The beauty supplements market is estimated to be valued at US$ 2823.15 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The beauty supplements market primarily involves dietary supplements intended to provide external beauty or skin benefits. These supplements contain vitamins, minerals, herbs, botanicals, amino acids, and enzymes that help improving the appearance of skin, hair, and nails. Key beauty supplements products include collagen supplements, hair & nail supplements, anti-aging supplements, and other herbal extracts. Growing popularity of natural anti-ageing ingredients in anti-wrinkle creams and serums is driving the demand for collagen supplements.

Market Dynamics:
The increasing focus on physical appearance and growing prevalence of premature aging are the key factors driving the growth of the global beauty supplements market. Urbanization and increasing disposable income have led to rising consciousness about personal care and physical appearance among consumers. According to a survey, over 70% of consumers feel appearance and self-esteem are significantly related. Moreover, growing prevalence of premature aging due to pollution, stress, unhealthy lifestyle, and sun exposure is boosting the sales of anti-aging supplements. According to an Alzheimer’s disease international report, the number of people aging 60 years or above is projected to grow to 2 billion by 2050, which is driving the demand for collagen and other anti-wrinkle supplements globally. However, lack of clinical studies validating the efficacy of certain herbal and botanical ingredients is a major challenge in the market. Nonetheless, expanding distribution channels such as e-commerce are expected to create lucrative opportunities over the forecast period.

SWOT Analysis

Strength: Beauty supplements market provides nourishment to skin from within. Growing health and wellness trend among consumers is driving the demand for beauty supplements. Wide variety of formulations catering to specific beauty concerns is a key strength.

Weakness: Lack of clinical trials and evidence to substantiate product claims can undermine consumer confidence. Improper dosages without consultation of healthcare professionals may cause side effects.

Opportunity: Rising aging population experiencing signs of aging like wrinkles and dark spots is an opportunity. Increasing spend on premium beauty products indicate the potential for growth in beauty supplements.

Threats: Stringent regulations regarding formulation and labeling may increase compliance cost negatively impacting profits. Introduction of alternative beauty treatments may divert consumer spending away from supplements.

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 demand for internal nutrition to achieve glowing skin. Consumers are more aware and inclined towards supplements that naturally improve complexion from within.

Regional analysis: North America dominates the global beauty supplements market currently accounting for over 35% of the total share owing to higher consumer spending on premium wellness products. Asia Pacific is anticipated to grow at fastest CAGR during the forecast period supported by expanding middle class, rising disposable incomes and growing awareness in developing countries like India and China.

Key players operating in the 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, among others. These players are engaged in new product launches, mergers, collaborations and expansion of manufacturing facilities to strengthen market presence.

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