The demand for organic products among the consumers have surged to a great extent in the past few years, on account of increasing awareness about the benefits offered by natural products. Synthetic skin care products are inclusive of harmful chemicals that may have adverse effects on human health. Due to this issue, health conscious consumers are shifting their focus towards natural products. Introduction of new innovative nutricosmetic products having organic elements is another key factor driving the sales of nutricosmetic products.
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In recent periods, products have been launched presenting innovative elements such as oils, barks, fruits, roots, and seeds. In addition, fruit extracts, green tea, and coenzyme Q10 are the other commonly used ingredients in nutricosmetic products. These are some major factors responsible for the switch from synthetic products to natural products. The popularity of nutricosmetics among the aging population is also considered as one of the key drivers of the global nutricosmetics market. Rapidly growing base of aging population coupled with increasing awareness about health and wellness is also fueling the demand for nutricosmetics at present.
The global nutricosmetics market size was valued US$ 3,853.4 mn in 2018 and is poised to reach US$ 8,571.5 mn by 2027, progressing at a CAGR of 5.0% between 2019-2027.
Furthermore, low awareness among consumers about the benefits of nutricosmetics is acting as a bottleneck to the growth of this market. The relatively new availability of these products has been a reason for their low credibility among consumers. Furthermore, longer time for nutricosmetics to show results is challenging the growth of nutricosmetics market.
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Consumer awareness regarding the ill-effects of synthetic chemicals used in popular cosmetic skin care products are driving them to opt for products that less harmful natural ingredients which have the same benefits without the harmful side effects of synthetic-based products. Small scale players growing at a higher pace in domestic market. Consumer preferences are shifting toward these brands which also claim to use sustainable manufacturing methods, thus raising the product’s attractiveness to the consumer. The present consumer profile comprises an increasingly younger population which is willing to experiment with emerging brands. These brands use locally-sourced ingredients and non-traditional marketing channels which increase their perceived value to the consumer.
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There has been a rise in disposable income in developing economies including China, India, Mexico, Brazil and South Africa will create new opportunity for global companies. Growth of larger skin care companies. Consumers are increasing their spending on skincare solutions. The working population in Asia Pacific is on a rise, with the female workforce participation in Malaysia at 46.8% according to the World Bank. This factor leads to a higher income and consequent disposable income among women, which is expected to drive the nutricosmetics market in the region.
Some of the key players in the global nutricosmetics market include
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