Nutricosmetics, a market in expansion
Nutricosmetics is the cosmetic that is ingested orally to nourish the skin from the inside and enhance beauty outside. It is currently a world booming market from which continuous growth is expected. Europe ranks second in the market share of these products. However, it is a market that must take on two major challenges. On the one hand, take regulatory measures that allow the flow of trade at European level, and on the other, gain greater credibility by demonstrating the effectiveness of the products. The European regulation defines nutricosmetics as “food products whose purpose is to supplement the diet, consisting of concentrated sources of nutrients, marketed in capsules or powders and to be taken in small quantities”.
DATA AND FIGURES OF THE NUTRICOSMETICS MARKET
According to the report published in Wise Guy Reports “Global beauty supplements market outlook”, in 2016, 2.8 billion euros were reached and it is expected to grow to 5,000 by the end of 2024. Asia-Pacific has the largest share of participation, with Japan, China and Korea being the largest consumers. Europe is behind with a 25% market share. France, Germany and the United Kingdom represent 20% of the total European quota. And the third on the list is North America.
BENEFITS OF NUTRICOSMETICS
Nutricosmetics companies have to make an effort to demonstrate the effectiveness of the benefits of their products to their potential customers, who still show some reluctance about the supposed effects. Apparently, there are multiple benefits that different beauty supplements can bring. The most common benefits are those related to strengthening the hair and nails, providing shine or brightening the skin. Other more peculiar benefits related not only to beauty, but also to health, protect against UV radiation, lower bad cholesterol levels or provide more antioxidants. Actresses such as Jennifer Aniston, Kate Hudson, Reese Witherspoon or Natalia Vodianova, admit having taken food supplements to strengthen their beauty.
REASONS FOR THE GROWTH OF THE NUTRICOSMETICS MARKET
The increase in global consumption of beauty supplements is due to several factors. First, the progressive aging of the population. The population is more and more adult and has greater concern for aging. This has to do with a globalized awareness of the importance of health and aesthetics. This has caused greater demand for natural products related to health and beauty. And not only in women, the share of consumption by the male public is increasing. Finally, another reason is comfort. Taking care of and enhancing our attractiveness goes from being a tedious process of external applications, to ingesting a compound in an instant.
EUROPEAN REGULARIZATION OF BEAUTY FOOD SUPPLEMENTS
So that the expansion of the market does not stop, it is necessary for the European regulation to update the parameters of trade between States. Currently, the European Food Safety Authority (EFSA) has notified that “beauty claims” or nutritional information used by nutricosmetics are outside the scope of Regulation (EC) 1924/2006 concerning nutritional claims and health properties in the food. Failure to share a unified criterion between states hinders and limits the movement of goods. It is necessary to reach a European agreement to support this market.