Skin Health Foods Market / Dermatology Functional Foods Market by Indication (Skin Conditions, Anti-Aging, Anti-Allergy), Region (North America, Europe, Asia Pacific, Rest of the World)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Skin Health Foods market size was estimated at USD 1,929.8 million in 2021 and is expected to surpass around USD 3,651.5 million by 2030 and poised to grow at a compound annual growth rate (CAGR) of 8.9% during the forecast period 2022 to 2030. The growth of this market is mainly driven by the high incidence of allergic diseases, growth in health awareness among consumers, increasing R&D and production capacity for functional food and beverage products, and increasing consumption of nutrient-enriched foods to improve overall health. Moreover, development of different techniques to create high-value natural carotenoids, alternative sources to obtain omega-3, and growth in the retail sector of emerging countries are creating lucrative opportunities for the market players.

Report Scope of the Skin Health Foods Market

Skin Health Foods Market Dynamics

Drivers:

The rapidly growing demand for functional food ingredients such as prebiotics, probiotics, vitamins, minerals, phytochemicals, plant extracts, and omega-3 fatty acids is drawing the attention of global functional food ingredient manufacturers, who are making significant investments in the sector. Manufacturers are developing functional confectioneries such as gummies and toffees for children, nutrition bars, and functional drinks that attract fitness enthusiasts and consumers looking for quick nutrition.

Consumers are increasingly becoming aware of their digestive health, driving innovation in probiotic product offerings. Prebiotics and probiotics are the emerging functional food ingredient segments in which researchers are focusing on developing different applications and benefits. Researchers from the National University of Singapore have created probiotic-infused beer; this beer is considered good for gut health. Many such applications are expected to emerge with the increasing investments in R&D, which is expected to drive the market for functional food ingredients.

Restraints :

The development and commerce aspects of functional food ingredients are complex, expensive, and uncertain. Factors behind the success of product development are technological conditions, consumer demand, and legislative and regulatory background. Substantial investment is required for the R&D of a strain to be used for the production of new functional ingredients such as probiotics. Probiotic strains and products are developed and produced in accordance with international food regulations. Also, highly sterilized and technical equipment and processes are required for the manufacturing and extraction of various other functional ingredients. As a result of the high cost of production, the price of the final product is also high. Marketing and distribution further add to the product price. Although consumers are aware of the health benefits derived from these expensive functional food ingredients, their high prices restrict consumers from buying the product. The intensity of the factor further increases in developing countries that have a price-sensitive consumer base, especially in some Asian and African countries.

Opportunities:

There is a growing demand for natural carotenoids in their pure form as compared to synthetic carotenoids, especially in the dietary supplements sector, due to their high effectiveness and quality. The current methods used for the natural means of production of carotenoids are limited and subject to contamination. These methods are costly, and thus, the prices of natural carotenoids such as beta-carotene and lycopene are almost three times higher than those of synthetic carotenoids.

The development of different techniques to increase the scope of natural carotenoid production and decrease the cost of these products is expected to offer several opportunities in the carotenoids market. A large number of patents are being registered for new techniques to produce natural carotenoids with more precision and less expenditure.

Challenges:

Ingredients such as botanical extracts and herbs, when added to foods and beverages, generally impart an off or bitter taste to the product. Taste is a critical factor in the purchase decision, even when consumers are looking for healthy products. The challenge faced in masking the bitterness, off-tastes, and undesirable flavors of some beneficial extracts and herbs is impeding the market growth. Manufacturers use various approaches, such as the utilization of taste and flavor modifiers, to tackle these challenges. Flavor addition for the reduction of bitterness and taste masking is one of the most significant trends in the functional food and beverage industry.

“Skin Conditions was the largest segment in the indication of skin health foods market in 2020”

Skin Conditions accounted for the largest share of skin health foods market in 2020. Several nutritional factors such as small peptides, minerals, vitamins, macronutrients, and micronutrients work together to maintain skin barrier functions that alter skin structure and directly affect skin appearance and increasing awareness of consumers with respect to nutraceuticals and functional foods, are expected to drive the market growth for skin conditions segment during the forecast period.

“APAC to witness the highest growth rate during the forecast period.”

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by the increasing R&D expenditure by a larger pool of patients with chronic skin hypersensitivity conditions, local and international companies in functional food products, and increasing GDP in several APAC countries. The growing awareness about the health benefits of functional foods in these countries has increased the demand for skin health food products.

Some of the prominent players in the Skin Health Foods Market include:  BASF SE, Archer Daniels Midland Company, DuPont, Cargill, Incorporated, Danone SA, Arla Foods, Nestle SA, Koninklijke DSM N.V., Glanbia PLC, Herbalife Nutrition Ltd., Amway, Chr. Hansen Holdings A/S, General Mills, Ingredion Incorporated, and Kemin Industries, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Skin Health Foods market

Skin Health Foods Market, by Indication

• Skin Conditions
• Anti-Aging
• Anti-Allergy

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Skin Health Foods Market Study:

• Growth of Skin Health Foods in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Skin Health Foods and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Skin Health Foods Consumption Analysis
•  Skin Health Foods Production Analysis
•  Skin Health Foods and Management