Women’s Health and Beauty Supplements Market Size, Share & Trends Analysis Report By Product, By Application, By Age Group, By Consumer Group, By Sales Channel, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global women’s health and beauty supplements market size was valued at USD 53.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. Rising awareness levels about health and wellness along with the growing adoption of an active lifestyle are expected to boost product demand. Women are shifting their focus towards preventative healthcare and consuming vitamins and minerals. In addition, the COVID-19 pandemic has boosted the awareness of physical, mental, and emotional health and increased the implementation of self-care among consumers. This, in turn, has increased the adoption of health and beauty supplements. Consumers have started adopting vitamins, minerals, and botanicals to boost immunity.

Furthermore, consumers are adopting various supplements to aid in faster recovery from COVID-19. All these parameters are estimated to drive the global market. In the U.S., in 2018, about 30% of menstruating women and 42% of young & pregnant women were reported to be iron deficient. As per the National Diet and Nutrition Survey, in 2018, approximately 25.3% of women in the U.K. were iron deficient, 24.3% were potassium deficient, and 50.3% had an inadequate dietary intake of selenium. Thus, the growing instances of nutrition deficiencies in women are driving the market growth.

Moreover, growing women empowerment, rising geriatric population, and increasing disposable income & number of working women are supporting the market growth. As per the World Economic Forum’s report titled - “Global Gender Gap Report”, women across the globe have witnessed a tremendous increase in economic power compared to men. As per the study’s estimates, women’s incomes globally in 2013 - 2023 are expected to grow from USD 13 trillion to USD 18 trillion, representing more than twice the projected growth in GDP from China and India.

It is projected that women will account for approximately 75% of discretionary world spending by 2028. High demand for natural healthcare products, such as vitamins and botanicals, with benefits like relieving menopause symptoms, strengthening the bones, etc. will boost the market growth. Rising awareness about maintaining healthy and nourishing skin, hair, and nails is also increasing the consumption of vitamins, minerals, botanicals, and other products. Brands are introducing products with new ingredients, flavors, packaging, and delivery formats.

In October 2020, Unived, a nutrition brand, launched a range of vegan supplements. The range includes PCOS Management, which is for maintaining a healthy menstrual cycle, PCOS Fertility for tackling PCOS-related fertility issues, and Biotin Gold for maintaining healthy hair, skin, and nails. In December 2019, Skinnygirl and VirMax partnered to introduce products including Hair, Skin & Nails with Biotin, Collagen Enhancer, and Relaxation & Sleep Support with Melatonin, among others.

COVID19 Women’s Health and Beauty Supplements Market Impact: 6.4% Increase in Revenue Growth

Various strategies adopted by key stakeholders are supporting the adoption of health and beauty supplements. For instance, in March 2021, Care/of, a wellness brand, collaborated with Target to introduce a new line of vitamins in the retail market. The line includes multivitamins for women, prenatal vitamins. The product targets various applications, including relaxation, energy, sleep, immunity, and focus. Ritual, a subscription-based women’s vitamins company, raised USD 25 million in February 2019 for expanding in the vitamin space.

Product Insights

The vitamins product segment accounted for the largest revenue share of over 37% in 2020 owing to the increased demand for immunity-boosting vitamins, such as vitamin C, D, and B, during the COVID-19 pandemic. Moreover, high consumption of vitamin C and E in the skincare application has also been supporting segment growth. The growing awareness about the benefits of consuming vitamins for pregnant and lactating women will boost the segment growth further.

For instance, vitamin A is known to play a crucial role in the formation of organs, such as the lungs, kidneys, and heart of the fetus. However, the enzymes segment is expected to grow at the fastest CAGR over the forecast period due to the growing demand for Co-Enzyme Q10. Co-Enzyme Q10 is used widely in skin repair and cellular rejuvenation applications. The growing awareness regarding the benefits of enzymes for beauty and health enhancement is anticipated to drive the segment.

Application Insights

The women’s health application segment held the highest market share of more than 68% in 2020 and is also estimated to register the fastest CAGR during the forecast period. This growth is attributed to the availability of a variety of supplements for different conditions, such as prenatal, postnatal, bone & joint health, immune system, digestive system health, stress management, heart health, eye health, sexual health, and memory. Rising awareness about the health benefits of consuming different supplements is increasing their adoption.

The increasing cases of vitamin, iron and other nutritional deficiencies among women are also supporting the segment growth. Moreover, a rise in the need for nutrients, mainly in prenatal, premenstrual, and perimenopause stages, is estimated to drive the segment growth. Consumption of immunity-boosting products has increased during the pandemic. In addition, an increase in instances of stress and anxiety-related problems is estimated to boost demand for stress management supplements, thereby driving the segment.

Age Group Insights

The age group 30 - 50 years segment held the highest market share of more than 42% in 2020. The high adoption of preventative medicines and the presence of a large consumer pool is major factor responsible for the high market share of this segment. Women aged between 30 and 50 years are the largest consumers of multivitamin or mineral beauty supplements and a large proportion of this population is highly influenced by social media. Moreover, women in this age group are major consumers of anti-aging products. All these factors drive the segment growth.

