July 24, 2024
Beauty Supplements Market

Beauty Supplements Market is Expected to be Flourished by Increasing Consumer Spending on Beauty Products

Beauty supplements contain a variety of vitamins, minerals, herbs, and other ingredients that are intended to improve skin health, hair growth, nail strength, and other aesthetic properties. Beauty supplements are available in various forms such as tablets, capsules, powder, liquid, and edible films. They are marketed to prevent signs of aging, brighten skin color, improve skin elasticity, reduce acne, strengthen nails, thicken hair, and enhance hair growth. With the rising awareness about internal and external beauty, consumers are increasingly spending on beauty supplements and other beauty products.

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 Dynamics:

The growing consumer spending on beauty products and increasing awareness about internal and external beauty are some of the key drivers propelling the growth of the beauty supplements market. As mentioned in the heading, consumers are willing to spend more on supplements, vitamins and products that enhance their appearance. Moreover, rising adoption of western culture and influence of social media in developing regions have further boosted the spending capacity of consumers on personal care products. However, lack of standardized regulations for product formulation and labeling across various regions poses a challenge to market players. Various governmental agencies have different guidelines regarding permissible claims, ingredients and labelling of supplements. This regulatory heterogeneity adds an extra layer of compliance complexity for multi-national supplements companies. Nevertheless, growing health-conscious customer base and changing lifestyles continue to expand potential growth opportunities for beauty supplements market over the forecast period.

Segment Analysis:

The global beauty supplements market is segmented into product type and distribution channel. By product type, the probiotics segment is dominating the market as probiotics supplements help improve the skin health and appearance. They help maintain balance of healthy bacteria and support natural skin renewal process. By distribution channel, online stores segment is dominating as consumers find it convenient to purchase supplements from e-commerce platforms.

PEST Analysis:

  • Political: There are no significant regulations impacting the beauty supplements market.
  • Economic: Rising disposable incomes and growing awareness about personal care are driving the market growth.
  • Social: Rapid digitization and easy access to information are influencing consumers to opt for beauty supplements.
  • Technological: Manufacturers are focusing on research & development to launch innovative products catering to specific consumer needs.

Key Takeaways:

The Global Beauty Supplements Market Size 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 5.5% over the forecast period 2023 to 2030.

Regional analysis:

North America dominates the global beauty supplements market due to high consumer awareness. The United States accounts for the largest market share in the region. Growing health and wellness trend is driving the demand. Europe accounts for a significant share in the global market due to increasing consumer focus on personal care in countries like the U.K., Germany, France, and Italy. Asia Pacific is expected to witness fastest growth over the forecast period with China and India being lucrative markets. Availability of herbal supplements and rising income levels are fueling market growth in the region.

Key players:

Key players operating in the beauty supplements market include Amway, Asahi Group Holdings, Ltd., Pfizer Inc., and Meiji Holdings Co., Ltd. Amway offers Nutrilite Beauty collection supplements for skin, hair and nails. Asahi Group Holdings focuses on supplements for skin whitening and anti-aging. Pfizer Inc. provides supplements supporting collagen production for anti-aging benefits. Meiji Holdings Co., Ltd offers Supplement 21 -White and Beauty supplements in Japan.

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