Impact of the COVID-19 outbreak Nutricosmetics Market
Consumer awareness regarding the ill-effects of synthetic chemicals used in popular cosmetic skin care products are driving them to opt for nutricosmetics. Emerging markets in the Asia Pacific region and South America whose income levels are rising are expected to witness high growth rate in the demand for skin care products. This is due to a rise in disposable income. Developing countries such as Chile and Uruguay are witnessing a rise in average spending on nutricosmetics products.
Transparency Market Research has come up with a new report titled “Nutricosmetics Market”, which forecasts that the market would expand at 8.5% CAGR over the period of forecast from 2019-2027. The global nutricosmetics arket is estimated to be valued at US$ 8,571.5 mn by the end of 2027.
Consumer rising preference towards a healthier and better lifestyle coupled with usage of natural products including barks, roots, and green tea in skin care product is escalating the demand for global nutricosmetics market. Some of the prominent players that are operating sucessfully in the global nutricosmetics market comprise names like The Coca-Cola Company, E.l.Du Pont De Nemours and Company, Cargill Incorporated, L’Oreal SA, and Nestle S.A.
Personalization in Cosmetic Skin Care Products
Rising demand of personalized cosmetic skin care products, wherein manufacturers take into account specific details of individuals such as weather, skin type, pollution levels where they live, and a myriad other details to ensure that the product is compatible with and effective on the user’s skin.
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Use of Cannabidiol (or CBD)
Cannabidiol is one of the 80 compounds called cannabinoids extracted from the cannabis sativa plant. CBD is known to treat dry skin, psoriasis, and eczema and is being used in many beauty products. CBD also offers anti-inflammatory and moisturizing properties, which is increasing its popularity as an ingredient in cosmetic skin care products. It was earlier part of a niche category of skin care products. It is now entering the mainstream with a number of brands, established and upcoming, launching products containing the ingredient.
In terms of regions, the global nutricosmetics market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Europe accounted for the leading market share owing to high penetration of nutricosmetics. Such high penetration of the product is coupled with substantially high adoption rate amongst the consumers followed by high awareness about the benefits of nutricosmetics. Nutricosmetics manufacturers in Europe are opting for strategic joint ventures and acquisitions in bid to grab opportunities in the global nutricosmetics market.
