Rapid growth predicted for global beauty supplements market

The global beauty supplements market is expected to reach more than $7,100m (£5229.82m) by 2023, expanding at a compound annual growth rate (CAGR) of 9.5%, according to a report by Research and Markets. 

Increasing concerns of people towards their aesthetic appearance along with augmented spending power has strengthened the growth of the industry over the past few years, the report claimed. 

Competition in the market is projected to intensify with an increase in consumer awareness and product innovations, among other factors. 

The market is segmented on the basis of applications into skincare, hair care, nail care, dental care and others (overall health supplements). The skincare segment dominated the global beauty supplements market and accounted for more than a 30% share of the total market in 2015, followed by the hair care segment in 2015. 

Europe was observed as the largest market for beauty supplements.