Nutricosmetics Market size is anticipated to cross USD 13.7 billion by 2030, according to a new research report by Global Market Insights Inc.
To maintain health and prevent premature aging, elderly people are consuming nutricosmetics products. The increasing geriatric population and the strong focus on physical welfare are emerging as prominent drivers of the nutricosmetics industry. According to the United Nations estimates, there were around 703 million people aged over 65 years in 2019. This elderly population will rise to 1.5 billion by 2050, thereby strengthening the industry landscape.
The report further identifies a high preference for anti-aging products blended with balanced nutrients such as antioxidants and skin-active vitamins among the geriatric population. This growing adoption of products with high nutritional ingredient content is expected to assert a positive influence on nutricosmetics business development worldwide.
In underdeveloped nations, however, there is a lack of awareness about the availability of nutritional supplements. This may serve as a key factor hampering the industry share by 2030.
In terms of product type, the report divides the market into powder and liquid, tablets and capsules, and gummies and soft chews. The nutricosmetics market from powder and liquid segment among these accounted for nearly 34% of the nutricosmetics industry share in 2021. Consumers are increasingly opting for supplements in a powdered form since they work well for vitamins that are measured in milligrams.
Additionally, the liquid form can preserve the active constituents and provide therapeutic benefits. These factors, along with the high consumption of smoothies and shakes, will strengthen powder and liquid nutricosmetics demand.
Browse key industry insights spread across 190 pages with 233 market data tables and 18 figures & charts from the report “Nutricosmetics Market Size 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
With regards to the ingredient, the industry is bifurcated into carotenoids, omega-3 fatty acids, vitamins, and others. Since vitamins act as a key ingredient to improve skin health, the use of nutricosmetics with high vitamin content is increasing. The nutricosmetics market from the vitamins segment recorded revenue of over USD 1,909.5 million in 2021. This can be credited to their ability to safeguard skin from early aging and UV-induced photodamage due to their strong antioxidant qualities.
Based on the application, the market is divided into hair care, skin care, nail care, weight management, and others. Of these, the weight management segment is set to exhibit an 8.4% CAGR between 2022 and 2030. The increased usage of nutricosmetics in weight management applications can be attributed to the rising burden of obesity and related health ailments.
As per the World Obesity Atlas 2022 report, 1 billion people would be obese by 2030 worldwide. Such scenarios will escalate the demand for weight management supplements and foster the nutricosmetics industry growth.
With regards to the distribution channel, the report segments the market into retail pharmacies, online pharmacies, supermarkets/hypermarkets, specialty care, and others. As compared to walk-in pharmacies, online pharmacies deliver products at lower prices. The e-pharmacies trend became prevalent during the COVID-19 pandemic, enabling the online pharmacies segment to register a revenue of over USD 1,011.5 million in 2021.
Regionally, the North America nutricosmetics market was valued at USD 1.8 billion in 2021, given the robust presence of major industry players in the region. The prevalence of chronic health conditions and healthcare expenditure have also increased considerably, which will augment regional market growth through 2030.
The strategic landscape of the global nutricosmetics industry is expected to witness a series of product launches, acquisitions, and mergers by industry participants. To cite an instance, in June 2020, Amway introduced Nutricosmetic Food Supplement, including TRUVIVITY OxiBeauty, to enhance the natural glow of the skin. This strategy was incorporated to expand the company’s nutricosmetic product portfolio.
Some of the companies partaking in the nutricosmetics market share include Activ’Inside, Amway, BASF, Beiersdorf, Blackmores Limited, Fit & Glow Healthcare Private Limited, Functionalab, GlaxoSmithKline PLC, GliSODin Skin Nutrients, Herbalife Nutrition, KORA ORGANICS, Nestle Health Science (Solgar), Reviderm AG, SEPPIC, Suntory Holdings Limited, Vitabiotics, and others.