However, the above 70 years segment is estimated to register the fastest CAGR during the forecast period. It is attributed to the growing geriatric population. According to United Nations, the women population aged 80 years and above will reach 59% of the total population. The geriatric population suffers from multiple health conditions and requires multiple supplements to stay healthy and active, thereby driving the segment growth.

Consumer Group Insights

The others segment held the highest market share of 32.6% in 2020. A significant number of adolescent girls are reported to be underweight, and adequate intake of dietary supplements has been shown to improve their overall health. The high instances of nutritional deficiencies among adolescent girls are driving the segment growth. Moreover, growing awareness about the benefits of consuming vitamins, minerals, enzymes, botanicals, etc. for healthy hair, skin and to reduce signs of aging is estimated to fuel the segment growth during the forecast period.

However, the post-natal segment is estimated to register the fastest CAGR during the forecast period. Many women consume supplements to lose post-partum weight and maintain a healthy lifestyle. Moreover, women are looking for achieving adequate nutrient intake during the lactation phase. In addition, post-natal depression can be prevented by adequate nutrient intake. All the above-mentioned parameters are estimated to drive the post-natal segment growth during the forecast period.

Sales Channel Insights

The direct sales channel segment accounted for the largest revenue share of 35% in 2020. This is owing to the high consumer preference and trust for direct sales channels over other channels. Moreover, the direct sales channel offers lucrative discounts and flexible schemes. As per a report by Direct Selling Association, in 2018, over 20 million residents of the U.S. were involved in direct selling, of which nearly 62% of the products were offered at discounts.

However, the online segment is expected to grow at the fastest CAGR over the forecast period owing to a high preference for online channels and growing adoption of e-commerce platforms. There is a growing trend of personalization of vitamins and other nutrients. Thus, the increasing adoption of e-commerce platforms to buy personalized beauty and health supplements is expected to drive the online sale channel segment.

Regional Insights

Asia Pacific accounted for the highest revenue share of 38.9% in 2020, due to the increased awareness and adoption of women’s health and beauty supplements, and high disposable income & number of working women. According to the United Nations Population Fund, the elderly population is estimated to triple by 2050. Moreover, women constitute 53% of the population aged 60 years or more. The growing number of elderly women is responsible for augmented demand for health supplements indicated for heart diseases, osteoporosis, arthritis, and menopause, among other conditions. Increasing demand for anti-aging and beauty supplements among Asian women is supporting the market growth.

However, Middle East & Africa is anticipated to register the fastest CAGR during the forecast period. The increasing number of instances of nutritional deficiencies, the growing concerns about lifestyle disorders, and rising product awareness are estimated to drive the regional markets. In addition, manufacturers in the region are introducing new products to cater to the growing consumer demand. For instance, in November 2020, BlueAngelFarm, a UAE-based company, launched halal minerals and multivitamins for women.

Key Companies & Market Share Insights

Increasing investments in R&D, mergers & acquisitions, and collaborations with other industry players, geographic expansions, and product & flavor differentiation are among the key strategies adopted by key companies for gaining a competitive edge in the market. For instance, in June 2021, NYUMI introduced five new supplements for immunity, skin, hair, sleep, and Urinary Tract Infection (UTI). Some of the prominent players in the global women’s health and beauty supplements market are:

• Amway

• Herbalife International of America, Inc.

• GNC Holdings, Inc.

• The Nature’s Bounty Co.

• Bayer AG; Garden of Life (Nestle)

• Suntory Holdings Ltd.

• Taisho Pharmaceutical Co. Ltd.

• Swisse Wellness Pty. Ltd.

• Pharmavite LLC

• Pfizer, Inc.

• Blackmores

• Fancl Corp.

• Asahi Group Holdings

• Usana Health Sciences

• Nu Skin Enterprises

• BY-Health Co. Ltd.

• Revital Ltd.

• The Himalaya Drug Company

• Vita Life Sciences

• Grape King Bio Ltd.

• Standard Foods Corp. 

Women’s Health and Beauty Supplements Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global women’s health and beauty supplements market report on the basis of product, application, age group, consumer group, sales channel, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Vitamins

  • Mineral

  • Enzymes

  • Botanicals

  • Proteins

  • Omega-3

  • Probiotics

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Beauty

  • Women's Health

    • Skin Care

    • Nail Care

    • Hair Care

    • Others

• Age Group Outlook (Revenue, USD Million, 2016 - 2028)

  • Age 15 - 30

  • Age 31 - 50

  • Age 51 - 70

  • Above 70 years

• Consumer Group Outlook (Revenue, USD Million, 2016 - 2028)

  • Prenatal

  • Postnatal

  • PMS

  • Perimenopause

  • Postmenopause

  • Others

• Sales Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Online

  • Direct Sales

  • Pharmacies/Drug Stores

  • Other offline channels

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Taiwan

    • Malaysia

    • Thailand

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE