Nutricosmetics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Nutricosmetics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Nutricosmetics Market size is estimated at USD 8.09 billion in 2023, and is expected to reach USD 11.91 billion by 2028, growing at a CAGR of 8.05% during the forecast period (2023-2028).

Key Highlights

• The growing consumer awareness of the skin problems caused by various vitamin deficiencies, such as anti-aging, wrinkles, hair loss, and scalp issues, is projected to be the market driver for nutricosmetics over the medium term, leading to a paradigm shift toward preventive health management practices amid the rising healthcare costs and increasing burden of lifestyle diseases. Thus, such factors are boosting the consumption of nutricosmetics across the world.
• The robust demand for products containing vitamins and Omega-3, especially for skincare, generates a significant market share. Moreover, the beauty-from-within approach is garnering popularity among millennials, as it combines beauty and health. However, there is no clear distinction between nutraceutical-based products, varying across different countries. Thus, regulatory, legislative, and technological complexity is a major market growth hurdle.
• However, the growth of e-commerce boosted the sales of nutricosmetics online. The companies operating in this space have been focussing on strengthening their online presence by collaborating with third-party online retailers like Amazon. They also started offering personalized virtual consultations to consumers through their official websites.
• Additionally, unhealthy skin due to constantly wearing face masks and increased demand for skin health supplements due to health consciousness attract new consumers toward beauty supplements, thereby augmenting the market's growth. Furthermore, the market has been witnessing an increased demand for nutricosmetic products manufactured using natural ingredients due to growing consumer awareness of natural cosmetics and the initiative of cosmetic companies to replace synthetic ingredients with natural variants.

Nutricosmetics Market Trends

Skin Care Holds a Prominent Share of the Market

• The preventive, holistic, and eco-conscious approach delivers escalated growth of the skin care segment, with offers that support clinically studied active ingredients that quickly deliver visible results to consumers, creating momentum. Additionally, the market for skincare in nutricosmetics is witnessing emerging ingredients for healthy skin, like pycnogenol and lycopene.
• Consumers' interests are inclined toward purchasing skincare products containing nutrients, including vitamin A, vitamin D, and omega-3 fatty acids, which have been linked to supporting skin health, offering manufacturers many opportunities to innovate. Moreover, players in the market are competing in terms of ingredients, product form, packaging materials, and other innovations.
• Also, companies operating in this segment are incorporating naturally occurring active ingredients for clean alternatives, ranging from mushrooms in supplements to ground coffee in skin scrubs and seaweed in skin care. Moreover, companies are focusing on the distribution of products through various distribution channels such as pharmacies and other retail stores. Such factors have helped drive the market's growth over the recent past.

North America Holds the Largest Share

• The consumers of the region, predominantly the United States and Canada, tend to be skeptical of the idea of “beauty foods” and are more likely to demand products like UV protection and wrinkle-smoothing products, creating a bullwhip in the product launch. For instance, SDIN launched SunISDIN Softgel Capsules in the United States market, an advanced combination of antioxidants, vitamins, and an essential mineral, to prepare the skin to fight photoaging, prevent oxidative stress, and support general skin health.
• According to the American Hair Loss Association, by age 35, two-thirds of American men will have some degree of appreciable hair loss, and by age 50, approximately 85% of men have significantly thinning hair. As a result, the players in the market have been focussing on launching innovative products to cater to the rising consumer demand.
• For instance, in February 2021, Viviscal debuted a line of mix-in powdered supplements to boost hair health for men and women, diversely formulated with biotin and marine collagen. Thereby, manufacturers are continuously introducing new product offerings to satiate the surging demand, which is projected to drive the market’s growth considerably.

Nutricosmetics Industry Overview

The nutricosmetics market is fragmented and highly competitive, with the strong presence of regional and global players, where the demand is mostly driven by beauty enhancement and clean label claims. Consumer awareness about brand know-how is luring more start-ups into the market. Moreover, with the growing demand for nutricosmetics, key players like GlaxoSmithKline PLC, Herbalife Nutrition Limited, GNC Holdings Inc., Suntory Holdings Limited, and Amway Corporation are following various strategies like mergers and acquisitions and research and development (R&D) to cater to the growing demand in the market. Elective, Olverum, DL.MD, SHIFFA, SKIIN Company, Cashmere Skincare, Simone Thomas Wellness, Age Quencher, Moon Dust, and Kora Organics are some of the popular brands in the nutricosmetics space.

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• The market estimate (ME) sheet in Excel format
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