by Beauty supplements contain essential vitamins, minerals, plant-derived compounds, proteins and other nutrients that are aimed at achieving beautiful and healthy skin from within. Regular intake of beauty supplements helps promote collagen production, boost skin’s natural glow and elasticity. These supplements also help prevent premature aging by fighting free radicals, reducing dark spots and wrinkles. Growing beauty consciousness and need for non-invasive methods to maintain youthful appearances have fueled demand for beauty supplements in powder, capsule or gummy forms.
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.
Market key trends:
One of the major trends in the beauty supplements market is the growing popularity of customized supplements. With rising health awareness, consumers are more inclined towards customized beauty regimes and supplements that cater to their specific needs and concerns such as anti-aging, glowing skin, hair growth etc. This has prompted key players to offer personalized beauty supplements designed specifically for individual requirements. For instance, Ritual offers personalized daily vitamin packs after collecting information about the user’s diet, lifestyle and wellness goals. Another notable trend is the launch of beauty supplements containing niche ingredients aimed at novel benefits. For example, supplements containing collagen peptides, CoQ10, Mediterranean algae extracts and propolis are finding wider acceptance for their anti-inflammatory and skin repair properties. Sustainable and clean label positioning have also become important differentiators in this highly competitive space.
Porter’s Analysis:
- Threat of new entrants: The threat of new entrants in the beauty supplements market is moderate as branding and distribution are challenges faced by new players. However, new players also explore opportunities by launching innovative product formulations.
- Bargaining power of buyers: Buyers have moderate bargaining power in the beauty supplements market as the market has several established brands. Switching costs are low as alternatives are readily available.
- Bargaining power of suppliers: Suppliers have high bargaining power as key ingredients like vitamins, minerals, and herbs are globally available. This gives suppliers an edge in negotiating prices.
- Threat of new substitutes: The threat of substitutes is moderate as products from the personal care and cosmetics industries provide alternatives. However, supplements are positioned as preventive healthcare products offering unique formulations.
- Competitive rivalry: The market witnesses intense competition among existing players.
Key Takeaways:
The Global Beauty Supplements Market Growth is expected to witness high over the forecast period owing to rising consumer awareness about physical appearance and the need for dietary supplements.
Regional analysis: North America dominates the global market led by the US owing to growing health consciousness among consumers. Asia Pacific is expected to grow at the fastest pace with China, Japan, and India emerging as lucrative markets. Rising disposable incomes and increasing spending on supplements are fueling market growth in the region.
Key players: Key players operating in the beauty supplements market are Amway, Asahi Group Holdings, Ltd., Pfizer Inc., Meiji Holdings Co., Ltd., Everest NeoCell LLC. Amway leads with wide global presence while Asahi and Pfizer focus on nutraceutical innovation. Meiji offers targeted formulations. Everest NeoCell newly entered nutritional space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
