Nutricosmetics market

Nutricosmetics Market, By Product Type (Vitamins, Carotenoids, Omega-3 Fatty Acids, Others), By Form (Liquid, Solid), By Application (Skin Care, Hair Care, Oral Care, Sun Protection, Others), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America)-

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Mar 2023
CMI518
190 Pages
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Cosmetic Ingredients

Summary

The global nutricosmetics market size was valued at US$ 9.9 Billion (revenue) in 2022 and is expected to expand at a CAGR of 11.76% and expected to reach at 24.1 Billion in terms of revenue during 2023– 2030.

Nutricosmetics are oral based nutritional supplements for beauty and skin health. Nutricosmetics market is primarily driven by the expansion and consumer awareness in personal grooming coupled with busy lifestyle of the growing urban population. Nutricosmetics are health products which is mainly used for the treatment of hair, nail, skin defects, sun protection and photoaging. Photoaging is aging mainly caused due to exposure to ultraviolet (UV) light which causes brown spots and deep wrinkles. Antioxidants such as vitamin E and C, green tea polyphenols, beta carotene, supplements containing polypodium leucotomos, an extract of a Central American fern plant, and synergistic antioxidants has the ability to reduce sun damage. Other micronutrients such as carotenes, flavonoids, and omega-3 fatty acids also provides protection from ultraviolet light exposure and reduce the aging of skin and wrinkle formation.

Driver:

Rising retail shops, Popularity of ready to drink nutricosmetic beverages:

Some of the key drivers to fuel the nutricosmetics market are rising retail shops across the globe, rising popularity of ready to drink nutricosmetics beverages, preference for effective and safe beauty solutions boosts the sales of cosmetics supplements, and growing consumer awareness toward prevention of pre-mature skin aging along with others. Awareness in skincare, hair care is expected to drive the nutricosmetics market during the forecast period The global nutricosmetics market size was valued at US$ 9.9 Billion (revenue) in 2022 and is expected to expand at a CAGR of 11.76% and expected to reach at 24.1 Billion in terms of revenue during 2023 – 2030.

Restraints:

Increasing concerns about health and extra awareness about vitamins and supplements:

Nutricosmetics are the products that act as nutritional supplements to skin care, nails, hair and they work from inside to promote beauty from within. Consumers have to consume this supplements and now everyone is very health cautions and extra aware about their vitamins and supplements. This can cause little challenge in global nutricosmetics market.

Figure 1. Global Nutricosmetics Market Share, By Region, 2022

Carotenoids has largest market share around 40% in global nutricosmetics market in 2022. Vitamins has the second largest market share in global nutricosmetics market followed by omega-3 fatty acids and other product types.

Nutricosmetics: Success and Failures

Factors such as rapid innovation and technological advancements is expected to gain traction in nutricosmetics market. For instance, in the U.S. Mars, food packaging company launched Dove Beautiful (containing biotin, zinc and vitamins E and C) and Dove vitalize (containing dark chocolate enriched with vitamin B). These products in spite of high investment in product promotion failed to gain consumer demand in the U.S market. Nutricosmetics products are subject to market regulations in Europe. For instance, in December 2022, The European Commission (EC) has expanded the marketing authorization for Dupixent® (dupilumab) in the European Union to treat adults with moderate-to-severe prurigo nodularis who are candidates for systemic therapy. Prurigo nodularis is a chronic, debilitating skin disease with underlying type 2 inflammation and its impact on quality of life is one of the highest among inflammatory skin diseases. With this approval, Dupixent is the first and only targeted medicine specifically indicated to treat prurigo nodularis in Europe and the U.S.

Figure 2. Global Nutricosmetics Market Share, By Product Type, 2022

Segmentation Analysis:

The global nutricosmetics market ha segmented by product type, by form, by application. By product type it is classified into vitamins, carotenoids, omega-3 fatty acids, others, by form it is classified into liquid and solid form, by application it is classified into skin care, hair, care, oral care, sun protection, others. Region wise the global nutricosmetics market analysis was conducted across Asia pacific, North America, Latin America, Middle East, Africa, and Europe.

Nutricosmetics Market Report Coverage

Report Coverage	Details
Base Year:	2022	Market Size in 2022:	US$ 9.9 Bn
Historical Data for:	2017-2021	Estimated Year:	2023
Forecast Period 2023 to 2030 CAGR:	11.76%	Forecast Period:	2023-2030
Geographies covered:	By Region: North America, Latin America, Europe, Middle East, Africa, Asia
Segments covered:	By Product Type: Vitamins, Carotenoids, mega-3 Fatty Acids, Others By Form: Liquid, Solid By Application: Skin Care, Hair Care, Oral Care, Sun Protection, Others
Companies covered:	Ferrosan A/S, Functionalab Inc, Laboratoire Oenobiol S.A.S.,Laboratoires Inneov SNC, BASF SE, ISOCELL SA, GlaxoSmithKline Pharmaceuticals Limited, ExcelVite, Shiseido Co.Ltd, Denomega Nutritional Oils AS.
Growth Drivers:	Nutricosmetics market is primarily driven by the expansion and consumer awareness in personal grooming coupled with busy lifestyle of the growing urban population. The increasing demand for skin care products and growth of global cosmetics market
Restraints & Challenges:	Increasing concerns about health and extra awareness about vitamins and supplements

