Global Nutricosmetics Market to Reach $4.24 Billion by 2017
Nutricosmetics industry offers tremendous growth potential as the world moves towards a future where ingestible products would be developed specifically based on hormones, physical needs, and health. Nutricosmetics is the latest food trend that is gaining popularity worldwide due to increasing consumer desire to go beyond conventional beauty solutions.
Factors such as increasing awareness among consumers, rising number of ageing population, inclination towards less invasive beauty treatments, emergence of the 'spa culture' and environmental and societal pressures are likely to drive future acceleration. At a time when conventional cosmetic and food companies are facing the challenge of understanding complex customer needs, nutricosmetics are providing the ideal solution.
As personal care and medical science become interwoven with the aesthetics industry, consumers are increasingly embracing the 'beauty from within' concept for promoting external beauty and optimizing total health. Various food, drinks, supplements, and confectionaries have been developed to assist consumers in treating different body, hair, and skin ailments. In general, nutricosmetics products are primarily targeted at women aged 40 or above since the group is particularly concerned about their appearance, health and age related issues. However, lately the products are also gaining popularity among younger women in the age group 25-35, due to desire to stay youthful and start early with remedial measures. Lately, the nutricosmetics gambit has further widened to include the hitherto largely ignored category of men as a niche, but critical target segment. Although at present the market potential is highly untapped and mainly restricted to products dealing with hair loss issues, the male grooming segment is beginning to catch up with the rest, judging from the slew of beauty products specifically aimed at men.
Nutricosmetics ingredients, comprising of antioxidants, PUFAs and specific carotenoids is a rapidly growing category within the industry, and offers huge promise in the immediate future. The niche market for Nutricosmetic Ingredients is driven by the correlation between ever-dynamic consumer requirements and constantly expanding application areas. This opens up opportunity for growth and development of natural ingredient suppliers and others in the value chain. Emerging countries offer tremendous growth potential, as manufacturers seek to expand into more profitable and relatively recession-proof markets.
Japan and Europe represent the leading markets worldwide. Influenced by advanced FOSHU legislation, Japan has been successful in achieving extended growth momentum in the nutricosmetics sector. The market in the US is in the initial phase of market adoption and as a result represents a meager share of the global market. Stricter regulations in the US are curbing large-scale success in comparison to other regions across the globe. The FDA categorizes such products as dietary supplements in the US and offers no clear legal definitions regarding various segments within the industry. In Europe, mounting pressure from the consumers as well as regulatory authorities is driving the need for scientific validation to back the numerous beauty and wellness claims of products, be it for foods, drinks or supplements. Fast track, universal growth and acceptance of the nutricosmetics concept is severely hindered by the skepticism surrounding the product claims made by manufacturers, which in several cases fall far short of consumer expectations.
The turbulent years 2008-09 witnessed the beauty products industry reeling under the pressures of constrained economic environment and limited growth. The situation was further complicated by drastic changes in consumer perceptions towards products/services aimed at luxury, well-being and exclusivity. During the recession, cash stretched consumers voted out indulgence in favor of functionality as they became more frugal in their spending habits. As a result, percapita spending on premium and luxurious cosmetics contracted sharply, while demand for economical mass products increased. The recession also impacted the marketing aspect of beauty products. A more personalized online advertising, targeting at-home consumers was the order of the day in an environment where consumers preferred to spend most of their time online, carefully scrutinizing their purchases.
Europe driven by anti-aging concerns constitutes the single largest market worldwide, as stated by the new research report on Nutricosmetics. The European market is largely concentrated in developed, western regions of France, Germany, UK, Italy and Spain. Japan is a highly developed and mature nutricosmetics market and trails behind Europe as the next largest and most influential global market. The US market, although still in a nascent stage of development, displays great potential for future development and is forecast to expand at a high CAGR of over 14% through 2017.
Key participants profiled in the report include Borba, Inc., Carotech Bhd., Cognis, Denomega Nutritional Oils, Frutarom Industries Ltd, Ferrosan A/S., Frutels LLC, Functionalab, GliSODin Skin Nutrients, Husumer Mineralbrunnem HMB GmbH & Co. K.G, Innéov, Lonza Group Ltd., Laboratoire Oenobiol SA, LycoRed Ltd., Martek Biosciences Corp., Nutrilo GmbH, NV Perricone LLC, Shiseido Co., Ltd. and Solgar, Inc.
The research report titled 'Nutricosmetics: A Global Strategic Business Report', announced by Global Industry Analysts, Inc., provides a comprehensive review of industry overview, market drivers, challenges, regional analysis, nutritional ingredients, product overview, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided in value (US$) terms for major geographic markets such as US, Japan, Europe and Rest of World.
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