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Nutricosmetics Market Research Report by Geographical Analysis and Forecast to 2025
The product type segments of the nutricosmetics market are supplements and beauty beverages and drinks. In 2016, supplements led the nutricosmetics market due to increasing demand for dietary and beauty supplements among consumers across all regions of the world. Pharmacy stores led the distribution channel of nutricosmetics market in 2016; however, health and beauty stores are expected to register the leading growth rate over the forecast period.
Among the regional segments of nutricosmetics market, North America is expected to display the leading CAGR of 6.4% between 2017 and 2025.
“Growing consumer awareness for natural products is the foremost factor propelling the nutricosmetics market,” says a TMR analyst. Savvy consumers are shifting towards natural products with the increasing awareness about health hazards of chemical-laden synthetic cosmetics. The introduction of newer nutricosmetics having organic elements is also a key factor driving sales of nutricosmetics.
Furthermore, growing popularity among the elderly population is also having appositive impact on the growth of this market. This population base is increasingly shifting from synthetic products to natural products for health reasons and to stay healthy and look young. Besides this, increasing beauty concern among consumers is also stoking the growth of nutricosmetics market. The increasing drift towards a healthier lifestyle and adoption of cosmetics that matches the changed lifestyle supported with scientific evidence is fuelling the demand for nutricosmetics globally.
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However, lack of awareness among consumers about product benefits is acting as a deterrent to the development of this market. As these products are relatively new, vendors are not adequately equipped to help increase the credibility of these products among consumers. This is inhibiting consumers to try these products over established products. Furthermore, longer time for nutricosmetics to show results is acting as a bottleneck to the growth of nutricosmetics market. As a result, consumers are reluctant to believe if these products will bear result.
Nevertheless, growth opportunities in untapped markets and people’s desire to look good and feel young is providing immense scope for the development of new line of products for beauty needs.
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Players in the global nutricosmetics market are positioned in a hierarchical fashion as there is clear distinction between functional role of entities involved in the entire product lifecycle, says Transparency Market Research (TMR) in a new report. However, the market features competition due to high bargaining power of entities positioned in the low spectrum of the value chain.
“Increasing partnerships and acquisitions between key players is the prevalent trend in the nutricosmetics market for business growth,” says TMR’s lead analyst. With increasing consumer demand for nutrient-based cosmetic products, manufacturers are focusing on strategic alliances in order to increase their nutricosmetics products portfolio, enhance distribution network, and expand their geographical presence in the global nutricosmetics market.
For example, Pfizer Inc. acquired Danish supplement maker Ferrossan, the latter being a major nutricosmetic key player for its Imedeen brand line. The strategic acquisition combined with Pfizer’s research and development expertise would strengthen the company’s product portfolio.
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