Market Challenges And Opportunities
Market Drivers
- Various applications of nutricosmetics: Nutricosmetics are nutritional supplements that can be consumed orally and are used to maintain aesthetic beauty and skin health while protecting the body against various physical defects. Nutricosmetic products contain active ingredients that provide an important linkage between the well-being and aesthetic properties of nutritional ingredients. The increasing acceptance of ready-to-drink nutricosmetic refreshments and easily consumable pills, coupled with an inclination towards effective and harmless beauty solutions, is expected to augment Nutricosmetics market growth.
- Various applications of nutricosmetics: Increasing awareness regarding the ‘beauty from within’ concept has led to increased sales of nutricosmetics in the Indonesia country. For instance, according to an Indonesian gummy supplement start-up, YOU, said the sales of its adults and kids’ multivitamins nearly tripled amid the coronavirus outbreak as people recognized vitamins as a means of preventive healthcare.
Market Restraints
- High cost of nutricosmetics: Higher costs of nutricosmetics are a major hindrance to growth of the Indonesia nutricosmetics market. The large-scale commercialization and use of conventional cosmetics is the biggest competition for the Indonesia nutricosmetics market. The effects of conventional cosmetics are immediate as compared to nutricosmetics. This proves to be another major factor that impacts the Indonesia nutricosmetics market's growth. For instance, In the nutricosmetics market, factors including quick innovation and technical developments are anticipated to gain traction. The food packaging company Mars introduced Dove Beautiful in the U.S. which contains biotin, zinc, and vitamins E and C, and Dove Vitalize, which contains dark chocolate enriched with vitamin B. Despite significant investment in product advertising or product promotion, these product failed to increase customer demand in the U.S. market.
Market Opportunities
According to Coherent Market Insights analysis, Indonesia has the largest Muslim population in the world. Local cosmetic manufacturers can use halal certification to grow its market share in overseas markets, in addition to giving it’s a competitive advantage over global brands in the internal market. Moreover, Indonesian government is focused on boosting the growth of the Indonesian halal industry by easing access and cutting the cost of halal certification for micro and small businesses. In October 2020, the government implemented Halal Product Assurance Law No. 13/2014, requiring mandatory halal certification for all products that are halal. This is expected to drive demand for halal cosmetic products over the forecast period.
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