Industry Outlook
Supplements are usually taken in the form of pills, capsules, powder, and liquid or in soft gel form. Beauty supplements are utilized to enhance and support any kind of insufficiency in human body. Generally, beauty supplements are combination of minerals, vitamins, nutrition, protein and other bioactive ingredients, which help in improving the external appearances of human body.
The global beauty supplements market accounted for US$ 4,860.42 Mn in 2021 and is expected to reach US$ 10,999.96 Mn by 2030, expanding at a CAGR of 4.5% from 2023 to 2030.
Growing awareness about health benefits associated with beauty supplements is likely to propel the market in upcoming years
The global beauty supplements market is segmented based on applications into skin care, hair care, nail care, dental care and others (overall health supplements). Changing lifestyle, increasing consumer incomes leading to growth in consumption of supplements and other related factors are boosting worldwide sales of supplements. Among the aforementioned segments, skin care supplements is anticipated to dominate the market in terms of revenue; in 2020, skin care segment accounted for the largest share over 30% of the total beauty supplements market by value. Hair care and nail care segment are anticipated to record robust growth during the forecast period. Increasing usage coupled with high emphasis on hair wellbeing and hair health among women population attributed to growth of the hair care segment.
Increasing penetration of ecommerce in developed as well as developing countries is driving the demand of beauty supplements via online sales channel
Among the considered segments, pharmacy stores expected to dominate the market in terms of revenue contribution, followed by beauty outlets and supermarkets/hypermarkets. In addition, pharmacy stores segment expected to record significant CAGR during the forecast period. Online store segment anticipated to record the highest CAGR during the forecast period. This attributed to increasing consumer inclination for ease of use and manufacturers’ focus on online retailing intended to offer product variety along with benefits of in-store shopping to consumers.
Europe dominated the global beauty supplements market and expected to maintain its pole position in upcoming years
In base year 2020, Europe was observed as the largest market for beauty supplements. In 2020, the total market for Europe was more than 30% and expected to maintain its dominance in forecast period from 2023 to 2030. Western European countries are major contributor to global beauty supplements market and expected to stimulus the market owing to rising apprehensions of people towards their appearance and external outlook along with higher disposable income possessed by the consumers.
Asia Pacific expected to register the highest growth rate when compared to other regions because of the presence of developing countries such as China & India. Japan expected to be the most prominent contributor in terms of revenue followed by China and India with market a collective market share of 36% in 2020 in Asia Pacific region.
Leading brands are aggressively investing in research & development
The beauty supplements market is highly fragmented owing to the presence of various large and small companies. Small companies provide handful of products; on the other hand, major players undertake extensive R&D programs to standardize their products. In this market, vendors compete in terms of product differentiation, price, promotion and distribution. The competition in the market projected to intensify with an increase in consumer awareness and product innovations among others. Leading manufacturers are continuously investing in research & development in order to develop new and innovative products. Amway, BeautyScoop, HUM Nutrition, Inc., IMEDEEN (Pfizer, Inc.), Lifes2good, Inc., Meiji Holdings Co., Ltd., Murad UK Ltd., NeoCell Corporation, Reserveage Nutrition, LLC., Vemedia and Vitabiotics Ltd. are few key manufacturers in the global beauty supplements market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Beauty Supplements market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
