Press release
Nutricosmetics Market to Reach US$ 9.81 Billion by 2031 with a 7.7% CAGR from 2022
Market Overview
In 2021, the global nutricosmetics market reached a value of US$ 4.45 billion. With a projected CAGR of 7.7% from 2022 to 2031, the market is poised for robust growth, anticipated to reach US$ 9.81 billion by the end of 2031. The rising consumer inclination towards holistic beauty solutions and the growing awareness regarding the interplay between nutrition and skincare are driving this expansion.
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Key Developments in Global Nutricosmetics Market
The market is witnessing notable developments, highlighting the innovative strides within the industry:
In August 2022, Amway bolstered its commitment to wellness by investing in Holzapfel Effective Microbes (HEM), focusing on personalized probiotics to support gut health and overall well-being.
In December 2020, Amway forged partnerships with Korean SMEs to drive innovation in the beauty sector, reflecting Korea's influence in beauty technology.
In April 2022, Beiersdorf introduced the world's first cosmetics product with recycled CO2, underscoring its commitment to sustainability and technological advancement in skincare.
Market Segmentation
The market is segmented based on various parameters:
Product Type: Supplements (Tablet, Capsule, Powder), Beauty Beverages/Drinks
Primary Function: Skin Care (Sun Care, Anti-aging, Radiance and Glow, Anti Acne/Pimple), Hair and Nail Care, Weight Management
Price: Low (Up to 50$), Medium (50$-100$), High (Above 100$)
Distribution Channel: Online (E-commerce Websites, Company Websites), Offline (Health and Beauty Stores, Specialty Stores, Pharmacy Stores)
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Regional Analysis
The market is analyzed across regions including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Each region presents unique market dynamics influenced by factors such as consumer preferences, regulatory frameworks, and cultural norms.
Market Drivers and Challenges
Market Drivers:
Increasing Consumer Awareness Regarding Holistic Beauty Solutions
Growing Preference for Natural and Organic Ingredients
Technological Advancements in Nutraceutical Formulations
Rising Demand for Anti-aging and Skincare Products
Market Challenges:
Regulatory Hurdles and Compliance Requirements
Limited Scientific Evidence Supporting Efficacy Claims
Competition from Traditional Skincare Products
Price Sensitivity among Consumers
Market Trends
Convergence of Beauty and Wellness: The integration of beauty and wellness is reshaping the nutricosmetics landscape, with consumers seeking products that offer both aesthetic and health benefits.
Sustainable and Ethical Practices: Sustainability is becoming a focal point, with consumers gravitating towards brands that prioritize eco-friendly sourcing, manufacturing, and packaging.
Future Outlook
The nutricosmetics market is poised for sustained growth, driven by evolving consumer preferences, technological innovations, and the expanding portfolio of beauty-from-within products.
Key Market Study Points
Market Size and Growth Projections Across Segments
Regulatory Landscape and Compliance Requirements
Consumer Perception and Purchase Behavior Analysis
Technological Innovations and Product Development Strategies
Competitive Landscape
Key players in the nutricosmetics market include Herbalife International Inc, FIT & GLOW HEALTH CARE PVT LTD, GLISODIN SKIN NUTRIENTS, BASF, Functionalab, Activ'Inside, Amway, Blackmores Limited, Beiersdorf AG, and REVIDERM AG.
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