(I-BusinessNews.Com, November 14, 2019 ) Market Outlook:-
Nutricosmetics promote the concept of beauty through a healthy body. These products are taken orally, either as pills or liquids. These products have active ingredients, which offer a vital link between the health and cosmetic properties of nutritional elements.
Market Dynamics:-
• The growing demand for cosmetics with natural additives, growing concern for healthy aging and changing beauty perceptions & trends are the primary drivers for the nutricosmetics market. The judgments of people regarding beauty have changed in the past few years.
• Many consumers now understand that beauty is more about how they feel than appearance, and the healthier they are, and the better they look.
• This premise has opened up the beauty market to a far broader range of consumers and has uncovered a unique need that is being met by the nutricosmetics industry.
• There has been a growing trend surrounding knowledge of how nutrients act to improve skin health, as well as a better understanding among the consumers that the skin is an essential barrier to outside influences.
• This, combined with recent research and knowledge regarding gut health’s role in visual appearance, has allowed for cross-marketing of products and ingredients, and thus have boosted the demand for nutricosmetics globally.
• The high cost of nutricosmetics products and the long-time duration involved in its development process is the primary factor which can hinder the growth of the market in the coming years.
Market Segmentation:-
• The nutricosmetics market report segments the market by product type, form, and application. Product type segment includes vitamins, carotenoids, omega-3 fatty acids, collagen peptides, and others. Carotenoids hold a significant market share in the product type category.
• The inhibition of collagen synthesis leads to skin aging and carotenoids help in overcoming this condition by reducing the inhibition and blocking the UV rays. Carotenoids are well known as coloring agents, but they also enhance the skin with their anti-aging, skin lightening and sun care properties.
• Among the carotenoids, beta-carotene holds the significant market share followed by lutein, lycopene, and astaxanthin.
• Further, by application, the market includes skin care, hair care, oral care, nail care, and others. Skin Care is the most dominant segment in the nutricosmetics market by application. Vitamins, collagens, and enzymes are the primary ingredients used in skincare products.
• These products are used for the controlling signs of aging, sun protection, skin brightening, increasing skin firmness, and cellulite reduction.
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Geographical Trends:-
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the rest of the world.
• The European region leads the global market because of the high penetration of nutricosmetics coupled with high adoption rate among consumers as well as high awareness of the products’ benefits.
• The favorable economic circumstances in the European countries allows the customers to afford the usual-ly higher-priced healthy food and beverage products which are driving the market for Nutri-cosmetics in the region.
• Western Europe continues to thrive in nutricosmetics sales mainly through the health professional pharmacy-based distribution. However, the absence of clear regulations that allows the companies to promote and inform about the benefits of their product can lead to the stagnation of the nutricosmetics market in Europe.
• In Europe, Nutri-cosmetics falls under both medicinal and food law, and ambiguity persists about which law is applicable.
• Asia-Pacific held a significant market share in 2017, and is expected to witness robust growth during the forecast period, and thus becoming the largest market in the coming years. The growing trend for nutricosmetics in APAC is primarily because of the growing retail sector, increasing health awareness, high demand for beauty products among millennials, and a large aging population. The market is well established in countries like Japan and China. Japan holds the largest market share in Asia as well as in the global market.
• The regulatory system in Japan, the FOSHU legislation is the most favorable for the development of the nutricosmetics market. Also, according to the Japanese tradition, the development of nutrient-cosmetics ingredients and finished products are based on scientific proofs and supported by demonstrated Japanese health requirements.
• In Japan, Nutricosmetics like collagen is commonly found in foods & beverages including tea, coffee, cookies, chocolates, and water.
• The North American region is mostly an untapped region for nutricosmetics. Lack of awareness, and regulatory challenges and advertising restrictions on ingredients and product/benefit claims is a significant obstacle to the growth of the market in the region. However, with growing incidence of scientifically proven efficiencies, the market in the area is expected to improve in the nearby future.
Competitive Landscape:-
Some of the major players are Frutarom Ltd, BASF, FunctionalLab Inc., Ferrosan A/S, Denomega, Lonza Group, Martek Biosciences Corporation, Groupe Danone, Laboratoire Oenobiol S.A.S, Sanofi-Aventis U.S., Inne-of (L’Oreal and Nestle), Borba, Inc., GlaxoSmithKline Pharmaceuticals Limited, Croda International Plc., Pfizer Inc.
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