Beauty Supplements Are Estimated To Witness High Growth Owing To Increasing Focus On Anti-Aging
Beauty supplements contain minerals, vitamins, and other ingredients that are intended to enhance one's appearance. Beauty supplements range from collagen supplements and skin firming supplements to hair and nail growth supplements. The key ingredients in beauty supplements include biotin, collagen, keratin, coenzyme Q10, antioxidants, and peptides. These supplements are marketed with claims that they can reduce fine lines and wrinkles, make hair shinier and stronger, and nails harder. Some supplements also claim to brighten skin complexion and reduce breakouts.
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 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers aiding the growth of beauty supplements market is increasing focus on anti-aging. Growing aging population coupled with rising awareness about health supplements is fueling the demand for anti-aging beauty supplements. Moreover, changing lifestyle, rising disposable income, and increasing focus on personal health and wellbeing are some other factors propelling the growth of the market. Anti-aging supplements manufacturers are focusing on developing innovative supplements with natural ingredients derived from plants and herbs which are claimed to have anti-aging properties. For instance, collagen supplements containing marine collagen are widely popular as they help reduce signs of aging like wrinkles and fine lines. Similarly, supplements containing hyaluronic acid, coenzyme Q10, and antioxidants are also gaining traction.
SWOT Analysis
Strength: The beauty supplements market possesses several strengths, including increasing consumer awareness about the importance of beauty supplements in maintaining overall health and appearance. The market also benefits from the growing demand for nutritional and beauty products made from organic and natural ingredients. In addition, supplements can be easily incorporated into daily routines as part of the beauty regimen.
Weakness: However, the market faces uncertainties related to the lack of regulation for beauty supplements. There is also a risk of allergic reactions and side effects from artificial colors, preservatives, and other chemicals present in some supplements.
Opportunity: The market has opportunities in demographic trends across regions. The demand for supplements is expected to rise sharply among middle-aged consumers and millennials who focus on anti-aging and healthy aging. Additionally, the increasing demand for customization where consumers want supplements tailored as per their specific needs will support the market.
Threats: Stringent regulations act as a threat to dominance of international players in the local markets. Moreover, substitutes such as skin and hair care products can pose a challenge to sales of specialty supplements.
Key Takeaways
The Global Beauty Supplements Market Share is expected to witness high over the forecast period. Increasing awareness about aging symptoms and interest in maintaining youthful appearance are primary factors driving consumers towards supplements tailored to improve various beauty parameters. 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 8.8% over the forecast period 2023 to 2030.
Regional analysis related content comprises: The Asia Pacific beauty supplements market is forecast to register rapid gains, expanding at a CAGR of around 10% through 2030. Rising prevalence of lifestyle diseases, proliferating e-commerce sales, increasing consciousness about healthy aging are fueling growth. China represents the largest market, supported by strong domestic brands and greater affordability of supplements. India is another major high potential market, driven by growing working women population, expanding middle class, and augmented spending on cosmetic and skin care products.
Key players operating in the beauty supplements market are Presto Geosystems, Polymer Group Inc., Strata Systems Inc., Armtec Infrastructure Inc., Maccaferri SPA, PRS Mediterranean Ltd., Maccaferri SPA, and Tensar International Ltd. Presto Geosystems, based out of USA, is a leading provider of geosynthetic products with extensive R&D capabilities.
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