The Global Nutricosmetics Market was valued at US$ 9.9 Billion in 2022, according to a new report published by . Nutricosmetics are nutritional supplements that are required by the body skin health and personal grooming. These are mainly of two forms liquid or solid which are taken orally. However, inadequate intake of vitamins, carotenes, omega-3 fatty acids and others in the diet may led to certain deficiency and hair, nail, skin defects, aging of skin and wrinkle formation. Europe dominated the global nutricosmetics market during the last three years and is expected to retain its dominance in the market throughout the forecast period, due to growing consumer awareness for beauty solutions coupled with increasing awareness for skin aging and wrinkle formation. Omega-3 fatty acids is projected to be the fastest growing product segment and expected to grow at a CAGR of 11.75% in terms of revenue during the forecast period. Moreover, the growing retail sector across the region is also expected to boost the market for nutricosmetics from 2023 to 2030 due to its high availability in super-markets, retail stores and pharmacies. For instance, according to India Brand Equity Foundation (IBEF), On December 2022, Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10% of the country’s gross domestic product (GDP) and around 8% of the employment. India is the world’s fifth-largest global destination in the retail space. India ranked 73 in the United Nations Conference on Trade and Development's Business-to-Consumer (B2C) E-commerce Index 2019. India is the world’s fifth-largest global destination in the retail space and ranked 63 in World Bank’s Doing Business 2020.
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Orally consumed products of nutricosmetics such as liquids or pills are expected to gain traction among the busy lifestyle and rising urban population over the forecast period. The cosmetics market, which is one of the major drivers of the nutricosmetics market is expected to expand and is projected to retain the trend over the forecast period. Among product type, vitamin segment accounted for over 40.00% share of the global nutricosmetics market in 2022 and its dominance is projected to be retained over the forecast period.
Key takeaways of the market:
- North America is projected to be the lucrative region in global nutricosmetics market. It accounted for around 26% of overall nutricosmetics market revenue in 2022. The market in this region is expected to be primarily driven by rampant growth of end use industries in Germany, U.K., France and other countries. The growing consumer awareness towards prevention of pre-mature skin aging and hair loss are some of the key drivers for the growth of nutricosmetics in the Europe.
- The market in North America is expected to register a significant growth rate over the forecast period. Rise in popularity of ready to drink nutricosmetics beverages, preference for effective and safe beauty solutions boosts the sales of cosmetics supplements are expected to create lucrative growth opportunities for the players in this region.
- Vitamins is dominating the market for product segments in the global nutricosmetics market during the projected period.
- Frutarom Ltd, Lucas Meyer Cosmetics S.A.S., Sanofi-Aventis U.S. LLC, Croda International Plc, and Pfizer Inc, Functionalab Inc. are few of the key players in global nutricosmetics
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.
