BEAUTY SUPPLEMENTS MARKET ANALYSIS

The global beauty supplements market was valued at US$ 2,674.7 million in 2022 and is anticipated to register a CAGR of 5.55% in terms of revenue, over the forecast period (2023 – 2030), to reach US$ 4,120.1 million by 2030. Players operating in the global beauty supplements market are adopting various growth strategies to attract the customer base. For instance, in 2017, Wellnext LLC, a manufacturer of dietary supplements, announced the acquisition of Everest Neocell, LLC, which is a collagen supplement company. With this partnership, Everest Neocell, LLC has gained the support of Wellnext LLC’s operational and commercial capabilities to further expand its product portfolio.

Beauty Supplements Market: Drivers

Rise in number of health-conscious population

Rise in number of health-conscious population drives the women beauty supplements market growth. Moreover, increase in demand from elderly population, owing to better taste and ease of consumption also propels the market growth. Rise in consumption of probiotic drinks also impacts the market growth positively. Furthermore, rise in R&D for development of better health supplements for various nutritional deficiencies is expected to fuel the market growth during the forecast period.

Influence of celebrities, magazines and advertisements

The popularity of beauty supplements among both male and female consumers has impacted the global beauty supplements market positively. With the large consumer base looking to up their commitment to beauty from the inside out, the global beauty supplements market is an area filled with opportunities. Natural beauty supplement market is gaining huge traction owing to rising preference for organic and natural ingredients. In the U.S. and Europe, more than 80% consumers are willing to pay more for natural or organic food beverages. Organic or natural beauty supplements market has moved from the niche to mainstream market and emerged as a marketing driving machine. Moreover, rising consciousness among people about their looks and appearance is likely to impel the growth of beauty supplements market. Furthermore, influence of celebrities, magazines and advertisements is also expected to bolster the demand for beauty supplement market.

Beauty Supplements Market: Restraining factors

Safety concerns regarding the beauty products

One of the main challenges facing the beauty supplements market is the lack of scientific evidence to support the effectiveness of some of the products. Consumers maybe be hesitant to purchase supplements that do not have a proven track record, leading to lower sales. Many of these products contain high level of vitamins, minerals, and other ingredients that can be harmful if consumed in excess or interact with medications. Consumers may be hesitant to try these products if they are unsure about their safety.

Beauty Supplements Market: Segmentation

Among form, tablets segment is expected to show a significant growth in global beauty supplements market during the forecast period. Tablets consist of nutrients and excipients, which preserve, and bind the tablet. The tablets, on ingestion, disintegrate in the digestive tract, where the active ingredient is absorbed by the body. Tablets have high shelf life and are easier to store, hence are the most commonly used form of supplement. Therefore, key players are focused on offering high quality tablets in order to increase their consumer base. For instance, Vitabiotics Ltd. offers ‘Perfectil Original’ tablets, which contains nourishing ingredients for skin, hair as well as nails. Among application, skin care segment is expected to have significant share in beauty supplement market in forecast period owing to the increasing awareness regarding skin benefits associated with beauty supplements. For instance, as per the International Trade Administration (ITA), in 2014, the total imports of makeup and skin care preparations in Australia were valued at US$ 633,433 thousands, which increased and reached US$ 688,731 thousands in 2015. As per the same source, in 2013, South Korea’s total imports of makeup and skin care preparations were valued at US$ 878.3 Mn which increased and reached US$ 937.0 Mn in 2015. Increasing demand for skin care preparations is therefore expected to boost growth of skin care related beauty supplements during the forecast period.

Figure 1. Global Beauty Supplements Market, By Product Type 2022

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Beauty Supplements Market: Regional Analysis

Asia Pacific is expected to dominate the market with 40% market share during the base year 2022. North America is estimated to be a lucrative market in the global market, in 2023 Manufacturers are launching new beauty supplement products, in order to expand their product portfolio. For instance, in April 2019, Nature's Bounty Co., a manufacturer of nutritional and vitamins supplements, launched premium beauty supplements, Nature’s Bounty Beauty Gels at Ulta.com and Ulta stores in New York, U.S. This beauty supplement is formulated to address women’s key wellness, which includes skin complexion. The Middle East and Africa region is anticipated to have significant market growth in terms of value owing to the health trends, which are constantly changing in the people of this region. In addition, people living in this region also have more access to information on health and nutrition. The World Bank projects that UAE’s population will grow from 9.4 million in mid-2017 to around 11.1 million by 2030. Increasing health awareness among the population is driving consumer demand for beauty supplements in the region, which is expected to facilitate growth of the Middle East & Africa beauty supplements market.

Figure 2. Global Beauty Supplements Market, By Region 2022

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Beauty Supplements Market: Recent developments

• In 2021, HUM Nutrition is a popular beauty supplement brand that offers a range of products formulated with vitamins, minerals and botanicals. The company was acquired by Unilever, a global consumer goods company. This acquisition is expected to help HUM Nutrition expand its global reach and accelerate its growth in the beauty supplement market.
• In 2020, The Nature’s Bounty co. is a leading manufacturer and marketer of vitamins, supplements and sport sports nutrition products. The company launched a new line of beauty supplements called “Pure Beauty”, which includes collagen, biotin and hyaluronic acid supplements.

Beauty Supplements Market: Key companies

Major players operating in the global beauty supplements market include Amway, Asahi Group Holdings, Ltd., Asahi Group Holdings, Ltd., HUM Nutrition, Pfizer Inc., Meiji Holdings Co., Ltd., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, Murad Europe Ltd, among others

Definition: Beauty supplements are used in order to treat nutritional deficiency in human body. It provides specific health and wellness benefits. Beauty supplements are available in the form of capsules, pills, soft gels, powder or liquid. Beauty supplements consist of vitamins, minerals, proteins, and other necessary ingredients, which increases aesthetics. Health benefits associated with consumption of beauty supplements are reduction in signs of aging and improving cardio & heart health, among others.