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Nutricosmetics Market to Exhibit a Remarkable CAGR of 7.9% by 2030, Size, Share, Rising Trends and Opportunity Analysis
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The carotenoid segment dominated the market with market revenue of 2.4 billion in 2021
The product type segment comprises vitamins, omega 3 fatty acids, carotenoids, and others. In 2021, the carotenoid segment dominated the market with a market revenue of 2.4 billion. Carotenoids contain antioxidants that are good for hair, skin, and nails, driving the segment's growth.
The online segment is expected to grow at the fastest CAGR of 8.8% over the forecast period.
The distribution channel segment is divided into online and offline. Over the forecast period, the online distribution channel segment is expected to grow at the fastest CAGR of 8.8%. The increasing penetration of the internet post the outbreak of the covid-19 pandemic has increased the sale of nutricosmetics through online distribution channels. Various online retailers started selling nutricosmetics products through the online retail shops driving the segment's growth.
The skin care segment accounted for the largest share of the market, with 33%.
The application segment is divided into skin care, personal care, weight management, haircare, and others. In 2021, the skin care segment dominated the market, accounting for around 33% of global revenue. Nutricosmetics products are widely used to treat skin conditions such as wrinkles, sagginess, and sunburn, which affect the segment's growth.
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Regional Segmentation Analysis:
The nutricosmetics market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. Europe is expected to be the largest market during the forecast period. The nutricosmetics market in Europe has been expanding rapidly due to the presence of the elderly population in the region. The region also has the presence of prominent market players that drives the growth of the market in the region. Changing lifestyle in the region owing to an increase in income makes it possible for the consumers to opt for healthier food and beverages to improve their overall health, skin, hair, and nails. This is expected to add impetus to the market during the forecast period.
Competitive Analysis:
The major players in the nutricosmetics market include Cargill, Incorporated, DuPont, Nestle, L'Oreal International, Skin side AG, Croda International Plc, Pfizer Inc., Ashland, and Vitabiotics Ltd., among others.
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