Increasing Aesthetic Appeal and Increasing Expenditure on Personal Care Products to Augment Growth of Nutricosmetics Market

 

Nutricosmetics Market

Nutricosmetics refers to nutritional supplements that are used to enhance aesthetic appeal. Skin care usually includes the application of creams, lotions and other skin products. Nutricosmetics can be used to make skin look younger and healthier. The ingredients used to make these products usually include vitamins, antioxidants, and other nutrients that the skin needs to function properly. There are other forms that can be used in making the skin look younger.

Market Dynamics

Increasing aesthetic appeal is expected to propel growth of the nutricosmetics market. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

Increasing expenditure on personal care products is expected to offer lucrative growth opportunities for players in the nutricosmetics market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018. Moreover, significant growth in the e-commerce sector is also expected to aid in growth of the market. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. 

The nutricosmetics market is witnessing increasing investment. For instance, in January 2020, Mr. Joël Palix, the founder of boutique consultancy Palix Unlimited, invested in Lashilé Beauty, a nutricosmetics company.

Competitive Analysis

Major players operating in the nutricosmetics market include, Frutarom Ltd., Lucas Meyer Cosmetics S.A.S., Sanofi-Aventis U.S. LLC, Croda International Plc, Pfizer Inc., Functionalab Inc., Laboratoires Inneov SNC., Beiersdorf Ag, BASF SE, Borba, Inc., Frutels LLC, ISOCELL SA, GlaxoSmithKline Pharmaceuticals Limited, ExcelVite, Denomega Nutritional Oils AS, Groupe Danone SA, IMCD Group BV, and Lonza Group Ltd.

Major players operating in the nutricosmetics market are focused on adopting M&A strategies to enhance their market share. For instance, in 2019, IFF, an innovator of scent, taste, and nutrition, and its affiliate, IFF-Lucas Meyer Cosmetics, completed the acquisition of Speximo AB, a Swedish technology company.