Beauty Supplements Market – Insights
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.
Among form, tablets segment is expected to show a significant growth in global beauty supplements market in 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 Increasing awareness regarding skin benefits associated with beauty supplements is expected to boost growth of the skin care segment. 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.
The global beauty supplements market was valued at US$ 2,451.2 million in 2018 and is anticipated to register a CAGR of 4.8% in terms of revenue, over the forecast period (2019 – 2027), to reach US$ 3,721.6 million by 2027.
North America is estimated to be a lucrative market in the global market, in 2019. Manufacturers are launching new beauty supplement products, in order to expand their product portfolio. For instance, in April 2019, Nature's Bounty Co., manufacturer of nutritional and vitamins supplements, launched premium beauty supplements, Nature’s Bounty Beauty Gels at Ulta.com and Ulta stores in New York. This beauty supplement is formulated to address women’s key wellness which includes skin complexion.
Various government regulations imposed on nutraceutical supplements is restraining the market growth. In North America, Food and Drug Authority (FDA), Canadian Food Inspection Agency (CFIA) and various other government authorities have imposed strict regulations on import and use of nutraceutical ingredients in food, beverage and personal care products. Such regulations force manufacturers to maintain product quality by facing lower profits which in turn is a key challenge for market growth
Figure 1. Global Beauty Supplements Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
In 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 Share, By Product Type, 2018
Source: Coherent Market Insights, 2018-19
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, 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.
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