Nutricosmetics Market

The global nutricosmetics market has witnessed significant growth over the last few years and is projected to register a CAGR of 5.51% during the forecast period. The rising trend of healthy aging, especially among women, is a major factor for the growth of the global nutricosmetics market. Additionally, various food & beverage manufacturers are entering the beauty industry, which is driving market growth. However, consumer ambiguity regarding the efficacy of nutricosmetics is hampering the growth of the market. The global nutricosmetics market is expected to be lucrative for the vendors active in developed and developing economies due to the rising number of products targeted at men and increasing consumer awareness regarding the correlation between nutrition and beauty.

Healthy aging is a concept that refers to the ability of all people, irrespective of their age, to live a healthy, socially inclusive, and safe lifestyle. Nutricosmetics aid in healthy aging as they promote beauty from within, enhanced body function, and skin health. According to Age UK, by 2020, more than 50% of adults in the country would be over the age of 50. In the UK, 13% of the women and 17% of the men aged between 65 and 74 focus on exercises sufficient to meet international guidelines of half an hour’s exercise of moderate intensity at least five days a week, whereas, these statistics decrease to below 3% women and 8% men aged 75 and above. In the US, the number of older adults, aged 65 and above, is expected to reach 90 million by 2050.

The increasing elderly population with a focus on healthy aging is boosting the sales of nutricosmetics across the globe. The aged populace in developed economies is increasingly adopting nutricosmetics that aid in promoting physical health and beauty. The consumption of nutricosmetics is increasing gradually in emerging economies as well. The major manufacturers are introducing several new products across the globe owing to the increasing consumer inclination toward nutricosmetics. For instance, in December 2018, Martin Biotech Ltd launched a new luxury range of marine nutricosmetics called Amphis. The Amphis brand includes Amphis cosmetic cleansing tisane, Amphis skin nutrients, and Amphis hair and nail nutrients. The products are sugar-free, paraben-free, shellfish-free and are also halal-certified. Thus, continuous product launches in the market with innovative ingredients are likely to grab the attention of consumers.

Traditionally, beauty products have been targeted at women. However, with the changing market scenario and focus on appearance irrespective of gender, a large percentage of men are opting for beauty or grooming products. The principal demand for beauty products among the male population is to reduce signs of aging, along with anti-hair loss and skincare. Nutricosmetics is not a prominent category in the men’s grooming products market as yet due to the limited research conducted in the area. This presents market players the unique opportunity to expand their portfolios to include nutricosmetics for men and launch marketing campaigns to increase awareness.

Nutricosmetics promote the overall health of skin and hair as opposed to traditional topical cosmetic products that are applied to specific body parts. Since topical cosmetic products are directly applied, they exhibit an immediate effect. However, nutricosmetics require a long time to show their effects, which has resulted in ambiguity among consumers regarding their efficacy. The demand for nutricosmetics is hampered due to high consumer demand for immediate results. Moreover, the higher prices of nutricosmetics also impact the buying decisions of consumers. Slow results with high investment deter consumers, resulting in them opting for topical cosmetic products that provide short-term but quick results. Consumers in developing countries are especially price-sensitive tend to prefer economic solutions, which acts as a restraint for the growth of the global nutricosmetics market.

The consumption of nutricosmetics has been increasing, especially in developed and developing nations. However, consumers in underdeveloped countries have limited awareness of nutricosmetics and their health benefits. Lack of awareness among consumers regarding the role of nutrition in beauty enhancement is negatively impacting the acceptance of these products. Low product visibility and spending capacity, coupled with weak distribution channels and the limited presence of e-commerce platforms, pose challenges to the sales of nutricosmetics in underdeveloped countries.