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Asia-Pacific may lead nutricosmetics till ‘20
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Our Bureau, Mumbai
April 01 , 2015
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Asia-Pacific which had led the nutricosmetics market in 2014 in terms of revenue, is likely to continue its dominance till 2020. The demand for nutricosmetics in Asia-Pacific is due to the huge population and growing health awareness among the consumers in developing nations such as India and China. The increasing demand for “beauty from within products” is another factor which is influencing the growth of the nutricosmetics market.
Asia-Pacific is closely followed by Europe. The reason behind is the presence of a large base of elderly population in developed Western European economies and the high market penetration rates of these products in this region, according to a report.
In Europe and Asia, the nutricosmetic choices are endless, from skincare companies such as Shiseido to big food brands such as Tropicana, Minute Maid, Sara Lee and Parmalat.
Driven by health, beauty supplements
The nutricosmetics market in Europe is primarily driven by growing demand for health and beauty supplements. The increase in demand for anti aging products is also stimulating the growth of the global nutricosmetics market. The countries in the rest of the world such as South Africa, UAE, Brazil, Taiwan and others are untapped market and will offer substantial growth opportunity for manufacturers in the nutricosmetics market.
The global nutricosmetics market was valued at US$3.36 billion in 2013, growing at a CAGR of 11.5 per cent from 2014 to 2020 to account for US$ 7.16 billion in 2020.
The global nutricosmetics market is expected to witness substantial growth during the forecast period, particularly due to increasing aging population. The global nutricosmetics market is expected to witness substantial growth during the forecast period. Factors such as increase in demand for natural products because of fewer side effects, increasing popularity among the aging population and rising medical health care costs are stimulating the growth of the global nutricosmetics market globally.
The recent developments in the global nutricosmetics market include Coca-Cola joining hands with Sanofi, a French pharmaceutical company to manufacture nutricosmetics by leveraging their domain expertise in pharmaceutical and beverage industry. In 2013, they launched a new product Oenobiol Beautific and it is anticipated to boost up the global market for nutricosmetics, In addition, Laboratories Inneov SNC is a joint venture between L’Oreal SA and Nestle S.A. in the nutricosmetics market.
At present, natural products are expensive compared to synthetic products but people are expected to shift their consumption from synthetic to natural products in the coming years. Growing consumer preference for green attributes in cosmetics, and health and wellness products is influencing the growth of the nutricosmetics market.
Natural health products
Nutricosmetics are natural health products that are oral based and have evolved from nutraceutical and cosmeceutical. It contains targeted nutrients and antioxidant mixed elixirs which have a treatment and preventive effect on the hair, skin and nails.
The market for liquid nutricosmetics is comparatively larger as compared to the pill nutricosmetics, as the beverages resonate well with the hectic lifestyles of the consumers. Furthermore, when it comes to trust, people prefer liquids more than pills. Owing to these factors, the demand for liquid nutricosmetics is expected to remain high during the forecast period. In 2013, the share for liquid nutricosmetics was 55.75 per cent in terms of revenue, whereas, pill nutricosmetics accounted for 44.25 per cent of the overall nutricosmetics market.
The nutricosmetics products are available in different formulations such as capsules, tablets, pills, jellies and drinks. Nutricosmetics are oral based natural health products containing targeted nutrients and antioxidant that can have a preventative or treatment effect on the skin, hair and nails.
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