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Liquid Nutricosmetics Set to Dominate Pills in Global Nutricosmetics Market
Nutricosmetics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020. Rising Demand for Nutricosmetics from Aging Population to Drive Market at 11.50% CAGR by 2020
Published 06 November 2015
Most health-conscious and informed people would agree to the theory behind a nutricosmetic: ingesting a prescribed amount of products that impart beauty from within, by developing the body’s own cosmetic system. It follows the fundamental rule of a healthy lifestyle that eating real foods and whole foods along with some essential dietary supplements will supply the body with a complete set of nutrients that it can use for daily functions. While the global nutricosmetics market is rather concentrated in North America, other regions in the global nutricosmetics markets, including Europe and Japan, are beginning to catch up with it.
Termed as the latest orally ingested health products, nutricosmetics are a combination of nutraceuticals and cosmeceuticals. Their basic composition is targeted nutrients and antioxidants that are mixed with elixirs, which perform therapeutic and preventive actions on the skin, hair, and nails. Most micronutrients are an integral part of the global nutricosmetics market. This includes flavonoids, glutathione, carotenes, coenzymes Q10, omega 3 fatty acids, collagen, and vitamin C. historically speaking, nutricosmetics were created by Ake Dahlgreen, a Swedish biochemist who specialized in internal skincare. Some of the earliest nutricosmetics were created in the 1980s. In the 1990s, the global nutricosmetics market saw a huge spike in interest, with sales increasing to reach beyond an annual figure of US$1 billion.
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People Prefer Liquids to Pills in Global Nutricosmetics Market
The global nutricosmetics market is divided into two segments according to the type of product: pills and liquids. Studies have shown that liquids, i.e. nutricosmetic beverages find increased preference among today’s consumers, who prefer liquids because they can be easily incorporated into their busy lifestyles. Consumers also tend to trust liquid nutricosmetics more than pills. As a result, the dominant product type segment in the global nutricosmetics market is liquid nutricosmetics, which had a 55.75% market share in 2013. The remainder of the market share was held by mil nutricosmetics.
Skin Care Leads Global Nutricosmetics Market Application Segments
The global nutricosmetics market comprises three application segments: skin, hair, and nails. Of these, skincare nutricosmetics dominate the global market. They have led the market for much of the past and are expected to continue doing so in the near future. One of the major reasons for this is the growing awareness of consumers towards natural products and growing demand for anti-aging skincare products in the global nutricosmetics market.
Asia Pacific Holds Half the Global Nutricosmetics Market
Till 2020, Asia Pacific is expected to be the leading consumer in the global nutricosmetics market; it held 50.2% of the global nutricosmetics market in 2013. Asia Pacific was followed by Europe, which held 38.3% of the global nutricosmetics market’s revenue in 2013. Both regions are expected to continue their leading trends till 2020.
Top Players and Recent Developments in the Global Nutricosmetics Market
Some of the top companies that operate in the global nutricosmetics market include Frutarom Ltd., Sanofi-Aventis U.S. LLC, Pfizer Inc., Lucas Meyer Cosmetics S.A.S., and Croda International Plc. Some of the latest developments in the global nutricosmetics market include the collaboration between Sanofi and Coca Cola to produce nutricosmetics by leveraging the expertise that each company brings from their respective domains. Another example is a joint venture between L’Oreal SA and Nestle SA called Laboratories Inneov SNC. It is one of the leading labs fully dedicated to the global nutricosmetics market’s research and development activities.
The global nutricosmetics market was worth US$3.36 billion in 2013. If the market continues to grow at its current estimated CAGR of 11.5% from 2014 to 2020, its value will be US$7.16 billion by the end of this period. What this impressive figure means for market players and consumers is more competition for the former but lower prices and a larger range of products for the latter.
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