Nutricosmetics Industry is anticipated to register 8.1% CAGR between 2022 and 2030 due to increasing hair and skin care problems and rising awareness of health management.
SELBYVILLE, Del., Aug. 10, 2022 /PRNewswire/ -- The nutricosmetics market value is poised to cross USD 13.7 billion by 2030, according to a new research report by Global Market Insights Inc.
In developed nations, consumers are gaining more awareness about nutricosmetic products, claims the report. Multivitamins and collagens, among other nutricosmetics, are becoming an integral part of the diet in regions such as Europe, North America, and Japan. Nutricosmetics industry penetration is further set to accelerate globally, on account of the rise in disposable incomes.
Likewise, consumers in developed economies prefer nutritional supplements and natural ingredients over synthetic, chemicals. According to the Council for Responsible Nutrition, in 2021, nearly 75% of Americans consumed dietary supplements. These factors will contribute to the burgeoning demand for safe and effective cosmetic supplements.
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Based on the product, the nutricosmetics market is divided into powder and liquid, gummies and soft chews, and tablets and capsules. Gummies are increasingly preferred among consumers who have trouble swallowing pills. Furthermore, the availability of the product in fruity flavors and taste similar to candy will stimulate nutricosmetics industry growth from the gummies and soft chews segment, which is projected depict a CAGR of over 7.7% through 2030.
In terms of the ingredient, the industry is bifurcated into vitamins, omega-3 fatty acids, carotenoids, and others. Consumers are gaining increasing awareness about the health benefits of omega-3 fatty acids, including their anti-inflammatory properties. The ingredient also helps in preventing dry, dull, and premature skin aging.
The omega-3 fatty acids segment accounted for over 11.8% of the nutricosmetics market share in 2021 and will be influenced by new product launch initiatives. For instance, in November 2019, BASF's Nutrition and Health division announced a collaboration with Ideogen to introduce an omega-3 fatty acid solution, dubbed 'hepacor', in Switzerland.
Browse key industry insights spread across 190 pages with 233 market data tables and 18 figures & charts from the report "Nutricosmetics Market Forecasts By Product Type (Tablets and Capsules, Powder and Liquid, Gummies and Soft Chews), By Ingredient (Carotenoids, Vitamins, Omega-3 Fatty Acids), By Application (Skin care, Hair Care, Nail Care, Weight Management), By Distribution Channel (Supermarkets/Hypermarkets, Online Pharmacies, Retail Pharmacies, Specialty Stores), Industry Analysis Report, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030" in detail along with the table of contents
The nail care segment among these held 8% of the nutricosmetics market share in 2021, which can be credited to the rising emphasis on maintaining healthy nails, especially among the younger generation. Nutricosmetics designed for nail care applications are also highly economical. The rising number of beauty-conscious consumers and changing lifestyles will further augment the industry share by 2030.
With regards to the distribution channel, the market is divided into supermarkets/hypermarkets, online pharmacies, retail pharmacies, specialty stores, and others. Of these, the retail pharmacies segment will be valued at around USD 1,646.6 million by 2030. The availability of nutritional supplements and other non-prescription drugs is growing across retail pharmacies. Accessibility is also increasing across other locations like malls, thereby bolstering segmental expansion.
Regionally, the Asia Pacific nutricosmetics market held a substantial share of 29.1% in 2021, due to the rising intake of nutritional supplements in countries such as India, China, and South Korea. There has also been a growing awareness regarding the availability of vital beauty supplements. These factors, along with the rapid economic growth, will create a strong outlook for the regional industry by 2030.
The competitive landscape of the nutricosmetics industry comprises companies such as Activ'Inside, Amway, BASF, Beiersdorf, Blackmores Limited, Functionalab, GlaxoSmithKline PLC, GliSODin Skin Nutrients, Fit & Glow Healthcare Private Limited, Herbalife Nutrition, KORA ORGANICS, Nestle Health Science (Solgar), Reviderm AG, Suntory Holdings Limited, SEPPIC, and Vitabiotics, among others. These companies are implementing new product development and business expansion strategies to retain their footprint in the market.
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SOURCE Global Market Insights Inc.