Global Nutricosmeticsmarket by the end of the projected period 2022-2030 will rise at a CAGRof 8.28%, according to FMI.
According to a new analysis from Future Market Insights, thelaunch of innovative products will likely lead to an increase in the sales of
smart locks (FMI). With these new introductions, the goal is to make it simpler
and more appealing for people to include the product into their diets.
To create cutting-edge products that appeal to consumers,businesses are collaborating and forming partnerships. Manufacturers and
customers alike place a lot of emphasis on advancements in the goods'
functioning.
- Key Takeaways
- Companies are focusing on premium products as penetration and accessibility is
higher compared to mass products. - Physical channels of sales such as specialty stores, departmental stores, and other
convenience stores for the highest value share in the nutricosmetics
market. - North America is expected to hold the largest value share in the global
nutricosmetics market. - While hair and nail care segment dominates in terms primary function,
multi-functional nutricosmetics will surpass in the near future
COIVD-19 Impact
Recent outbreak of Covid 19 pandemic has disrupted life inmore than one way. The lockdowns implemented by governments across the world to
curb the spread of the disease further has impacted supply chains, production
and every other aspect of business. It has brought challenges to the entire
global business community.
Nutricosmetics industry is also impacted by the imposing oflockdown worldwide. Production is hampered as transport is disrupted resulting
in lack of raw materials. Also, consumers are vary of spending on things that
are not absolutely essential for survival.
As the things are getting back on track, the industry isexpected to get back to normal within a short time.
Who is winning?
Companies in the global nutricosmetics market are focusingon new product launches with innovative functionalities to appeal to the
consumers. Also, in order to expand their footprint, companies are targeting
regions in East and South Asia where the consumer is getting health conscious
and also the disposable income is increasing.
For instance, single product with multiple benefits waslaunched by Amway when it came up with their protein powder. They marketed the
product in such a way that it hit the multiple sections of consumers who were
looking for weight loss, skin care, radiance and glow, weight management and
many other benefits.
- Some of the key players operating in the Nutricosmeticsmarket are
- Pfizer Inc.
- Herbalife Nutrition Ltd.
- Amway Corporation
- Phyto Botanical Power
- Viviscal Limited
- Ivy Bears
- Origo Cosmecuticals Pvt. Ltd.
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