Indonesia Nutricosmetics Market To Surpass US$ 382.7 Mn By 2030
The Indonesia nutricosmetics Market was valued at US$ 186.2 Million in 2022, according to the Indonesia Nutricosmetics Market report, by Product Type (Vitamins, Carotenoids, Omega-3 Fatty Acids, and Others.), by Form (Liquid and Solid), and by Application (Skin Care, Hair Care, Oral Care, Sun Protection, and Others) published by Coherent Market Insights.
The Indonesia nutricosmetics market is predicted to exhibit a CAGR of 9.4% during the forecast period (2023 to 2030). Vitamins, minerals, amino acids, botanical extracts, and antioxidants are all used in the formulation of nutricosmetics. 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 have the ability to reduce sun damage. Nutricosmetics can help bridge the gap between conventional diets and vitamin requirements. Consumption of these has numerous health benefits. So these factors will contribute to the growth of the nutricosmetic market during the forecast period.
Key Trends and Analysis of Indonesia Nutricosmetics Market:
- The increasing penetration of online sales channels in the Indonesia country is expected to drive the Indonesia nutricosmetics market growth during the forecast period. Factors such as the rising penetration of smartphones, advancements in internet services and online retailing, easier access to credit and payment options, easy delivery options, 24-hours accessibility, and convenient and secured transactions are increasing the sales of nutricosmetics through online channels in Indonesia.
- Increasing disposable income is expected to drive the demand for nutricosmetic market of natural or organic products over the forecast period. According to Global Organic Trade Guide, the per capita disposable income in Indonesia reached US$ 3443.82 in 2022.
Market Opportunities
The use of halal cosmetics has become more popular in Indonesia in recent years. Indonesia's cosmetics industry has benefited from new halal regulations. This is in line with the growing number of Muslim women who are halal-conscious in their purchases. This factor has given an advantage to halal cosmetic manufacturers in Indonesia. In Indonesia, halal beauty is on the verge of becoming a mainstream market, with many local companies beginning to cater to the increasing demand for halal cosmetics. Wardah, the country’s first halal cosmetic manufacturer and leading cosmetic brand, manufactures 135 million units of halal certified make-up, facial treatments, and hair products annually.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/indonesia-nutricosmetics-market-4896
Key Takeaways
- Among form, the solid segment held the largest revenue share of 57% in the Indonesia nutricosmetics market in 2022
- Owing to multiple benefits offered by solid dietary supplements, nutricosmetics are available in various form such as capsules, tablets, powder, and others. Additionally, gummies supplements are gaining huge traction in the Indonesia country. For instance, in June 2020, YOUVIT, an Indonesia-based gummy vitamin manufacturer, announced an increase in the sales of gummy supplements, owing to the rising demand for immunity booster supplements during the pandemic period.
Key Players
- The major players operating in the Indonesia nutricosmetics market include Amway Corporation, BASF SE, ExcelVite Sdn. Bhd., Functionalab Group, Glaxosmithkline Plc., Innéov Spain SA, LycoRed Ltd., PT. Vitabiotics Indonesia, Swisse Wellness PTY Ltd., and YOUVIT
- Key players are focusing on various growth strategies including product launches to strengthen its market position. For instance in June 2019, YOUVIT is a multivitamin for adult and kids in the form of gummy, launched its Beauti+ product, a vitamin supplement for enhancing the beauty of women, at Peacock Lounge, at the Fairmont Hotel in Jakarta. Beauti+ is a blend of choline-inositol, vitamin E, and vitamin B7 (biotin), which prevents acne, dry skin, and premature aging among women.
Indonesia Nutricosmetics Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had a mixed effect on the Indonesia nutricosmetics market growth. Even though online sales peaked in 2020 due to the pandemic, physical retail remains one of the most useful channels for nutricosmetics. However, in many countries, situations such as lockdowns have halted production, contributing significantly to market disruption. Sales of supplements increased during the pandemic, as more people recognized supplements as a means of preventive healthcare. Additionally, in February 2020, Sido Muncul, an Indonesia-based herbal medicine and food products company, launched seven new herbal and vitamin products in the market. The company also reported that the sales of its flagship herbal product - Tolak Angin - has increased during the coronavirus outbreak.
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