The global skin health foods market revenue is expected to reach USD 3,438.9 million by 2030, exhibiting a CAGR of 6.7% during 2022–2030.
Due to the availability of a wide range of nutritious food products for treating skin conditions, consumers now have more options when making purchases. On top of that, the vigorous marketing activities of the producers of functional food ingredients and products for natural wellness have increased buyer awareness, while also escalating competition. Over the projection period, these reasons are expected to enhance consumers’ desire for such foods.
The growth of the market can also be ascribed to the increasing customer awareness regarding skin health and related conditions, significant expansions in the R&D capabilities and production capacity of companies offering such beneficial foods and beverages, growing demand for edible items enriched with nutrients, to improve overall physical health, and the rising prevalence of allergic conditions.
The growing number of people who are adopting clean eating habits and embracing high-nutritional-value meals is one of the primary causes of the expansion of the industry. As more individuals select organic foods made from natural ingredients for skin health, the global business is set to have lucrative chances of growth. In addition, the increasing appearance concerns among people and rising popularity of foods good for the skin are expected to enhance the sector’s revenue generation ability in the upcoming years.
On the basis of distribution channel, the indirect category is forecast to lead the sector. The aforementioned class is further categorized into supermarkets/hypermarkets, wellness centers, dermatology centers, e-commerce, and others.
Among these, supermarkets/hypermarkets held the largest revenue share, around 40%, in 2022. This can be attributed to the sense of familiarity about these outlets among the population, due to their presence in nearby localities. Additionally, these places allow people to know the basic details about the products, such as ingredient and nutrient lists, first hand, which, in turn, provides them with an accurate idea of the functional worth of that item, along with entailing safer transactions, no shipping costs, and comfortable returns.
The e-commerce category is expected to display the highest CAGR, more than 7%, during the forecast period. This is because of the innumerable advantages this shopping mode offers, including access to a wide variety of items, ability to purchase from the convenience of the home, time savings, and promotional offers and discounts.
Furthermore, a significant boost in the usage of this platform has observed since the coronavirus pandemic. Lockdowns and the stringent regulations on movement led people to resort to such platforms, which, in turn, will have a positive impact on product sales via these platforms.
North America led the industry in 2022 with a share of around 45%, and it is set to maintain its dominance throughout the prediction period.
The average spending on skincare in the region has risen in recent years, and organizations that promote fitness, wellness, and health have a stronger social media presence now. Additionally, the region's business will expand greatly because of the sharp spike in the incidence of skin conditions and the constant surge in the buyer consciousness of the skin health benefits of certain foods.
Key players in the market include Amway Corporation, BASF SE, Archer-Daniels-Midland Company, Danone S.A., Nestlé S.A., Cargill Incorporated, Chr. Hansen Holding A/S, Koninklijke DSM N.V., DuPont de Nemours Inc., and Herbalife Nutrition Ltd.