The global Beauty Supplements market is estimated to be valued at US$ 2,674.7 million in 2022 and is expected to exhibit a CAGR of 5.55% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Beauty supplements are ingestible products that are taken orally to enhance the appearance and health of skin, hair, nails, and overall beauty. These products come in the form of pills, capsules, gummies, and powders. They contain various ingredients such as vitamins, minerals, antioxidants, collagen, biotin, and hyaluronic acid, which are known to promote skin health and beauty.
B) Market Dynamics:
The Beauty Supplements market is being driven by the increasing demand for natural and organic products among consumers. With growing awareness about the harmful effects of synthetic chemicals on the body, consumers are opting for beauty supplements that are made from natural ingredients. Natural and organic beauty supplements are perceived to be safer and more effective in promoting beauty and overall wellness.
Another driver of the market is the rising beauty consciousness among individuals. With the influence of social media and beauty influencers, there is an increasing trend of people seeking ways to enhance their physical appearance. Beauty supplements offer a convenient and effective solution for individuals looking for skin, hair, and nail health improvement.
Furthermore, the beauty supplements market is driven by the availability of a wide range of products catering to specific beauty concerns. There are supplements available for anti-aging, skin brightening, hair growth, nail strength, and overall beauty enhancement. This variety of products allows consumers to choose according to their specific needs and preferences.
C) Segment Analysis:
Among the segments, the collagen segment dominates the beauty supplements market. Collagen is a protein that helps in maintaining the structure and elasticity of the skin. It is widely consumed for its anti-aging properties and ability to improve skin health and appearance. The popularity of collagen supplements can be attributed to its proven benefits and the increasing prevalence of skin-related issues among individuals.
D) PEST Analysis:
The beauty supplements market is influenced by government regulations and policies related to the safety and labeling of dietary supplements.
Rising disposable incomes and increasing consumer spending on beauty and personal care products drive the growth of the beauty supplements market.
The societal pressure to look young and attractive and the growing awareness about self-care and wellness contributes to the demand for beauty supplements.
Advancements in the formulation and delivery systems of beauty supplements have led to the development of innovative products with improved efficacy and targeted benefits.
E) Key Takeaways:
– The global beauty supplements market is expected to witness high growth, exhibiting a CAGR of 5.55% over the forecast period, due to increasing demand for natural and organic products.
– Asia Pacific is expected to be the fastest-growing and dominating region in the beauty supplements market, driven by rising disposable incomes and growing beauty consciousness among consumers.
– Key players operating in the global beauty supplements market include Amway, Asahi Group Holdings Ltd., HUM Nutrition, Pfizer Inc., Meiji Holdings Co. Ltd., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd.
In conclusion, the global beauty supplements market is expected to experience significant growth due to the increasing demand for natural and organic beauty products, the rising beauty consciousness among individuals, and the availability of a wide range of products catering to specific beauty concerns. Asia Pacific is expected to be the fastest-growing region in the market, driven by rising disposable incomes and growing beauty consciousness among consumers.