The Nutricosmetics market is estimated at USD 6.43 billion in 2022 and is projected to reach USD 12.15 billion by 2030, at a CAGR of 8.28% from 2022 to 2030. Share of Nutricosmetics market in its parent market that is beauty market is approximately ~2%-5%.
Nutricosmetics are expected to see a boost in the growth owing to innovative product launches according to a recent report published by Future Market Insights (FMI). These new launches are focusing on including the product in the diet of the consumers easier and more attractive than before.
According to FMI, the market would expand at a CAGR of 8.28 percent by the end of the forecast period 2022-2030.
To create cutting-edge products that appeal to consumers, businesses are collaborating and forming partnerships. Manufacturers and customers alike place a lot of emphasis on advancements in the products’ functioning.
The importance of nutrition is now much more apparent than it formerly was, and consumers are becoming more conscious of how items and their contents affect their bodies. Thus, in order to care for their bodies, more people are opting for products with nontoxic, natural, and organic ingredients.
For instance, a popular skin care brand by the name Ceramiracle has come up with an innovative approach for its products. The company owns a café which offers a variety of custom blended organic teas, rich in antioxidants and collagen boosting compounds.
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- Companies are focusing on premium products as penetration and accessibility is higher compared to mass products.
- Physical channels of sales such as specialty stores, departmental stores, and other convenience stores for the highest value share in the nutricosmetics market.
- Online sales are expected to expand at the highest CAGR during over the forecast period.
- North America is expected to hold the largest value share in the global nutricosmetics market.
- Demand for mid-range nutritcosmetics is forecast to be higher
- While hair and nail care segment dominates in terms primary function, multi-functional nutricosmetics will surpass in the near future
Recent outbreak of Covid 19 pandemic has disrupted life in more than one way. The lockdowns implemented by governments across the world to curb the spread of the disease further has impacted supply chains, production and every other aspect of business. It has brought challenges to the entire global business community.
Nutricosmetics industry is also impacted by the imposing of lockdown worldwide. Production is hampered as transport is disrupted resulting in lack of raw materials. Also, consumers are vary of spending on things that are not absolutely essential for survival.
As the things are getting back on track, the industry is expected to get back to normal within a short time.
Who is winning?
Companies in the global nutricosmetics market are focusing on new product launches with innovative functionalities to appeal to the consumers. Also, in order to expand their footprint, companies are targeting regions in East and South Asia where the consumer is getting health conscious and also the disposable income is increasing.
For instance, single product with multiple benefits was launched by Amway when it came up with their protein powder. They marketed the product in such a way that it hit the multiple sections of consumers who were looking for weight loss, skin care, radiance and glow, weight management and many other benefits.
Some of the key players operating in the Nutricosmetics market are
- Pfizer Inc.
- Herbalife Nutrition Ltd.
- Amway Corporation
- Phyto Botanical Power
- Viviscal Limited
- Everest NeoCell LLC
- Amazing Nutrition
- 21st Century HealthCare, Inc.
- Nature’s Bounty
- Nutrawise health & beauty corporation
- PureLogical International
- Ivy Bears
- Vitabiotics Ltd.
- Shiseido Co. Ltd.
- H&H Group
- Origo Cosmecuticals Pvt. Ltd.