The popularity of beauty supplement is tremendously growing. Beauty supplements are dietary supplements designed to support or enhance various aspects of physical appearance, such as skin health, hair strength, nail growth, and overall complexion.
The global beauty supplements market was valued at US$ 2,674.7 million in 2022 and is anticipated to register a CAGR of 5.55% in terms of revenue, over the forecast period (2023 – 2030), to reach US$ 4,120.1 million by 2030.
According to Future Market Insights, sales of beauty supplements worldwide are estimated to reach US$ 2,679 million in 2023. Over the forecast period, global demand for supplements is projected to grow at a 13.6% CAGR.
In the recent years, key market players like Beautywise have played a crucial role in the growth of the segment. Established in 2021 by Anousha Chauhan and Shreyansh Chauhan, Beautywise is dedicated to delivering clean, scientifically supported, and dermatologist-recommended solutions. Notable offerings include glutathione, keratin, and ceramides, ushering in a new era in skincare.
In an interview with Financial Express.com, Shreyansh Chauhan, Founder & CEO, Beautywise talked about current trends, upcoming business growth plans and product offerings among others. Excerpts:
What are the current trends in the beauty supplements market of India? What is the position of Beautywise?
The developing landscape of beauty supplements in India focuses a greater emphasis on holistic well-being and the necessity of nutrition for skin and hair health. Beautywise is at the forefront of this trend, providing superior dermatology-led supplements that focus on efficacy and customised solutions. Our collaboration with dermatologists and skincare specialists have established us as a reputable brand in the market, in line with the current trend of customers wanting dependable and clinically proven goods.
In the recent times, the nutraceutical market of India has grown tremendously. How is it an opportunity and challenge for Beautywise?
The growing nutraceutical business in India brings both possibilities and challenges for Beautywise. On the one hand, it creates opportunities for growth and increasing market share, particularly as consumers become more concerned about their physical and mental well-being. On the other hand, the influx of fresh competitors increases competition, emphasising the importance of innovation and uniqueness. Beautywise sees this as a chance to show our commitment to quality, innovation, and clinical research, differentiating ourselves in a thriving sector.
What are upcoming plans for business growth? Any new product launches for the upcoming financial year?
Our products have been developed for beauty professionals i.e. dermatologists, nutritionists, stylists and beauticians. The response from this segment has been phenomenal and we are now expanding our retail presence across skin clinics and salons. Keeping that in mind we are also developing a B2D2C model where individual practitioners can easily onboard themselves onto our website and have access to make B2B purchases of small orders. This will give access to individual practitioners to Beautywise products. We have been able to garner a lot of interest from the Middle East, USA and Europe for our products and are in the process of compliance to enter these markets. We aim to replicate the success of Indian pharmaceuticals that are trusted all across the globe in nutraceuticals through Beautywise products.
We see a lot of potential in addressing skin related issues by fixing gut health and sleep. We are exploring safe and efficacious products to enter this market as well.
The supplement and nutraceutical companies are doing a lot of experiments with product formats like slow-release tablets, strips or sprays. How is Beautywise looking at this trend?
We have expanded our product portfolio beyond collagen powder and vegan protein. In line with this approach, we have recently introduced dual-action capsules which combine oil soluble and water soluble ingredients in a single capsule. We offer Skin Brilliance with 500mg Glutathione in Evening Primrose Oil, Skin Resilience with Ceramides & HA in Omega-3 Oil, and Hair Rescue with Keratin & Biotin in Avocado Oil. Beautywise is continuously on the cutting edge of innovation, and we understand how important it is to stay current with evolving product formats. We are continually researching and analysing additional forms to improve the user experience and bioavailability. Our commitment to quality and efficacy remains unbroken as we look into new product setups to satisfy the changing needs of our customers.
What are your upcoming plans for your current product offerings? Are you planning to explore new segments?
Our product development strategy is pivoted on consumer research as on the recommendations of Beauty professionals. With that in mind we are focusing on expanding our portfolio with clinically researched products to address new markets. We are in the process of developing 3 highly efficacious products which we will be launching in April 2024. They include solutions utilising probiotics for skin health, newly isolated strains for targeted gut microbiome and coenzymes, plant extracts and antioxidants for anti-ageing.
Anything else that you would like to add?
In the dynamic landscape of beauty supplements, India is witnessing a remarkable surge, with the domestic nutraceutical market set to reach $18 billion by 2025. The paradigm shift towards using vitamins, minerals, and supplements for skincare is evident, as 28% of Indian consumers of supplements take them to improve their appearance. Nutraceutical market accounts for less than 4% of the global market, this presents vast growth potential domestically and opens avenues for exports. Skin diseases such as psoriasis and eczema can be challenging to manage, especially when only topical steroids are being used. However, Beautywise Skin Resilience may offer a potential solution and initial results look very promising. Skin Resilience contains ceramides, hyaluronic acid, and omega 3 oil, which work together to repair the skin barrier and hydrate the skin. By addressing the root cause of skin diseases, Skin Resilience may be able to provide relief for those who suffer from these conditions. In some cases, dermatologists have prescribed Skin Resilience along with Isotretinoin to reduce the side effects of dry skin. This combination has been shown to be effective in improving skin health and reducing the severity of skin diseases. We will be conducting studies to explore these initial results.
