February 25, 2024

Capturing The Immense Growth Potential Of Beauty Supplements Market

Beauty supplements essentially cater to the growing demand among consumers for retaining youthful appearance and maintaining good skin health. Common beauty supplements include vitamins, minerals, probiotics, and others that help support collagen production, visibly reducing fine lines and wrinkles. The market has witnessed considerable growth in product innovations, as key players focus on identifying specific nutrient deficiencies and offering supplements to address those requirements. A range of supplements are available as pills, capsules, powders, and liquids depending on consumer preferences. Probiotic supplements for skin health are gaining notable popularity due to their role in maintaining a balanced gut flora and digestion. Rapid urbanization with changing lifestyles is escalating time constraints, driving increased demand for convenient daily supplement options.

The global Beauty Supplements Market is estimated to be valued at US$ 2823.15 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Rising Focus on External Appearance and Preventing Early Skin Aging is Driving Demand for Beauty Supplements

The growing desire among millennial population to offset early onset of aging signs and retain youthful glow through supplementary nutrition is a key factor contributing to the market growth. Escalating consumption of anti-aging ingredients through supplements helps replenish nutrient losses due to external stress factors such as pollution, sun exposure, and improper diets. Formulations containing collagen-building peptides, CoQ10, and hyaluronic acid witness robust sales as they aid in skin elasticity and hydration.

Popularity of Herbal and Plant-based Ingredients is Fueling Supplement Adoption

Consumer shift towards herbal and plant-derived ingredients is prompting supplement brands to introduce natural products. Ingredients extracted from sources such as berries, turmeric, green tea, pomegranate, and mangosteen offer antioxidant protection against environmental damage. Products containing superfoods and Ayurvedic ingredients are trending due to their traditional medicinal properties and minimal side effects. This growing inclination towards herbal alternatives to synthetic supplements promises numerous opportunities for companies investing in organic innovations.

Segment Analysis
The Global Beauty Supplements Market Analysis is segmented based on product type, form, consumer orientation, application and distribution channel. By product type, the probiotic and prebiotic beauty supplements segment dominates the market due to increased awareness and health consciousness among consumers regarding natural and herbal beauty supplements. Probiotic and prebiotic supplements help maintain the inner-microbiome and lead to softer, clear and glowing skin from within.

PEST Analysis
Political: Any regulatory changes regarding the marketing or advertising of beauty supplements could impact the market. For instance, stringent regulations on packaging and labeling of products.
Economic: Increased disposable incomes and growing health and wellness trends are fueling the demand for natural beauty supplements globally. Growing working women population also drives the sales.
Social: The rising focus on physical appearances and growing popularity of “well aging” have boosted the adoption of anti-aging beauty supplements. Social media further promotes concepts like fitness, clear skin and glowing look.
Technological: Advanced processing and ingredient formulation technologies allow the development and commercialization of beauty supplements that effectively target external/internal signs of aging, hyperpigmentation, acne etc.

Key Takeaways
The global beauty supplements market is expected to witness high growth over the forecast period of 2023 to 2030. The global Beauty Supplements Market is estimated to be valued at US$ 2823.15 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030.

Regional analysis: North America holds the major share currently due to increasing trend of natural and alternative remedies. The U.S. is a major market owing to high awareness about beauty supplements and high disposable incomes.

Key players: Key players operating in the beauty supplements market are Presto Geosystems, Polymer Group Inc., Strata Systems Inc., Armtec Infrastructure Inc. Key players are investing in product innovation and development to cater to changing consumer needs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it