Nutricosmetics Market size is set to garner lucrative gains through 2027. This can be ascribed to the rising consumer awareness pertaining to their skin problems like anti-aging, hair loss, wrinkles, etc., that are linked with various nutrient deficiencies. Moreover, a paradigm shift towards preventive health management practices amidst the rising healthcare expenditures and increasing burden of lifestyle diseases would further escalate the market demand worldwide.
Furthermore, the growing demand for products that contain omega-3 and vitamins, specifically for skincare, is touted to have a significant impact on the global market growth over the coming years.
Nutricosmetics make use of compounds from vegetables, fruits, medicinal plants, and other natural sources for their exceptional properties like anti-aging due to the presence of high-antioxidants in them.
The growth in geriatric population worldwide is expected to offer major impetus to the demand for nutricosmetics owing to the rising consumer preference towards grooming and demand for a healthy lifestyle. As per the United Nations estimates, there were nearly 703 million persons above 65 years of age in 2019. Additionally, the count will double to 1.5 billion by 2050. This makes the aging population potential end-users for nutricosmetics as they are increasing their adoption of the product to support them in maintaining their health and retaining the youth.
However, lack of knowledge regarding the availability of nutricosmetics and their benefits across various underdeveloped economies and countries is anticipated to produce hinderance to the global market in the coming years.
Nutricosmetics supplements are poised to garner potential gains during the forecast period, as these support ease of ingestion and accurate supply of nutrients. These supplements are designed to improve hair, skin, and nail. Moreover, sales of these products were estimated to reach 6-7 billion dollars as of 2020, with Europe and Asia accounting for more than 50% of the global sales.
The skin care segment is projected to record lucrative gains in the coming years. This can be reasoned to the rising inclination of people towards high-quality skincare products that consist of potential nutrients for healthy skin. Besides, companies operating in this segment are looking forward to incorporating naturally occurring active ingredients for clean substitutes, right from supplements to ground coffee in seaweed and skin scrubs in skincare products.
Europe nutricosmetics market is witnessing a stellar growth subject to the changing lifestyles of consumers in the region. The growth can also be ascribed to the growing inclination of people towards adapting new methods of personal care and beauty enhancement using nutricosmetics. In addition, elevating demand for multi-functional products offering hair, skin care, and nails maintenance, coupled with other features would augment the regional growth during the forecast timeline.
Some of the prominent companies operating in the global market are Pfizer Inc., Suntory Holdings Limited (Kotobuki Realty Co., Ltd.), Amway (Alticor), Innova, Herbalife Nutrition Ltd., BASF SE, Beiersdorf (maxingvest ag), and Frutels.
These market vendors are engaged in various strategic practices like mergers, collaborations, product launches, and more, to secure a significant position in the global industry.
The outbreak of the coronavirus pandemic during 2020 has had a negative impact on the global cosmetics and personal care industry. The sales of cosmetics have declined considerably from the previous year, owing to which the industry growth is predicted to be hindered in the coming years.
However, as the COVID cases are declining worldwide with mass vaccination programs being the topmost priority, the cosmetic business space is recuperating, offering positive growth prospects to the global market.
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