Market Trends of Asia-Pacific Nutricosmetics Industry
Rising Demand For Skin Care Products
Growing urbanisation, increasing working population, rising purchasing power and escalating ageing factor in the countries like Japan and China have been driving the market growth in the region. The growing desire among individuals to look better and maintain their skin health to avoid any undesired skin concerns rising the demand for skincare nutricosmetics in the region. Additionally, rising working population in the region has created a situation for the need for maintaining the skin and hair health which is eventually driving the market's growth in the region. For instance, according to NITI Aayog, over 516 million people were employed across India in financial year 2021, an increase from the previous financial year in which there were only 511 million employed people in the nation. These factors have been rising the demand for skincare nutricosmetics in the region as they have been found to be the easiest way to promote and maintain skin health. Hence, many manufacturers in the region are focused on expanding their product portfolios into nutricosmetics categories. For instance, in November 2022, Colorbar, one of India's leading cosmetic brands, has launched miracle gummies as part of its wellness range. Focusing on a holistic approach towards health and beauty, the company launched five variants fulfilling diverse needs. Its offerings included Hey Gorgeous (for glowing skin), Wow Skin (for cleansed skin), and Love is in the Hair (for hair) among others. Such developments happening in the region are expected to further aid the market to penetrate thus driving the market's growth.
Japan Market for Nutricosmetics is the Growing at a Faster Pace
The nutricosmetics market in Japan is growing at a faster pace featuring a wide assortment of products in various categories, including functional food and beverages, and nutritional and dietary supplements. Additionally, general tendency of Japanese consumers to include dietary supplements in their daily routine to support and maintain health is also driving the demand for nutricosmetics in the country. For instance, according to Healthcare Works Design, in 2021, the dietary supplement market in Japan was valued at around one trillion Japanese yen. The supplements market grew steadily for a past few years without any decline. In line with this, consumers in the country are also becoming more concerned about maintaining their skin and hair due to the change in lifestyles. This clearly depicts the growing market for quality nutricosmetics those aid in skin and hair health.
Moreover, as the market for nutricosmetics is on a growing curve, many major companies in the country are focused on launching their own brands that solely offer nutricosmetics thus aiming to target a larger consumer base to garb the major market share. For instance, in November 2021, Shiseido, one of the major skincare manufacturers in Japan launched a new ingestible beauty brand, Inryu. The brand is said to improve the overall health of the skin from the inside. The company claimed that when the line of supplements offered by the brand were taken consistently, they spreads beauty ingredients throughout the body and allows consumers to shine with an inner luster every day. Such initiatives by major companies in the country are further expected to promote nutricosmetics to new consumers aiding the market to grow further during the forecast period.
