The deal-making scene in the global nutricosmetics market has been pretty active over the past few years. In order to tap into synergies, players are resorting to mergers and acquisitions and collaborations. This has enabled them to access greater resources, tap into new markets, and most importantly diversify their product portfolio to cater better to the various needs of consumers. Savvy participants in the market are also seen banking upon product innovation to stay on top of consumers’ preferences. All these along with high bargaining power of entities placed in the low spectrum of the value chain has intensified competition the market.
Key players in the global market for nutricosmetics are Nestle S.A., Cargill Incorporated, The Coca-Cola Company, L’Oreal SA, and E.l.Du Pont De Nemours and Company.
The market for nutricosmetics market worldwide is expected to rise at a 5.0% CAGR from 2017 to 2025 to become worth US$7.93 bn by 2025 from US$5.13 bn in 2016.
The global market for nutricosmetics can be segmented based on their primary functions into weight management, skin care, hair and nail care, and multi-functional. Among them, skin care segment accounted for a leading share in the market in 2017. Going forward too, it is expected to hold onto its dominant position. From a regional perspective, Europe accounts for leading market share due solid market penetration of nutricosmetics and increased awareness about the products among consumers. The market in the region is also being promoted by the mergers and acquisitions of key players.
Rising Geriatric Population Generate Maximum Demand
Numerous factors are expected to drive forward the global market for nutricosmetics. One of them is the increasing population of elderly who need the natural health products that can be orally consumed and target the hair, skin, and nails. Nutricosmetics are available in the form of functional foods, beverages, and beauty supplements. They are also marketed as beauty aids which contain active ingredients along with enzymes, proteins, botanical levaes, minerals, lycopene, etc. They can be in form of pills, capsules, jellies, and drinks.
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Apart from that, surging demand for natural products for enhancing beauty and health since they have lesser side effects and increasing cost of healthcare is driving sales of nutricosmetics too. The market is being boosted by the launch of innovative products having greater efficacies every now and then as well.
Limited Awareness about Products Limits Market Growth
On the downside, the market growth is being challenged by the limited awareness among consumers about the advantages of nutricosmetics since the product is relatively new. “Besides, longer time for nutricosmetics to generate results is also limiting their uptake,” adds the lead analyst of the report. However, with continued thrust on product development, better ones that take reduced time to produce results will likely hit the market thereby helping it to overcome the setback.