by The Beauty Supplements Market is estimated to be valued at US$ 2823.15 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Beauty supplements are nutritional products that are taken orally to enhances individual’s beauty. They are available in various forms such as tablets, capsules, powder, and liquids. The supplements are made using natural ingredients and provide nourishment to skin, hair and nails from within. They contain vitamins, minerals, proteins, omega fatty acids and antioxidants that are essential for maintaining radiant and youthful appearance. Popular beauty supplements enhances collagen production, reduces dark circles, lightens skin, controls excessive sebum production and strengthens nails and hairs follicles.
Market Dynamics:
The growing popularity of natural beauty products will drive the growth of the beauty supplements market. With increasing awareness, consumers are preferring supplements made from natural ingredients rather than synthetic or chemical ones. For instance, supplements containing collagen, hyaluronic acid, vitamins C and E are widely adopted for their anti-aging properties. Furthermore, busy lifestyle has fueled the demand for convenient beauty products. Supplements can be easily consumed along with daily diet to obtain skin and hair benefits. Rising health and wellness trend has also propelled the adoption of tablets and powders supporting overall well-being. However, lack of clinical studies and inconsistent results of some supplements remains a challenging factor. Product innovations with improved formulations based on scientific validation can provide growth opportunities.
Segment Analysis
The beauty supplements market is dominated by skin care supplements segment. Skin care supplements help address skin issues like acne, dark spots, wrinkles, age spots, dryness etc. and also promote clear, healthy and glowing skin. The segment is expected to grow at a high rate during the forecast period as consumers are increasingly becoming aware about the anti-aging benefits of supplements and their role in achieving radiant skin.
PEST Analysis
Political: The government regulations regarding the formulation and sale of beauty supplements are becoming more stringent. The regulations ensure the safety and quality of supplements.
Economic: The rising disposable incomes and spending on personal care is fueling the growth of the beauty supplements market. The working women population is the key target group.
Social: Influencers and celebrity endorsements on social media are encouraging consumers to adopt a healthy lifestyle and promote use of supplements for beauty and wellness.
Technological: Product innovations with delivery of active ingredients through nanoencapsulation and utilization of plant-based compounds are enhancing the efficacy of beauty supplements.
Key Takeaways
The global Beauty Supplements Market Growth size is expected to reach US$ (market size for 2023) by 2023, exhibiting a CAGR of 5.5% during the forecast period. Growth of the working women population and rising awareness about anti-aging properties of supplements is driving the market.
Regionally, North America dominates the global beauty supplements market and is expected to continue its dominance during the forecast period. This can be attributed to the growing health and wellness trend in the region. Europe is also a major market for beauty supplements owing to increasing consumer spending on personal care products.
Key players operating in the beauty supplements market are Amway, Asahi Group Holdings, Ltd., HUM Nutrition, Pfizer Inc., Meiji Holdings Co., Ltd., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd, among others. Product innovation and expansion in emerging markets through partnerships are the key strategies adopted by major players.
