The nutricosmetics market value is poised to cross $13.7B by 2030, according to a new research report by Global Market Insights.
The nutricosmetics Industry is anticipated to register 8.1% CAGR between 2022 and 2030 due to increasing hair and skin care problems and rising awareness of health management.
In developed nations, consumers are gaining more awareness about nutricosmetic products, claims the report. Multivitamins and collagens, among other nutricosmetics, are becoming an integral part of the diet in regions such as Europe, North America, and Japan. Nutricosmetics industry penetration is further set to accelerate globally, on account of the rise in disposable incomes.
Likewise, consumers in developed economies prefer nutritional supplements and natural ingredients over synthetic chemicals. According to the Council for Responsible Nutrition, in 2021, nearly 75% of Americans consumed dietary supplements. These factors will contribute to the burgeoning demand for safe and effective cosmetic supplements.
Based on the product, the nutricosmetics market is divided into powder and liquid, gummies and soft chews, and tablets and capsules. Gummies are increasingly preferred among consumers who have trouble swallowing pills. Furthermore, the availability of the product in fruity flavors and taste similar to candy will stimulate nutricosmetics industry growth from the gummies and soft chews segment, which is projected depict a CAGR of over 7.7% through 2030.
In terms of the ingredient, the industry is bifurcated into vitamins, omega-3 fatty acids, carotenoids, and others. Consumers are gaining increasing awareness about the health benefits of omega-3 fatty acids, including their anti-inflammatory properties. The ingredient also helps in preventing dry, dull, and premature skin aging.
The omega-3 fatty acids segment accounted for over 11.8% of the nutricosmetics market share in 2021 and will be influenced by new product launch initiatives. For instance, in November 2019, BASF's Nutrition and Health division announced a collaboration with Ideogen to introduce an omega-3 fatty acid solution, dubbed 'hepacor', in Switzerland.
https://www.gminsights.com/industry-analysis/nutricosmetics-market