According to the latest report published by Credence Research, Inc. “Global Beauty Supplements Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global beauty supplements market accounted for US$ 4,119 Mn in 2017 and expected to reach US$ 9,322 Mn by 2026, expanding at a CAGR of 9.5% from 2018 to 2026.
The global market for beauty supplements is growing at a rapid pace and is expected to reach significant market size over the next few years. Increased people’s concerns about their esthetic appeal, appearance and appearance, and increased spending power have reinforced the growth of the market for beauty supplements over the last few years. The global market for beauty supplements is expected to reach US$ 9.322 million by 2026, increasing to CAGR by 9.5 per cent from 2018 to 2026.
The market for beauty supplements is highly fragmented due to the presence of various large and small companies. Small companies supply a handful of specialty products; yet major players undertake extensive R&D programs to standardize their products. In the global market for beauty products, vendors compete in terms of product differentiation, cost, promotion and distribution. Competition in the industry was expected to increase, among others, by growing consumer awareness and product innovations.
The global market for beauty supplements is segmented into applications in skin care, hair care, nail care, dental care and others (overall health supplements). The skin care segment dominated the global market for beauty supplements, accounting for more than 33% of the total market in 2017, followed by the hair care segment.
Depending on geographical distribution, the international beauty supplements market segmented in North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. In the base year 2017, Europe was listed as the largest market for beauty supplements. The global market for beauty products is concentrated primarily in Western Europe (Germany, the United Kingdom, Spain, Italy and France) and is anticipated to have an effect on consumers ‘ higher disposable incomes, as well as on people’s growing concerns regarding their appearance and external outlook.
Beauty supplement manufacturers are highly concentrated in North America and Europe region. 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.