The nutricosmetics market, including beauty supplements and beverages, is primed for growth and opportunity, according to insight from global market intelligence firm Transparency Market Research(TMR). It expects the nutricosmetics market to reach $7.93 billion by 2025.
Much of its growth has been driven, in part, by consumers’ increasing interest in health, antiaging, beautification and overall well-being. “Growing consumer awareness for natural products is the foremost factor propelling the nutricosmetics market," said a TMR analyst. And, as consumers grow increasingly aware of the health hazards of chemically laden products, they’re all the more shifting their gaze to the growing number of nutricosmetics boasting organic ingredients—thereby further driving sales in the category. Speaking of antiaging, the category is particularly growing in popularity among older generations, as they too seek to stay healthy and looking youthful longer.
In 2016, the increasing demand for dietary and beauty supplements among consumers worldwide drove the market, which was most prominent in the pharmacy channel; however, health and beauty stores are expected to register the leading growth rate over the forecast period. North America is expected to lead the way, geographically. Further aiding in the market’s growth will be manufacturers who establish strategic alliances in the category to boost their nutricosmetics portfolio, enhance distribution network, and expand their geographical presence in the global nutricosmetics market.
They will have to contend, however, with the fact that consumers still are not entirely sold on the benefits within nutricosmetics or aware of the scientific credibility within the category. Furthermore, as these products are relatively new, retailers are not adequately equipped to help increase the credibility of these products among consumers. And this fact inhibits consumers from more enthusiastically trying products within the category.
Nevertheless, Transparency Market Research’s insight shows that growth opportunities in the nutricosmetics market and people's desire to look good and feel young is providing immense scope for the growth of the category.
[Image: TMR Analysis, May 2017]