Delhi, NCR, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Global nutricosmetics market is growing at a high CAGR owing to the increasing geriatric population, booming cosmetics & personal care industry, growing number of skin problems, and growing disposable income in developing countries……
A recent study conducted by strategic consulting and market research firm BlueWeave Consulting revealed that the global nutricosmetics market was worth USD 7.4 billion in 2021. The market is expected to grow at a CAGR of 8.2% during the forecast period, i.e. 2022-2028, earning revenue of around USD 12.7 billion by the end of 2028. The growth of the global nutricosmetics market can be attributed to the increasing geriatric population, a thriving cosmetics & personal care industry, growing number of skin problems, and growing disposable income in developing countries. Additionally, various studies supporting the anti-aging properties of nutricosmetics are also driving the global nutricosmetics market.
The growing geriatric population is driving the growth of the global nutricosmetics market
The increasing geriatric population around the world has created a growing demand for products with anti-aging properties, which in turn is driving the global nutricosmetics market. Nutricosmetics refer to the combined use of oral and topical medicines to promote skin texture and delay the ageing process. China and Japan have witnessed an unprecedented increase in the sales of anti-aging skin care products due to a rapidly aging population. According to the China Statistical Yearbook, around 40.2% of the entire Chinese population was above the age of 45 years in 2018 and the figure is projected to reach around 44% by 2030. Moreover, the census data from 2020 states that around 18.70% of the Chinese population is in the age group of 60 years and more. Likewise, the United Nations has estimated that the global population aged 80 years or more will triple between 2017 to 2050 and is expected to reach from 137 million to 425 million. According to UN estimates, women will account for 54% of the world's population aged 65 and up. The aging population has therefore, created a growing demand for nutricosmetics and is propelling the growth of the global nutricosmetics market.
The growing application of nutricosmetics in cosmetics & personal care products is driving the global nutricosmetics market
Cosmetics & Personal Care is one of the fastest-growing markets in the world. According to Cosmetics Europe: the Personal Care Association, the European cosmetics & personal care market was valued at approximately USD 95 billion in 2019 and was the world’s largest cosmetics & personal care market. Furthermore, around 5% of annual turnover is spent on R&D by cosmetics and personal care companies operating in Europe.
Because of its diverse qualities, nutricosmetics are an important component of any cosmetic or personal care product. Nutricosmetics combine elements of functional foods, dietary supplements, and cosmetics and are also known as “beauty foods.” Some of the nutricosmetics available in the market are micronutrients, such as vitamins with antioxidant properties, omega-3 fatty acids, carotenoids, and flavonoids. These nutricosmetics prevent the degradation of natural ingredients (proteins, sugars, lipids) in the cosmetic product. They also protect the skin cells from being damaged besides boosting the skin's radiance, minimizing age spots, sun spots, and fine lines. Nutricosmetics are also very useful against UV-induced skin damage, wrinkles, and erythema caused by inflammation. All these properties contribute to the increasing use of nutricosmetics in cosmetics and personal care products, thereby presenting a great opportunity for the growth of the global nutricosmetics market.
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Global Nutricosmetics Market - By Ingredient
Based on ingredients, the global nutricosmetics market is segmented into carotenoids, vitamins, omega 3 fatty acids, and others. Because of their ability to prevent collagen synthesis inhibition, the carotenoids category led the market and accounted for the greatest share in 2021. In addition to protecting skin cells from damage, carotenoids slow the aging process, boost the skin's radiance, and minimize age spots, sun spots, fine lines, and other signs of aging. These factors contribute to the dominant share of the segment in the global nutricosmetics market.
Global Nutricosmetics Market: Regional Insights
The global nutricosmetics market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these, Europe dominates the global nutricosmetics market and holds the largest share in the market owing to the growing geriatric population. With the presence of significant global cosmetics firms and the popularity of online sales platforms, Europe boasts one of the world's largest cosmetics industries. Furthermore, growing public awareness of the benefits of nutricosmetics among Europeans has led to the region's dominant position in the global nutricosmetics market.
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Impact of COVID-19 on the Global Nutricosmetics Market
The COVID-19 and the subsequent lockdown affected all the industries and the cosmetics industry is no exception. As countries declared nationwide lockdown, offices were closed, and consequently, the demand for cosmetics plummeted globally. According to the L'Oréal Annual Report 2020, the global cosmetics industry dipped by 8% in 2020 with the skincare segment showing resilience with a dip of only 3%. However, the nutricosmetics players were also affected by cash-flow constraints, labor shortage caused by the surging cases of COVID-19, difficulties in raw material procurement, and supply chain disruptions. As markets reopened and were gearing up to bounce back, the second wave of the COVID-19 disrupted the recovery of the market.
Despite increased immunization drives, obstacles such as container shortages, manpower shortages, rising natural gas prices, and energy crisis are impeding the global nutricosmetics market's recovery. Furthermore, the recent emergence of the Omicron variant and an increase in COVID-19 cases are projected to hamper the global nutricosmetics market's recovery in the near future, Thus, the market may take some time to reach pre-pandemic levels.
Global Nutricosmetics Market -Competitive Landscape
The leading players in the global nutricosmetics market are Lonza Group Ltd., Frutels LLC, Quest, GliSODin Skin Nutrients, Perricone MD, Frutarom Industries Ltd., Solgar Inc., Functionalab Inc., Nutrilo GmbH, Excelvite, GlaxoSmithKline plc, Martek Biosciences Corporation, Ferrosan A/S, Groupe Danone, Laboratoire Oenobiol S.A.S, Sanofi-Aventis U.S., Croda International Plc., Pfizer Inc., Borna Inc., and other prominent players.
The market is highly fragmented due to the presence of various local and international players. The market participants significantly focus on launching a wide range of products to cater to different skin and hair concerns. They also invest in research and development to create new and effective products. At the same time, they focus on improving their distribution system to reach as many people as possible. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Recent Developments
In August 2021, Tosla, a nutricosmetic manufacturer, announced that the construction of its 2.0 facility is now reaching its final phase. The new facility has an entirely new laboratory dedicated to R&D and nutricosmetic products to meet the growing demand for nutricosmetics.
In March 2021, SEPPIC, a global leader in the nutricosmetic industry, announced the acquisition of EPI France (Extraction Purification Innovation France). The company is known for its flagship product, CERAMOSIDES, whose oral and topical efficacy on skin beauty is scientifically proven.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Ingredients, By Product, By Application, By Distribution Channel, By Region |
| Key Players | Lonza Group Ltd., Frutels LLC, Quest, GliSODin Skin Nutrients, Perricone MD, Frutarom Industries Ltd., Solgar Inc., Functionalab Inc., Nutrilo GmbH, Excelvite, GlaxoSmithKline plc, Martek, Biosciences Corporation, Ferrosan A/S, Groupe Danone, Laboratoire Oenobiol S.A.S, Sanofi-Aventis U.S., Croda International Plc., Pfizer Inc., Borna Inc., and other prominent players. |
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global nutricosmetics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global nutricosmetics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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