July 2, 2013
Although the nutraceutical market is only a few decades old, it's expected to grow 7 percent annually, from $345 billion in 2011 to $450 billion in 2015. That puts it among the greatest opportunities for consumer packaged goods (CPG) companies and their suppliers, according to PMMI's Nutraceuticals Market Assessment.
"Nutraceuticals are a relatively new product category, but their growth has been amazing in the last few years," said Jorge Izquierdo, vice president of market development, PMMI. "Encompassing a range of food-based products with medical or health benefits, the segment touches several major markets including food, pharmaceuticals and beverages."
Premiumbeautynews.com spoke with Leila Rochet-Podvin, director and founder of Cosmetics Inspiration & Creation and NutriMarketingabout its recent study, "Trends and Prospectives, Food & Beauty," on the collision of cosmetics and food. "We have entered a hybrid society," she said. "By combining their information sources, drawing on many influences to satisfy their desires, consumers tend to question traditional segmentations." The studywhich used many examples of products and retail concepts the crossover between food and cosmeticshighlighted "the use of common ingredients or references to the purity and benefits of certain waters and the marine world," according to premiumbeautynews.com. The two agencies also suggested 10 trends that will have influence over these two sectors such as Clean & Pure, Healthy and Eastward Rush. Ultimately, the two agencies suggest putting the consumer at the center of the innovation process, enabling them "to resume a meaningful purchase, allowing to express themselves, to realize their personality ('upgrade the ego'), but also to provide them with a really attractive value ('desirable benefit'), while reintroducing the emotional dimension of the shopping experience ('re-enchant')," premiumbeautynews.com reported.
But when it comes to ingestible products boasting their beauty benefits to hair and skin, the U.S. nutricosmetic market has been on the decline since 2006. Is it that U.S. consumers are suspicious because they often believe in instant results and nutricosmetics seem too abstract" since they take longer to show results, asked Yana Grammer, product developer and marketing consultant to the beauty industry.
Grammer named several high-profile skin care and nutraceutical brands that aren't letting the numbers get them down, such as Votre Vus SnapDragon beverage that blends drinkable collagen, calcium, seven essential daily vitamins and botanicals such as mango, pomegranate and acai berry juices, green white and red teas, aloe vera and more goodies; YouTonics' formulations engineered using a hydrolyzed collagen to combine the power of porcine collagen, plus amino acids; and hair, skin and nail supplements such as Lifes2good, maker of Viviscal, a hair-loss supplement that targets thinning hair.
Paula Simpson, formulation and branding expert in the beauty from within/nutricosmetics market, said the potential success of nutricosmetics is two-fold:
1. Improved Technology and Innovation: The introduction of innovative brands and/or more efficacious formulations have surfaced this past year. Products now cater to all lifestyles and preferences, making pills no longer the mainstream form of product. Products today are more integrative to complement hectic lifestyles. Tinctures, beverages/teas, functional foods (such as chews and bars) are now marketed within the nutricosmetic sector. And although the latest products may offer more sophisticated formulations and technologies, their marketing message remains simple.
2. Broader Scope to Market and Accessibility: Products are now targeted to a broader demographic, are more convenient and less costly to purchase; and technological advances (such as social media) offer real consumer testimonials and interaction of their experiences with the product.
These are exciting times in the beauty industry with technology and innovation on our side. But in troubled U.S. markets such as the nutricosmetics segment, due diligence, research, consultation and market knowledge are all a must.
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