Beauty Supplements Market is Estimated To Witness High Growth Owing To Growing Focus On Holistic Beauty From Within

Beauty Supplements Market 

The 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 Overview:
Beauty supplements include vitamins, minerals, proteins, omega fatty acids, and other ingredients that are marketed as having a positive effect on hair, nails, skin appearance, and other external features of physical attractiveness and overall well-being. Beauty supplements offer numerous advantages such as improvement of hair and nail quality, reducing dark circles or puffiness below eyes, improving skin tone & texture, fighting signs of aging, reduction in acne breakouts and strengthening immunity. The growing focus of population on holistic beauty from within is driving the demand for beauty supplements globally.

Market key trends:
One of the key trends propelling the growth of beauty supplements market is the growing popularity of beauty supplements on online platforms. Various E-commerce sites that sell beauty supplements are increasingly marketing their products through social media, personalized recommendations, reviews, and other digital marketing strategies. The rising penetration of internet and smartphones have enabled consumers to conveniently purchase beauty supplements online at competitive prices at the comfort of their homes. Furthermore, growing focus on sustainability and clean labels is fueling the demand for natural and organic beauty supplements made from plant-based and herbal ingredients without chemical fillers. Manufacturers are offering more customizable beauty plans and daily supplements regimes tailored according to individual’s beauty concerns and needs. This individualized approach has increased product adoption by consumers.

Porter's Analysis
Threat of new entrants: The beauty supplements market is considered a well-established market with major players having a stronghold, making it difficult for new players to enter. However, the online distribution channel offers opportunities for new entrants.
Bargaining power of buyers: Buyers have moderate power as they can easily compare prices and products across various brands. The availability of private label brands also gives buyers more options.
Bargaining power of suppliers: Manufacturers hold significant power as supply chains of key ingredients are concentrated among a few players globally. Suppliers can influence prices.
Threat of new substitutes: Functional foods and nutricosmetics pose a threat of substitution as they offer similar benefits. Product differentiation helps combat this threat.
Competitive rivalry: Fierce competition exists among existing players to dominate market share.

SWOT Analysis
Strengths: Wide product portfolio and strong brand reputation of major players. Growing health and wellness trend boosting demand.
Weaknesses: high research and development costs. Changing consumer preferences and demand for natural products.
Opportunities: Rising aging population and demand for anti-aging products. Untapped markets in developing regions.
Threats: Stringent regulatory framework. Negative publicity from fake claims.

Key Takeaways
The global Beauty Supplements Market Growth is expected to reach US$ 5123.13 Mn by 2030, exhibiting a CAGR of 5.5% during the forecast period. Asia Pacific dominates the global market owing to growing health consciousness, rising beauty consciousness, and flourishing nutricosmetics industry in the region.
Regional analysis: North America currently accounts for the largest share of the global beauty supplements market. However, Asia Pacific is expected to witness the fastest growth over the forecast period due to the large population base in China and India adopting supplements to enhance beauty from within.
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., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd. These players are focusing on product innovation and expansion in untapped markets to strengthen their market position.

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