The beauty supplements industry has seen immense growth in recent years owing to rising demand for nutritional beauty products among consumers. Beauty supplements contain vitamins, minerals, herbs, botanicals and other ingredients that are marketed to have a positive effect on the skin, hair and nails. Increasing popularity of supplements like collagen, biotin, vitamins A, C, E and other antioxidants, have propelled the demand for beauty supplements globally.
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
Key Takeaways
Key players operating in the beauty supplements market Key players in the beauty supplements market include Amway, The Boots Company, Herbalife Nutrition, BY-HEALTH, and Swisse. These companies have wide distribution networks and offer a diverse portfolio of beauty supplement products.
Key opportunities in the market
Growing consumer preference for natural and organic cosmetic products present significant Beauty Supplements Market opportunities for players to launch more effective herbal and plant-based supplements. Moreover, rising demand from emerging economies of Asia Pacific and Latin America will drive future market expansion.
Major market players are focusing on partnerships and acquisitions to expand their geographic footprint. For instance, in 2020, Amway acquired XS Energy to strengthen its portfolio of energy and wellness products in North America. Players are also investing in R&D to develop innovative product formulations suitable for different regional requirements.
Market drivers
Increasing consumer spending on personal care and rising awareness about benefits of nutritional supplementation are key market drivers. Consumers are increasingly opting for supplements as a natural way to achieve radiant skin from within. Growing social media influence is also boosting the adoption of appearance-enhancing supplements among the younger demographic.
High costs of natural and herbal ingredients used in supplements as well as fluctuations in raw material prices can restrain the market growth. Inadequate scientific evidence supporting efficacy of some beauty supplements further poses a challenge. Strict regulatory frameworks and compliance issues across countries also act as a barrier.
Segment Analysis
The beauty supplements market is segmented based on ingredients, form, application, distribution channel and region. By ingredients, the market is classified into vitamins, minerals, botanical extracts, proteins & amino acids and others. The vitamins segment dominates the market as most beauty supplements contain multivitamins which are considered essential for maintaining overall health and beauty. By form, the market is bifurcated into tablets, capsules, powders, gummies and others.
The tablets segment accounts for the largest share due to its easy consumption and portability. By application, the market is categorized into skin care, hair care, nail care, and others. The skin care segment dominates as supplements aid in protection from sun damage, slowing signs of aging, reducing acne breakouts and improving skin texture. By distribution channel, the market is divided into hypermarkets/supermarkets, pharmacies/drugstores, online and others. Pharmacies/drugstores represent the largest share due to availability of advice from pharmacists on choosing suitable supplements.
Global Analysis
Regionally, North America leads the beauty supplements market driven by growing health & wellness concerns among individuals. Rising awareness related to skin care and supplement benefits is also driving the market in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing disposable incomes, changing lifestyles and growing preferences for supplements as an additional source of nutrition.
India and China represent major markets in Asia Pacific on account of rising health consciousness among populace. In Europe, the market is growing due to elevating demand for natural and organic beauty products coupled with adoption of supplements for specific skin & hair care needs. Latin America and Middle East & Africa also offer lucrative potential with increasing healthcare infrastructure across countries.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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