Care into wellness, from health to beauty, has become increasingly important to consumers. Holistic lifestyle choices becoming a key part of consumers' daily lives as a method for also caring about mental and emotional well-being in conjunction with the health and beauty benefits it offers.
According to leading market research analyst FMI (Future Market Insights), the beauty supplement market's growth over the next decade is underscored by its substantial growth between 2018 to 2022, with sales increasing at a CAGR of 4.7 percent, reaching a market value of US$ 2,453 million in 2022.
Between 2023 and 2033, the market is anticipated to grow at a CAGR of 13.6 percent, with a total estimated market value of US$ 4,456 million.
The drivers of this market can be attributed to beauty supplements offering health benefits such as enhancing hair, nails, vitality, skin suppleness, and a growing emphasis on women's health. Coupled with rising disposable incomes, urbanisation, and heightened consumer consciousness on personal well-being, beauty supplement sales are anticipated to climb significantly globally.
The influence of social media in this category cannot be understated, impacting beauty trends and altering market dynamics, posing unique challenges for traditional beauty industry giants to face against smaller players. Education campaigns by manufacturers on the health-appearance connection positively impact sales, and influencers, celebrities, and beauty experts play a significant role in consumers' purchasing decisions.
Social media influences primarily drive a shift towards direct-to-consumer sales and e-commerce, which could undercut retailers more consistently aiming to bring customers in-store with their marketing strategies.
FMI details that the market is lucrative, driven by the global demand for products enhancing overall health and attractiveness.
Beauty supplements commonly include vitamins, minerals, antioxidants, and bioactive substances to enhance skin, hair, and nails. They are offered in various formulations, including gummies, powders, liquids, pills, and capsules, to accommodate diverse customer lifestyles.
China leads the market with an estimated 7.1 percent CAGR over the next decade, followed by the United Kingdom, driven by a cultural belief in 'health and beauty from within', then India, and the United States.
Japan's beauty supplement market emphasises natural beauty supplements, driven by the rising demand for preventive healthcare.
Collagen dominates with a 16 percent market share in the beauty supplement category, and beauty supplement tablets have contributed 36 percent to total revenue in 2023.
However, the health and popularity of the beauty category is a double-edged sword. While manufacturers can capitalise on consumers' desire for health and beauty products, consumers' consciousness around health and greater interest and concern for sustainability and clean labelling will mean that manufacturers must follow through on promises made through the ingredients they use and the packaging of their products. Coupled with jumping government regulatory hurdles, manufacturers must be transparent, clear about formulations, and truthful in their marketing claims.
