The global Beauty Supplements Market is estimated to be valued at US$ 2823.15 Mn or Bn 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 Overview:
Beauty supplements contain tablets, capsules or soft gels that delivers certain benefits for skin, hair and nails. They help maintain overall beauty and health from within by providing vitamins, minerals, antioxidants that nourish and restore the skin cells.
Market key trends:
Growing awareness regarding nutritional supplements for beauty is a major trend witnessed in the market. Consumers are well informed about specific vitamins and minerals requirements of skin, hair and nails. They prefer supplements that target beauty from inside out in a natural way. Rising demand for supplements supporting collagen production to reduce signs of aging is another key trend. Also, multifunctional supplements addressing several beauty concerns are gaining traction among young population.
Market key trends:
One of the key trends in the beauty supplements market is the growing demand for collagen supplements. Collagen supplements help improve skin health, hair growth, nail strength, and joint pain. The increasing awareness about the anti-aging benefits of collagen has boosted the consumption of collagen peptides and pills significantly. Furthermore, the market has witnessed the introduction of beauty supplements addressing specific beauty concerns like skin lightening, hair growth, anti-aging, and others. Customers are more inclined towards supplements targeting their unique requirements, which is expected to drive the personalization in this market.
SWOT Analysis
Strength: The beauty supplements industry is growing at a rapid pace with increasing attention towards inner beauty. Supplements help achieve wrinkle-free, glowing skin and strong nails from within.
Weakness: Limited research data available on the efficacy and long term effects of some new ingredients used in supplements.
Opportunity: Rising health consciousness and demand for natural products provide an opportunity for brands to launch more clean label products made from herbs and plant-based ingredients. Threats: Strict regulations associated with labelling and marketing of supplements. Entry of local and private label brands poses pricing challenges.
Key Takeaways
The global Beauty Supplements Market Growth is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing preference for nutrition-led skincare and anti-aging products.
Regional analysis: North America dominates the global beauty supplements market currently. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising health awareness and increasing spending on beauty and wellness products in countries like China, Japan and India.
Key players operating in the beauty supplements market are 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, and Murad Europe Ltd, among others.
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