Players
in the global nutricosmetics market are positioned in a hierarchical
fashion as there is clear distinction between functional role of
entities involved in the entire product lifecycle, says Transparency
Market Research (TMR) in a new report. However, the market features
competition due to high bargaining power of entities positioned in
the low spectrum of the value chain.
“Increasing
partnerships and acquisitions between key players is the prevalent
trend in the nutricosmetics market for business growth,” says TMR’s
lead analyst. With increasing consumer demand for nutrient-based
cosmetic products, manufacturers are focusing on strategic alliances
in order to increase their nutricosmetics products portfolio, enhance
distribution network, and expand their geographical presence in the
global nutricosmetics market.
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For
example, Pfizer Inc. acquired Danish supplement maker Ferrossan, the
latter being a major nutricosmetic key player for its Imedeen brand
line. The strategic acquisition combined with Pfizer’s research and
development expertise would strengthen the company’s product
portfolio.
Transparency
Market Research projects the global nutricosmetics market to reach a
valuation of US$7.93 bn by 2025 increasing from US$5.13 bn in 2016 at
a CAGR of 5.0% between 2017 and 2025.
North
America to Display Leading Growth Rate through 2025
The
product type segments of the nutricosmetics market are supplements
and beauty beverages and drinks. In 2016, supplements led the
nutricosmetics market due to increasing demand for dietary and beauty
supplements among consumers across all regions of the world. Pharmacy
stores led the distribution channel of nutricosmetics market in 2016;
however, health and beauty stores are expected to register the
leading growth rate over the forecast period.
Among
the regional segments of nutricosmetics market, North America is
expected to display the leading CAGR of 6.4% between 2017 and 2025.
High
Importance to External Appearance Bodes Well for Nutricosmetics
Market
“Growing
consumer awareness for natural products is the foremost factor
propelling the nutricosmetics market,” says a TMR analyst. Savvy
consumers are shifting towards natural products with the increasing
awareness about health hazards of chemical-laden synthetic cosmetics.
The introduction of newer nutricosmetics having organic elements is
also a key factor driving sales of nutricosmetics.
Furthermore,
growing popularity among the elderly population is also having
appositive impact on the growth of this market. This population base
is increasingly shifting from synthetic products to natural products
for health reasons and to stay healthy and look young. Besides this,
increasing beauty concern among consumers is also stoking the growth
of nutricosmetics
market. The increasing drift towards a healthier lifestyle
and adoption of cosmetics that matches the changed lifestyle
supported with scientific evidence is fuelling the demand for
nutricosmetics globally.
Lack
of Credibility of Nutricosmetics Inhibits Adoption
However,
lack of awareness among consumers about product benefits is acting as
a deterrent to the development of this market. As these products are
relatively new, vendors are not adequately equipped to help increase
the credibility of these products among consumers. This is inhibiting
consumers to try these products over established products.
Furthermore, longer time for nutricosmetics to show results is acting
as a bottleneck to the growth of nutricosmetics market. As a result,
consumers are reluctant to believe if these products will bear
result.
Nevertheless,
growth opportunities in untapped markets and people’s desire to
look good and feel young is providing immense scope for the
development of new line of products for beauty needs.
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