Nutracosmetic Market to Reach $7.8 Bn, Globally, by 2031 at 7.7% CAGR: Allied Market Research

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Jul 25, 2022, 09:20 ET

PORTLAND, Ore., July 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled,'Nutracosmetic Market by By Ingredient (Carotenoids, Probiotics, Vitamins, Others), by Application (Skin Care, Hair Care, Nail Care), by Demographic (Male, Female), by Distribution Channel (Hypermarket and Supermarket, Specialty Stores, Pharmacies and Drug Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global nutracosmetic industry generated $3.6 billion in 2021, and is estimated to reach $7.8 billion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.

Drivers and Opportunities

Increase in consciousness about external beauty, demand for herbal and natural skin nutricosmetic products, and high adoption by male in their daily routines drive the growth of the global nutricosmetic market. Moreover, rise in awareness regarding these products and its benefits through social media channels and the endeavor to keep healthy and youthful skin present opportunities in the coming years.

Covid-19 Scenario

Production activities of nutricosmetics products stopped completely or partially due to lockdown restrictions, unavailability of workforce, and supply chain disruptions. This led to reduced production volumes of nutracosmetics.
Owing to closure of distribution channels such as hypermarket and supermarket, specialty stores, and others during the lockdown, the sales volume also decreased considerably in 2020. This resulted to decline the overall revenue. However, the demand is estimated to recover post-pandemic and the market will recover steadily.

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The skin care segment to maintain its leadership status during the forecast period

Based on application, the skin care segment held the highest market share in 2021, contributing to more than half of the global nutricosmetic market, and is projected to maintain its leadership status during the forecast period. This is due toemergence of ingredients for healthy skins such as lycopene and pycnogenol, increase in sales of skin care products that contain omega-3 fatty acids, vitamin D, and vitamin A, and continuous innovation in ingredients, product form, and packaging materials. However, the nail care segment is estimated to manifest the largest CAGR of 8.9% from 2022 to 2031, owing torise in popularity of nail care nutricosmetics among both young and aging population and surge in awareness regarding the nail care products.

The female segment to maintain its lead position throughout the forecast period

Based on demographic,the female segment contributed the highest market share in 2021, accounting for nearly four-fifths of the global nutracosmetic market, and is expected to maintain its lead position throughout the forecast period. This is attributed toincrease in awareness about the benefits of nutricosmetics products among female population and rise in adoption to flaunt a healthy and glowing skin. However, the male segment is expected to witness the highest CAGR of 8.8% from 2022 to 2031, owing towide availability of nutricosmetics products such as lotions, creams, serum, and others for men and rise in consciousness about personal well-being and appearance.

Europe to maintain its dominance in terms of revenue by 2031

Based on region, Europeaccounted for the highest market share in terms of revenue in 2021, holding nearly two-fifths of the global nutracosmetic market, and is expected to maintain its dominance in terms of revenue by 2031. This is attributed to innovations with new color pallets and skin specific treatments, rise in concerns about skin cancers and exposure to harmful rays, and increase in distribution of nutricosmetics product chains. However, Asia-Pacific is estimated to register the fastest CAGR of 9.9% during the forecast period. This is due toexpansion of customer base and operating areas across various countries by leading players and surge in awareness regarding natural and organic nutricosmetics products.

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Leading Market Players

BASF SE
Amway
GlaxoSmithKline PLC
Herbalifenutition ltd
GNC Holdings, LLC
Shiseido Company, Limited
Pfizer
KORA Organics
Suntory Holdings Limited
Blackmores Limited

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