Market Overview:
The global nutricosmetics market size was USD 6.45 billion in 2022. The market is anticipated to expand from USD 6.84 billion in 2023 to USD 11.24 billion by 2030, exhibiting a CAGR of 7.36% over the analysis period.
The rise can be attributed to the escalating adoption of advanced beauty regimes by young consumers. One of these trends is skin minimalism, which is focused on reducing skin damage, skin sensitivity, and skin irritation.
Fortune Business Insights™ provides this information in its research report, titled “Nutricosmetics Market, 2023-2030”.
Segmentation:
Capsules Segment Dominates Driven by Rising Popularity for Formulation Delivery
On the basis of form, the market for nutricosmetics is segmented into powder, capsules, tablets, and others. The capsules segment accounted for a dominating share in the market due to the growing usage of the product in delivering formulations to the consumers.
Skin Segment Holds Major Share Impelled by Rising Product Popularity among Consumers
By application, the market for nutricosmetics is categorized into nails, skin, and hair. The skin segment holds a key share in the market due to the soaring popularity of numerous products such as whitening, smoothening, and anti-aging.
Supermarkets/Hypermarkets Segment Leads Owing to Higher Discounts over Other Retail Stores
On the basis of distribution channel, the market for nutricosmetics is classified into drug stores, online retail stores, specialty stores, supermarkets/hypermarkets, and others. The supermarkets/hypermarkets segment accounts for the largest market share due to the availability of higher discount rates on products considering other retail stores.
Based on geography, the market for nutricosmetics is segregated into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.
Source: https://www.fortunebusinessinsights.com/industry-reports/nutricosmetics-market-101628
Report Coverage:
The report provides comprehensive coverage of the key factors expected to drive the global business landscape. It also explores the significant measures taken by leading companies to establish a strong market presence. These insights are based on thorough research and data collected from credible sources.
Drivers and Restraints:
Product Sales to Surge Owing to Shift from Harmful Chemical-based to Natural Cosmetics
The growth of the global nutricosmetics market is being driven by a rising consumer preference for natural cosmetic products over chemical-based solutions. This shift is due to increased awareness of the harmful effects of certain chemicals, which can cause skin irritations, cancer, and other health issues.
However, a lack of awareness among consumers regarding the availability and efficacy of the product may hinder industry growth over the coming years.
Regional Insights:
Asia Pacific Held Dominant Share Driven by Rising Launch of Advanced Products
Asia Pacific held the maximum market share in 2022. The regional market size stood at USD 4.54 billion in 2022. The Asia Pacific nutricosmetics market share is slated to expand owing to increasing launch of advanced products by manufacturers in the region.
The Europe market is anticipated to register considerable growth over the analysis period. The expansion is being driven by the rising demand for natural ingredients and an upsurge in the geriatric population.
Competitive Landscape:
Pivotal Players Unveil New Formulations to Secure Competitive Edge
Companies are formulating new strategies to solidify their positions in the market. Many industry players are engaged in research endeavors to create innovative formulations, which are then introduced to the market to gain a competitive advantage.
Key Industry Development:
June 2021 – LABthetics rolled out a new skin rejuvenation nutraceutical supplement. The solution was formulated for usage with aesthetic procedures for providing collagen support in the skin.
List of Key Players Mentioned in the Report:
- Biocyte Laboratory (France)
- Herbalife Nutrition (U.S.)
- Vitabiotics (U.K.)
- Ducray Dermatological Laboratories (France)
- D-LAB NUTRICOSMETICS (France)
- Skinade (U.S.)
- Zenement (Spain)
- Kapiva (India)
- TERRAVITA (Spain)
- Amorepacific (South Korea)