Nutricosmetics: Target Markets with an Ageing Population and a Rising Disposable Income
Nutricosmetics are ingestible beauty products – food, drink and supplements – that have been developed to promote healthy skin, nails and hair: Global sales of nutricosmetics reached US$4.5 billion in 2011, yet 70% of these sales came from just two countries, Japan and China. Total nutricosmetic sales have been resilient, and year-on-year growth did not fall below 5% over 2006-2011 but to witness yet further global growth and innovation nutricosmetic manufacturers need to target markets with an ageing population and where the Annual Disposable Income (ADI) is rising.
Look to Asia Pacific and Latin America for further growth
Nutricosmetics will do well in markets where there is growth in the mean age of the population and, in addition, where the ADI is increasing, as consumers will be able to spend on these products. Already popular in emerging markets, the trend of beauty from within is set to continue to grow as disposable incomes in these countries increase. Thailand, Indonesia and Taiwan will see some of the highest growth of 18-43% over 2011-2016. Furthermore, consumers are developing a greater knowledge of the functional ingredients and, as a result, a greater number of products are being launched in these countries. Japan and China will clearly remain the leaders in nutricosmetics, but other markets where nutricosmetics have the potential to develop include Taiwan, South Korea and Brazil.
Click to view:
To further explore current trends in Nutricosmetics, check out the latest Health and Wellness global briefing titled: Beauty From Within: How to Build a Successful Product.