Europe Nutricosmetics Market - Growth, Trends, and Forecast (2019 - 2024)
The Europe nutricosmetics market is forecasted to reach USD 2.52 billion by 2024 growing at a CAGR of 8.54% during the forecast period (2019 - 2024).
In Europe, the nutricosmetics market is driven by anti-aging concerns among the elderly population, this market is mainly concentrated in France, Italy, Germany the United Kingdom and Spain. Mounting pressure from the consumers, as well as regulatory authorities in Europe are driving the need for nutricosmetic products.
Western Europe continues to thrive in nutricosmetic sales mainly through the health professional pharmacy-based distribution.
The growth of the European market has been restrained by stringent regulatory approval procedures, and also the high cost of research and product development, which in turn increases the price of the products.
Scope of the Report
Europe Nutricosmetics Market is Segmented By Product (Skin Care, Hair Care, Weight Management and Other Applications); By Distribution Channel (Supermarkets/Hypermarkets, Drug Stores/Pharmacies, Specialist Stores, Online Stores and Other Distribution Channels) and by Geography
Key Market Trends
Collagen Emerges as the Fastest Growing Segment
In the European market, there has been a high demand for collagen as an ingredient in the development of healthy foods. Natural collagen production in the body decreases due to bad dietary habits and age. As collagen injections are not preferred among most people, the next best alternative is to obtain collagen through diet. Hence, collagen has been blended into a variety of food & beverage products. Health benefits linked with collagen have led to the establishment of the collagen supplements industry. Owing to its moisture absorbing capabilities, collagen and its fractions have shown a major function as valuable nutritive fibers and protein sources. The size of the gelatin market, which is a collagen byproduct, dominated the overall revenue and accounted for more than 60% of the total collagen market.
Germany Holds the Largest Share of Market
The favorable economic circumstances in the country allow consumers to afford the usually higher-priced healthy food and beverage products, which results in improving the health and wellness of consumers. Among German consumers, weight management and sliming nutricosmetic products are the biggest drivers for the increasing demand for drinkable nutricosmetic products, like flavored water, juices, and yogurts, which remain popular products in the country. Nutricosmetic products are available in the form of tablets, soft-gels, and capsules. GELITA, a producer of gelatin, collagen, and collagen peptides, launched QYRA®, based on VERISOL®, which comprises of Bioactive Collagen Peptides®, a gelling agent used in marshmallows, gummies, and other foods. The main players in the functional food in Germany were Sabinsa Europe GmbH, Remaes GmbH, and Methode Brigitte Kettner.
Europe nutricosmetics market is fragmented, with several players competing to achieve a significant share in the market. The key players in the nutricosmetics market are Amway, Herbalife International of America, Inc., and Pfizer Limited. The players are expanding into potential countries, in order to expand their consumer base.
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