by 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 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 supplements that are intended to provide beauty benefits from inside out. These supplements are available in different forms such as capsules, powders, tablets, soft gels and liquids. They are aimed at improving skin, hair and nail health by supporting the body’s natural beauty from within. Beauty supplements contain ingredients like vitamins, minerals, proteins, omega fatty acids and botanical extracts that work to reduce skin blemishes, support hair growth, add shine and strength to hair and strengthen nails from roots. They target issues like dull skin, hair loss, dry skin, acne, fine lines and wrinkles. The growing awareness among consumers about the link between internal and external beauty is driving the demand for beauty supplements globally.
Market key trends:
One of the major trends in the beauty supplements market is the growing popularity of customized supplements. Customized supplements allow consumers to choose ingredients tailored to their specific beauty concerns and needs. They provide flexibility to include more of the key active ingredients required. Another key trend is the rising demand for herbal and natural supplements. Consumers are increasingly looking for supplements made from natural ingredients due to safety concerns related to synthetic ingredients. Plant-based supplements are considered gentler and more effective by many consumers. The market is also witnessing increasing demand for supplements to improve hair, skin and nail health among aging population worried about age-related beauty issues. Product innovations with delivery of combinations of ingredients in innovative forms is another ongoing trend in the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of established brands and the high costs associated with R&D, marketing and distribution required to compete effectively.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitute products and indifference of customers towards brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of raw materials from various sources globally.
Threat of new substitutes: The threat of new substitutes is high given the constant innovation and introduction of new products based on latest research and consumer preferences.
Competitive rivalry: High due to presence of numerous international and domestic brands competing on the basis of quality, price and promotion.
Key Takeaways
The global Beauty Supplements Market Growth is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing health consciousness among consumers and growing demand for nutritional and dietary supplements.
Regional analysis: North America is currently the largest market for beauty supplements accounting for over 35% of global sales in 2023. However, Asia Pacific is expected to witness the fastest growth owing to rising income levels, changing lifestyles and growing health awareness in major countries like China and India.
Key players operating in the Beauty Supplements market are Amway, Asahi Group Holdings, Ltd., Meiji Holdings Co., Ltd., HUM Nutrition, Pfizer Inc., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd, among others. Key players are focused on new product launches, partnerships and mergers & acquisitions to strengthen their market position and expand their geographic footprint.
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
