A developed market in Japan and Europe, nutricosmetics is still in its infancy in the US, but according to RNCOS the market will grow at a CAGR of 11 percent during 2007-2012.
Growth in the non-US markets is attributed to the anti-aging concerns in these countries. Stateside, RNCOS claims that nutricosmetics is increasingly becoming a niche market with products available through specialty channels.
Still a young market
Growth in the segment in the US is expected to be fueled by the need for non-invasive alternatives and rising consumer awareness.
Currently, growth in nutricosmetics is being generated by two new consumer segments – men and young women - according to the research report 'US Cosmetic & Toiletries Market Analysis'.
The market researchers say that younger women in Western markets are trying nutricosmetics at an increasingly early age; it is not uncommon for women in their 20s and even late teens to be taking nutricosmetics, primarily as a measure to stave off the signs of aging.
Until recently, women between the ages of 30-60 were the prime consumer target group for nutricosmetics manufacturers, especially given this group's particular concerns with health and wellness.
The report states that interest in nutricosmetics has also been growing alongside interest in functional foods and beverages, which has led to the introduction of new products that are complementary to the traditional beauty industry.
Both food and drink manufacturers and supplement players alike are focusing their research and development on nutraceuticals to create products that enhance beauty from within.
Bold predictions for the future
Increasing awareness among consumers, along with an aging population, and an inclination towards less invasive beauty treatments, were also highlighted as reasons for driving the nutricosmetics market in the next few years, according to a report by Global Industry Analysts (GIA) earlier this year. The “Nutricosmetics: A Global Strategic Business Report”, predicted that the global nutricosmetics market will reach $4.24bn by 2017.
It also highlighted the strength and development of the Japan and Europe markets, and claimed the US holds great potential for future development and is forecast to expand at a high CAGR of over 14 percent through 2017, according to GIA.
Beauty From Within Conference 2012
CosmeticsDesign has once again teamed up with its sister publication NutraIngredients to host the second Beauty From Within Conference in Paris on 27th October 2011.
This year's conference will take a look at the challenges behind the education and marketing of nutricosmetics to consumers as well as covering scientific validation, new product forms and categories and exploring how to overcome the current regulation confusion.
For more information on speakers, the programme and to book your delegate place please email conferences@wrbm.com