The global nutricosmetics market is predicted to account for USD$7.16bn by 2020, growing at a CAGR of 11.5% from 2014 to 2020. A new report by Transparency Market Research - Nutricosmetics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 reveals predictions for the size and shape of the market over this forecast period.
The nutricosmetics market is segmented into liquid and pill, comprising 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 is primarily driven by factors such as growing consumer awareness for natural products, increasing beauty concern among young people, and popularity among the ageing population. Growing consumer preference for green credentials in beauty and personal care products is also influencing the growth of the market.
The market for liquid nutricosmetics is comparatively larger than the pill, as the beverages resonate well with the hectic lifestyles of consumers, and people tend to trust liquids more than pills, according to the report. Owing to these factors, the demand for liquid nutricosmetics is expected to remain high during the forecast period. In 2013, the share for liquid was 55.75% in terms of revenue, whereas pill accounted for 44.25% overall.
Asia Pacific led the market in 2014 in terms of revenue, and is expected to continue its dominance up to 2020, closely followed by Europe, due to a large elderly population in developed Western European economies and the high market penetration rates of these products in this region. Countries in the rest of the world such as South Africa, UAE, Brazil and Taiwan are as yet untapped, and are predicted to offer substantial growth opportunity for manufacturers in the sector.
The report highlights major market participants: Croda International, Lucas Meyer Cosmetics, Pfizer, Sanofi-Aventis and Frutarom, and notes recent developments including Coca-Cola joining hands with French pharmaceutical company Sanofi to manufacture nutricosmetics; and the creation of Laboratories Inneov SNC, a joint venture between L’Oreal and Nestlé in the nutricosmetics market.