerce industry. Moreover, growing international trade of cosmetics and skincare products also offers customers to choose from various international brands that are easily available on online stores, thereby driving the market growth of Nutricosmetics across this segment. The growing popularity of online retailing is also attracting new entrants to launch their products on a global online platform to get a larger customer base, thus positively impacting the growth across this segment.
The Asia Pacific is the major nutricosmetics market
Geographically, the global nutricosmetics market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific accounted for the major market share in 2019 owing to the high demand and investments in APAC countries, especially Japan, China, and South Korea. Many ingredients used in nutricosmetics originate in Japan, for example, the trend of adding collagen to everyday food and drinks. The major reason for this dominance of Japan nutricosmetics industry is the country’s sophisticated legislation system- FOSHU (Food for Specific Health Use) - which governs the sale of many nutricosmetics products. The Japanese government provides the FOSHU seal of approval only after stringent quality standards check. These regulations specifically recognizing nutricosmetics has increased the confidence of consumers to use nutricosmetics, thereby driving the market growth. Furthermore, the increasing number of retailers interested in selling nutricosmetics in APAC countries also contributes to the market growth in this region. Increasing per capita income in APAC countries is putting consumers in a better position to afford nutricosmetics. Moreover, the booming e-commerce industry is also supporting the rising sales of nutricosmetics in the region, with many new companies selling their products via online distribution channels only. Europe also holds a decent share in the global nutricosmetics market throughout the forecast period on account of growing concerns with age-relates skin and hair problems in the country coupled with the easy availability of nutricosmetics across well-trusted pharmacy shops in the region.
Prominent key market players in the Nutricosmetics market include Shiseido Co., Ltd., VLCC Personal Care, Vemedia, MOON JUICE, The Beauty Chef, Vitabiotics Ltd., SugarBearHair, Amway Europe, Functionalab, The Nue Co, Martin Biotech Ltd, and BioCell Technology, LLC. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Nutricosmeticsmarket have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.