Global Beauty Supplements Market Value is Expected to Reach USD 4.6 Billion by 2028, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

27 Apr, 2023, 14:01 GMT

LONDON, April 27, 2023 /PRNewswire/ -- 

Key Takeaways-

  • Growing appearance cognizance, surging elderly population, and increased disposable income levels are aiding Beauty supplements Market expansion.
  • MEA region is experiencing tremendous growth in this industry due to high demand for herbal supplements, rising urbanization, and presence of noteworthy players.
  • Europe is likely to accrue notable gains in the ensuing years owing to increased female working population and rise in the spending power of the masses. 

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Global Beauty Supplements Market Outlook (2022-2029)

The Global Beauty Supplements Market is anticipated to generate significant returns over the assessment timeline of 2022-2029.

Beauty supplements comprise of liquids, gummies, capsules, and powders enriched with essential nutrients that help in enhancing skin, nails, and hair health. These supplements generally contain an adequate level of calcium, Vitamin A, C, and E, zinc, and magnesium, among others. They are consumed by individuals to enhance their appearance and prevent skin, hair, and nail-based disorders.     

Competitive Hierarchy 

The key players influencing the expansion trajectory of the Global Beauty Supplements Market are Murad UK Ltd, Boots Company, e Life2good Inc., HUM nutrition, Neocell Corporation, and Others. 

Segmental Outlook

  • By supplements, the collagen peptides segment is anticipated to amass notable gains over 2022-2029. With age, we witnessed reduced collagen production in our bodies which in turn leads to brittle nails, wrinkles, and sagging skin. Collagen peptide-based supplements boost collagen production and reduce aging signs.
  • Based on form, the tablets segment is projected to garner significant returns since they are easy to consume and have higher shelf life.
  • In terms of category, the organic segment is expected to grow substantially over the estimated timeline. This is ascribed to the increasing health cognizance of the masses and lower risk of side effects associated with organic beauty supplements.
  • On the basis of application, the skin care segment is likely to accrue considerable revenue by 2029. This is due to the increasing elderly population base and growing appearance consciousness of the masses.
  • Based on distribution channel, the online segment is reckoned to witness the fastest growth over the analysis timeline. This is attributable to the rapid internet proliferation, rising adoption of smart devices, and high degree of convenience offered by e-commerce shopping channels.

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Region-Wise Outlook

Middle East & Africa

The MEA region is anticipated to lead the Global Beauty Supplements Market in terms of volume share. This is credited to the rising disposable income levels of the masses and shifting inclination towards personal grooming and wellness. Besides, escalating demand for herbal supplements, booming e-commerce sector, and presence of halal-certified beauty supplements are adding traction to the growth of this regional market.

Europe

Europe is expected to capture a substantial revenue share over 2022-2029. This is due to the increasing geriatric base, surge in the volume of working female population, and rapid urbanization. Also, the presence of prominent players and growing appearance consciousness among the masses are bolstering the industry development in this region.   

Elaborating The Key Trends and Dynamics of This Industry  

Growing appearance consciousness among the masses coupled with a rapid surge in their per capita income levels are primarily augmenting the outlook of this business vertical. Also, the hectic lifestyle of individuals barring them to consume a balanced diet is another crucial growth catalyst for this marketplace. Besides, increasing R&D investments in the field, the booming nutraceutical sector, and technological advancements in the field are creating lucrative opportunities for this industry sphere to prosper. Alongside, surge in the elderly population base, the booming e-commerce sector, and increased volume of employed female population are adding momentum to the progression of this marketplace.  

Major Growth Drivers

Rise in aging population- There has been a rapid surge in the geriatric population across the globe.  With age, our body undergoes significant changes. The skin becomes thinner and loses its elasticity which in turn leads to the occurrence of wrinkles, fine lines, dark spots, and patches, among others. Apart from that, hair also becomes brittle, thinner, and starts greying with age. It is worth noting that some people tend to witness signs of aging quite early due to genetic factors, exposure to toxins, presence of certain disorders, and unhealthy lifestyle trends. These factors together have increased the demand for beauty supplements which help in combating the signs of aging by providing the body with essential nutrients.

Surge in per capita income- Beauty supplements can be regarded as a luxury product. The manufacturing process of these supplements is quite complex and requires a lot of high-end raw materials and equipment. Moreover, extensive research activities are involved in this procedure. Therefore, the costs of these products are relatively high. People with high income levels who are willing to spend additional money on beauty and well based products are the major consumers of beauty supplements. The increased number of people with high disposable income levels is a pivotal growth catalyst for this industry. 

Challenges 

Lack of proper standardization- Nutraceuticals and other dietary supplements are generally regulated by the FDA. The manufacturers need to adhere to the stringent regulatory guidelines in order to get commercialization approval. But as of now most of the countries do not have proper regulatory frameworks for beauty supplements. Thus, many individuals are reluctant to buy these supplements since they are worried about the potential side effects. This in turn is hindering the remuneration scope of this market. 

Opportunities

Rapidly evolving e-commerce sector- With rapid internet proliferation and growing adoption of smart devices, the e-commerce sector is evolving significantly. Due to advantages like doorstep delivery, diverse product options, and lucrative discounts, people have shifted their inclination towards online shopping. This has created lucrative opportunities for beauty supplement companies to sell their products online. Consumers can easily choose the product they want and compare prices by sitting in the comfort of their homes. This in turn is creating an upward trend in this industry. 

Restraints

Potential side effects- Beauty supplements come with the risks of side effects. Consumers who are on medication for any disease may face allergic reactions if they consume certain beauty supplements. This is because certain elements present in these supplements may react adversely to the constituents of the medicine. Apart from that, excessive consumption of minerals and vitamin dosages is also harmful for the body as it might lead to the occurrence of certain chronic or lifestyle-based diseases. These factors together are restraining the growth of this market. 

Porter's Five Forces Analysis

Threat of new entrants- The threat of new entrants is relatively high in this industry. This is because this market has lower entry barriers due to the absence of proper regulatory normal. Apart from that, the beauty supplements industry also offers lucrative progression prospects which in turn pushes new companies to mark their entry into this market.

Bargaining power of suppliers- A wide array of raw materials and equipment are required in the production and distribution of beauty supplements. The market is filled with potential suppliers who are keen to offer high quality products at reasonable prices. Customers have the liberty to choose the suppliers they want after comparing their products and pricing trends. Thus, the bargaining power of suppliers is quite low in this industry.

Bargaining power of buyers- The bargaining power of buyers is quite high in this industry. There are numerous players in this market who are trying to amplify their customer base. The customers can easily compare prices, product quality, and diversification of potential companies before opting for one. 

Threat of substitutes- This market witnesses a high threat of substitutes. Consumers can easily switch to dietary supplements and functional food items to improve their health along with physical appearance.

Competitive rivalry- The competitive rivalry among the key players is quite high in this market. Every company is trying to offer the best of products at reasonable rates to their consumers. They are adopting significant business-centric strategies to get a strong grip over the market and garner higher revenues than their competitors. 

On Special Requirement Beauty Supplements Market Report is also available for below region:

North America
  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

Acquisitions 
In 2018, The Clorox Company announced the acquisition of a renowned health and wellness supplements producer Nutranext. 
In 2021, Nestle Health Science announced the acquisition of Vital Proteins, a leading collagen supplements manufacturer.
Partnerships 
In 2019, Olly, a supplement brand owned by Unilever inked a partnership deal with Quest Nutrition to enhance its distribution network and product portfolio. 
Related Reports:

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