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.
The market is expected to grow at CAGR of above 8% by the end of forecast period 2020-2030 according to FMI.
Companies are coming together and getting into partnerships in order to provide innovative products which appeal to the consumer. Additionally, innovations in the functionality of the products is another key focus for manufacturers and consumers alike.
The role of nutrition is much clearer than before and people are becoming more aware of the products and its contents making an impact on their bodies. Thus more consumers are looking for products with nontoxic, natural and organic ingredients and scientific evidence to take care of their bodies.
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
“Players in the global nutricosmetics market are focusing on creating awareness about the benefits of their products to the masses, along with bringing affordable and accessible products in order to explore the market potential,” says an FMI analyst.
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., MartiDerm, Shiseido Co. Ltd., H&H Group, Origo Cosmecuticals Pvt. Ltd., and among others.
To Know More about Nutricosmetics Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global Nutricosmetics market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the nutricosmetics market based on the product type (supplements, and beauty beverages/drinks), primary function (skin care, sun care, anti-aging, radiance & glow, anti-acne/pimple, hair & nail care, weight management, and multi-functional), price range (economy, mid-range, and premium), distribution channel (hypermarkets/supermarkets, convenience stores, specialty stores, direct selling, departmental stores, e-Commerce, and other retail formats) across seven major regions.