The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: Beauty supplements market contain vitamins, minerals, herbs and botanicals that helps to beautify skin and hair from within. They support collagen production, improve skin elasticity and glow. Beauty supplements aids in delaying signs of aging like wrinkles, fine lines and dark spots. They strengthen nails and boost hair growth.
Weakness: Low consumer awareness about benefits of beauty supplements. Negative publicity associated with side effects of certain ingredients used in supplements formulations. Superior effects of cosmetic and skin care products over supplements.
Opportunity: Growing popularity of clean label and herbal beauty products drives the demand for nutraceutical beauty supplements. Increasing spending on personal care and beauty regime of both men and women offers potential growth avenues. Online platforms facilitating easy accessibility and affordability of supplements.
Threats: Stiff competition from local players offering cheaper alternatives. Stringent regulatory framework for new products approval and claims substantiation. Negative consumer reviews challenging brands credibility.
Key Takeaways:
The Global Beauty Supplements Market Demand is expected to witness high growth over the forecast period. The global 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 to 2030.
The growth can be attributed to rising disposable incomes, growing beauty consciousness among consumers as well as increasing prominence of social media influencing beauty and skin care trends in countries like China, India and South Korea.
Asia Pacific region holds over 35% share of the global beauty supplements market and is projected to maintain its lead. Fast rate of urbanization, busy lifestyle and growing fitness consciousness are key factors driving demand for nutraceutical beauty products in Asia Pacific region. Countries like China, Japan, India and South Korea account for over 60% of sales in Asia Pacific beauty supplements industry.
Key players operating in the beauty supplements market are 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 leading brands focus on new product launches, extensive retail distribution and promotional activities to strengthen their market position.
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