The UK’s market for cosmetics and personal care supplements has witnessed unprecedented growth, setting new records in consumer demand. According to the latest findings from the Supplement Market Report based on data from Centric Market Intelligence™, the supplement product range on offer to the UK public across hair, beauty, and personal care sectors has grown enormously, with a remarkable 57-fold increase in options in Q4 2023 compared to Q1 2021.
Cosmetics and personal care supplements refer to products designed to enhance or maintain one’s appearance, beauty and overall well-being. While cosmetics typically include items such as makeup, skincare, hair care and fragrances aimed at improving aesthetics, personal care supplements focus on providing additional nutritional support from within the body.
These dietary supplements are formulated with vitamins, minerals, botanical extracts and other nutrients specifically targeted towards improving the health and appearance of hair, skin and nails. Common ingredients found in personal care supplements include biotin, collagen, keratin, vitamins A, C, and E, omega-3 fatty acids and antioxidants.
Global market for cosmetics and personal care supplements
The global market for cosmetics and personal care supplements is expanding rapidly due to factors such as increasing disposable incomes, evolving beauty trends, rising health awareness, an ageing population, ecommerce growth, product innovations and influencer marketing. These factors combined create a growing demand for products that enhance appearance, promote wellness and offer convenience.
Global demand for beauty supplements is projected to grow at a 13.6% CAGR in the next ten years. In terms of revenue, the worldwide market for beauty supplements is predicted to reach $ 4,456 million by 2033. McKinsey identifies the “merging of wellness and beauty” as a trend that represents a close to $2 trillion opportunity for brands, retailers and investors, based on current and projected demand for wellness products and experiences.
UK market: demand surges, but prices drop
Drawing data from leading ecommerce brands such as Boots, Sephora and Space NK, Centric Market Intelligence conducted a comprehensive analysis utilising publicly available product and pricing information from the cosmetics and personal care market in the UK. Over the past three years, extensive mapping of data reveals a notable pricing pressure among retailers, resulting in a wider array of options for consumers at varying price points.
Despite the surge in demand, statistics indicate a downward trend in prices across the hair, beauty and personal care supplements market by the end of 2023, with a significant 25% decrease compared to early 2021. Discounts offered to consumers have also seen a decline year-on-year, attributed to the influx of products and competitive pricing strategies among retailers.
The report notes that the average number of products available to purchase was at its highest in 2023, and was 3 times higher by the end of December, compared to the beginning of the year. Hair supplements were the most expensive category, priced at £39.90 on average, but prices dropped by 26% throughout the year. The highest annual sold-out rate for supplements over the period studied was in 2023 (22%).
Search data analysis
The insights generated by Centric Market Intelligence into the evolving landscape of cosmetics and personal care supplements highlight the dynamic interplay between consumer preferences, pricing strategies and market trends. The report also delves into consumer engagement trends through search data analysis.
Searches for “hair growth supplements” witnessed a staggering 100% year-on-year increase, reflecting growing interest in products promoting hair health. “Biotin supplements” also experienced a major surge in searches, aligning with the trend of consumers seeking vitamins for hair health. Searches for “collagen powder” grew by more than 50%, indicating a rising interest in anti-aging solutions. “Keratin supplements” and “collagen tablets” also saw increases in searches, as consumers expressed more interest in the aesthetic impact of nutrition.
Elizabeth Shobert, a Centric Market Intelligence expert, comments, “Consumers are increasingly embracing the blurred line between beauty and health, looking for products like supplements that can enhance their overall health and wellness. We expect these trends to continue to pick up steam globally and we also expect to see increased innovation around product format, application and efficacy in the coming years.”
As part of Centric Software’s unique concept to replenishment platform for retailers, Centric Market Intelligence uses AI-powered search and analysis tools to identify market trends and achieve competitive benchmarking by collating and analysing vast amounts of product, pricing and search data from ecommerce sites. Centric Market Intelligence regularly produces reports like the UK Supplement Market Report, which you can read in full here.
From its headquarters in Silicon Valley, Centric Software provides a product concept to launch platform for consumer goods. Centric PLM®, delivers enterprise-class merchandise planning, product development, sourcing, quality and product portfolio optimization innovations specifically for fast-moving consumer industries. Centric Visual Boards™ offer highly visual, touch-screen experiences for collaboration and decision-making. Centric Planning™ is an innovative, cloud-native, augmented-intelligence solution delivering end-to-end retail planning to maximize retail and wholesale business performance. Centric Pricing™ is an AI-driven market insight platform for data-informed decision-making on pricing and product assortments to maximize revenue and margins.
