22 February 2021
Visiongain has published a new report on Beauty Supplements Market Report to 2031. Profiles of Leading Beauty Supplements Market players, Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Global Beauty Supplements Market Report Market was valued at US$XXX billion in 2021 and is projected to reach at a market value of US$XXX billion by 2031. The global Beauty Supplements market has been growing considerably owing to the growing urbanization, technological advancement, significant investment in the R&D process, and lifestyle changes around the globe. Further, the regular product launch from key market players and rising new entrants in the market, created massive scope for the global beauty supplements market. However, the high cost of Beauty Supplements and lack of awareness in emerging economies will affect the growth of the market.
COVID-19 Impact on the Global Beauty Supplements Market
The global Beauty Supplements market was severely hit by the COVID-19 pandemic. The sudden outbreak shook the global economy due to series of lockdowns and strict social distancing norms. Initially, the COVID-19 emerged in Wuhan city of China in December 2019. Within few months it reached to more than 200 countries. According to worldometers, over 48.3 million cases of COVID-19 were registered till 5th November 2020, around the globe with over 1.23 million fatalities.
Rising standards of living and growing urbanization
Beauty supplements are increasingly adopted around the globe owing to growing urbanization and rising standards of living. Target population opting for beauty supplements is rising significantly even in the emerging economies such as China, India, and Brazil. Cohesive government policies are pushing urbanization across the world.
Disposable income increased in Asia-Pacific
Asia-Pacific is gaining traction owing to the growing disposable income and supportive government regulations. Increased disposable income opened new opportunities for beauty supplements market players. Premium products are also demanded in the emerging economies such as Korea, India, China, Thailand, and Malaysia. Beauty supplements are usually costly that limits the expansion in price sensitive economies, however, with the rising disposable income and growing standards of living there is significant rise in the demand for premium beauty supplements.
Growing e-commerce market
The e-commerce market is booming worldwide due to the rising internet penetration and growing smartphone, and other gadgets. E-commerce is one of the lucrative sectors that boomed after the COVID19. There were stern lockdown measures that forced consumers to order the essential and non-essential products through e-commerce channels. Millions of new customers were added in the last few months due to the change in buying pattern due to the COVID scenario. Asia-Pacific economies such as China, India and Korea were the key regions with maximum turnover of first-time users. Beauty supplements market players will cater the available opportunities to increase the online sales of various beauty supplements.
Rising population of health-conscious individuals
Globally, the health-conscious population is on rise. From cross fit to yoga, the modern-day individuals are aware about the health benefits and are inclined towards fitness and good looks. Beauty supplements market players are keeping track of middle aged and young population and are introducing new products accordingly. Market players such as Amway, Pfizer, Inc., Asahi Group Holdings, Ltd., Vitaboitics Ltd., and so on, are offering various skin care, and hair care products to lure huge chunk of middle aged and young population to cater the available opportunities.
Visiongain report covers detailed competitive landscape which includes overview of key players operating, extensive product portfolios, recent developments, among others. Asahi Group Holdings, Ltd., Pfizer, Inc., Amway, Meiji Holdings Co., Ltd., The Boots Company PLC, Everest NeoCell LLC, Reserveage Nutrition, Vitabiotics Ltd., Murad Europe Ltd, HUM Nutrition Inc., Ion Labs, BioThrive Sciences, Elle, Sephora, BeutyScoop, Lifes2good, Inc., NeoCell Corporation, Vermedia and Vitabiotics Ltd., among others. The global Beauty Supplements market players adopt various strategies to milk the available opportunities in the market. Rising investment, regular product launches, mergers & acquisitions, partnerships, collaborations, new product developments, and so on, are the key strategies adopted by the market players. For instance, on 13thOctober 2020, Amway invested $15 million in Michigan Manufacturing Facility, the US to redesign of a 90,000-square-foot manufacturing facility that will produce a sugar-free energy drink around the globe.
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