Beauty supplements are used in order to enhance or accomplish any kind of deficiency in human body. It provides specific health and wellness benefits. Beauty supplements are available in the form of capsules, pills, soft gels, powdered or in liquid form. Beauty supplements includes vitamins, minerals, proteins, and other necessary ingredients which help to improve appearance of the human body.
Growing health and beauty concerns among consumers and increasing per capita spending on skin care and cosmetics is fueling growth of the beauty supplements market. According to the U.S. Department of Commerce, International Trade Administration (ITA), per capita cosmetic spending in the U.S., South Korea, and Japan was US$ 139, US$ 171, and US$ 174 respectively in 2014.
Furthermore, nutraceutical ingredients are commonly used in beauty supplements. Growing demand for nutraceutical ingredients, owing to rising awareness regarding the health and beauty benefits, is aiding growth of beauty supplements market. According to Coherent market Insights, the U.S. nutraceutical ingredients market was valued at US$ 5.83 Bn in 2016 and is projected to increase to US$ 10.70 Bn by 2025, witnessing a CAGR of 7.42% during the forecast period (2017-2025).
Asia Pacific is estimated to witness significant growth in the beauty supplements market in 2019, owing to growing personal care and cosmetic industry in this region. According to Ministry of Economy and Industry, Foreign Trade Administration, the cosmetic and personal care is the fastest growing sector in India. The beauty and personal care sector was valued at US$ 7.8 billion in 2016 and is expected to reach at US$ 9.5 to US$ 10.5 billion by 2021.
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
Various manufacturers are focused on organic and inorganic growth strategies such as mergers and acquisitions, in order to enhance their market share and product portfolio. For instance, in April 2019, Unilever announced to acquire Olly Nutrition, which sells gummy supplements for the beauty and personal care industry.
Key players operating in the global beauty supplements market include, Lifes2good, Inc., HUM Nutrition Inc., Meiji Holdings Co., Ltd., Everest NeoCell LLC., Vitabiotics Ltd, VEMEDIA, Murad Europe Ltd., IMEDEEN, Twinlab Consolidated Corporation, and Amway Corp.
On the basis of type, the global beauty supplements market is segmented into:
On the basis of form, the global beauty supplements market is segmented into:
On the basis of application, the global beauty supplements market is segmented into:
On the basis of distribution channel, the global beauty supplements market is segmented into:
On the basis of region, the global beauty supplements market is segmented into:
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