Regional Insights

North America, followed by Europe and Asia Pacific, respectively, accounted for major share in the global nutricosmetics market in terms of revenue in 2022 and the trend is estimated to remain the same over the forecast period. The growing demand for personal grooming and busy lifestyles in Asia Pacific due to rising consumer awareness coupled with growing retail sector is expected to drive growth of the global nutricosmetics market over the forecast period. Asia Pacific is expected to be the most lucrative market during the forecast period, due to its rapidly growing economy, especially in China and India, coupled with rising healthcare awareness, which in turn is expected to bend the consumers towards nutricosmetics along with the regular diet. Moreover, the growing retail sector across the region is also expected to boost the market for nutricosmetics from 2023 to 2030. For instance, according to India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, On February 2021, one of the fastest-growing markets in India, Beauty & Personal Care, continues to be refined at the helm of consumer preferences and trends, intense industry competition, technology and innovation.

A joint study report by Google, Kantar and WPP titled ‘Connected Beauty Consumer report’ released in November 2020 highlighted that the Indian beauty & personal care industry is expected to grow to Rs. 111,000 crore (US$ 15.17 billion) by 2024, from Rs. 73,000 crore (US$ 9.98 billion) in 2019, with e-commerce being the game changer. Covid-19 has not only changed the market dynamics, but also skewed consumer preferences towards the beauty & make-up industry.

Covid-19 Impact:

In Covid-19 due to lockdown imposed across the globe beauty industry experienced decrease in global sales. However, nutricosmetics sector remain same due to awareness of personal health and wellbeing. The beauty industry is recovered after covid-19 pandemic and it is expected to grow in forecast period.

Recent Development:

On December 2022, IFF, food and beverage, health and Wellness Company, announced it has entered into an agreement to sell its Savory Solutions Group to PAI Partners, a leading global private equity firm with a strong focus on the food and consumer industry. The transaction values the business at approximately $900 million and cash proceeds net of taxes and expenses will be primarily used to reduce outstanding debt.

On October 2022, IFF announced the opening of its new Singapore Innovation Center, the first in its global network of research, creative and application centers to integrate the technologies, capabilities and expertise of all four business divisions: Nourish, Health & Biosciences, Scent and Pharma Solutions. At nearly 11,000 square meters, it is IFF’s largest in the region.

On December 2022, Sanofi and Innate Pharma SA announced an expansion of their collaboration, with Sanofi licensing a natural killer (NK) cell engager program targeting B7H3 from Innate’s ANKETTM (Antibody-based NK Cell Engager Therapeutics) platform. Sanofi will also have the option to add up to two additional ANKETTM targets.

On 6 February 2023, Croda International Plc (‘Croda’) announces that it has agreed to acquire Solus Biotech (‘Solus’), a global leader in premium, biotechnology-derived beauty actives, from Solus Advanced Materials for a total consideration of KRW350bn (approximately £232m) on a debt-free, cash-free basis. The acquisition provides access to Solus’ existing biotech-derived ceramide and phospholipid technologies, and its emerging capabilities in natural retinol. This acquisition will significantly strengthen Croda’s Beauty Actives portfolio and increases its exposure to targeted prestige segments. Located in South Korea, Solus expands Croda’s Asian manufacturing capability and will create a new biotechnology R&D hub in the region.

Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion

Major players including Frutarom Ltd, Lucas Meyer Cosmetics S.A.S., Sanofi-Aventis U.S. LLC, Croda International Plc, and Pfizer Inc, Functionalab Inc, Laboratoire Oenobiol S.A.S., Laboratoires Inneov SNC., Beiersdorf Ag, BASF SE, Borba, Inc., Frutels LLC, ISOCELL SA, GlaxoSmithKline Pharmaceuticals Limited, ExcelVite, Denomega Nutritional Oils AS, Groupe Danone SA, IMCD Group BV, Lonza Group Ltd. among others are the key competitors in the global nutricosmetics market. Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future. For instance, ALPI Candy Factory has expanded its manufacturing units in Croatia and Greece for the manufacturing of nurticosmetic products such as deo toffee, deo lavender with sugar and without sugar along with others are some of the few products to expand the growth of global nutricosmetics market during the forecast period.

Table of Content

Table of Contents

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Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What are the growth estimates for nutricosmetics market till 2030?

The global nutricosmetics market is estimated to surpass US$ 24.1 Billion by 2030.

Which are the market players across the globe?

What are the key factors driving growth of the market?

What is the Compound Annual Growth Rate (CAGR) of the market for years 2023-2030?

The increasing demand for skin care products and growth of market is expected to exhibit a CAGR of 11.76% in terms of revenue during 2023-2030.

Which region is dominating the market growth?

Europe, followed by North America and Asia Pacific, respectively, accounted for major share in the market

Why is Europe dominating the market?

Europe dominated the market in 2022 and the trend is expected to remain the same during 2023-2030. The increasing demand for nutricosmetics in various applications such as skin care, hair care, oral care, sun protection along with others, due to rise in consumer awareness towards health and beauty over the years, 2021-22, is the major driving force to position Europe as the largest region in the market.