Global Nutricosmetics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $12.6 Billion by 2024 from $4.9 Billion in 2016, growing at a CAGR of 12.6% from 2016 to 2024. By geography, RoW and North America are expected to grow at a CAGR of 16.1% and 13.9%, respectively, during the forecast period.
"Nutricosmetics Market (By Type: Liquid, and Pills; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend, and Forecast, 2015-2024"
Key factors driving the growth of the global nutricosmetics market include rising health and beauty awareness, increasing geriatric population, need for minimal invasive beauty therapies, and growing investment on development of advanced products. Though, lack of awareness, and longer durations to show results may restrain the growth of the market. Furthermore, growing promotion strategies in untapped markets and advanced products would offer numerous growth opportunities for the market players.
The global nutricosmetics market has been classified on basis of type and geography. The nutricosmetics market is segmented by type as liquid (skin care, hair care, and others), and pills (skin care, hair care, and others). Among which, liquid is anticipated to dominate the segment with fastest CAGR and largest market share in 2016.
Geographically, the global nutricosmetics market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted the largest market share of 49.6% in 2016, driven by, rapid market penetration of these products, increasing awareness and product innovations. Asia-Pacific was closely followed by Europe with 37.6% of the global share. In terms of growth, RoW is anticipated to attain fastest CAGR, owing to, rising acceptance of nutricosmetics among younger generation, extensive use of cosmetics, and increasing disposable income.
Major market players include Ferrosan A/S, L’Oreal SA, Nutrilo GmbH, Husumer Mineralbrunnen GmbH & Co. KG, Cargill Incorporated, E.I. Du Pont Nemours and Company, GlaxoSmithKline Pharmaceuticals Limited, C.C. Natural Products Tech Limited, Martek Biosciences Corporation, and LycoRed Limited, among others.