01.31.23
The global nutricosmetics market is set to increase from a valuation of $5 billion in 2023 to $8.2 billion by 2033-end, expanding at a CAGR of 5%, according to market research firm Fact.MR.
The global market for nutricosmetics is expanding as people become more conscious of skin issues, including wrinkles and anti-aging. The market is expected to grow and develop due to increased healthcare spending and the burden of infections and lifestyle diseases.
Demand for supplements is estimated to rise at a CAGR of 5.4% due to their numerous advantages for the skin, including the ability to smooth out roughness and improve elasticity. Demand for these products is mostly driven by claims of clean labels and aesthetic enhancement.
The global market is expanding as a result of factors, including growing medical healthcare expenditures, an increase in demand for natural products due to their reduced side effects, and increased popularity among the aging population. One of the key factors propelling the market is the rising concern for beauty among consumers.
Based on primary function, the market is segmented into skin care, hair & nail care, weight management and multifunctional. Skin care nutricosmetics hold 50% share of the global market.
Emerging nutricosmetic ingredients such as lycopene and pycnogenol are witnessing strong demand for their application in skin care. Moreover, clinically approved organic nutricosmetic products coupled with an eco-conscious approach are driving the demand for skin care nutricosmetics.
Innovative use of natural ingredients such as ground coffee and charcoal in skin scrubs and seaweed used in skin care is driving the attention of people towards nutricosmetic products and away from synthetic ones.
Examples of skin care products that improve the appearance and health of the skin while simultaneously delivering nutrients include powders, creams, and lotions. These products are widely used by both men and women for several functions, such as washing, moisturizing, and hydrating.
Competitive Landscape
Key nutricosmetic manufacturers are providing smaller-sized product versions in compact packs due to the growing working population and individuals' hectic lifestyles. Top producers of nutricosmetics are constantly releasing new product lines to meet the burgeoning demand, which is expected to significantly fuel market expansion.
In 2020, SDIN launched SunISDIN Softgel capsules, which are a combination of vitamins, antioxidants, and essential minerals. Additionally, these capsules help fight photoaging, impede oxidative stress, and in keeping the skin healthy.
A series of mix-in powdered supplements were introduced by Viviscal that are specially prepared with biotin and marine collagen to improve the health of both men's and women's hair.