Global Beauty Drinks Market - Growth, Trends, and Forecast (2018-2023)
The global beauty drinks market was valued at USD 700 million in 2016, and is expected to reach around USD 1.3 billion by 2023, with an estimated CAGR of 11.8%. This is attributed to the rapid growth in the beauty conscious population. Moreover, the adoption of sophisticated machineries is resulting in mass production of innovative beverages. Early signs of aging among men and women, globally, and availability of beauty drinks through online channels is also expected to stimulate the demand for beauty drinks in the market.
The global beauty drinks market is at its embryonic stage. Both, the product and the competitors are in small numbers. However, with a significant growth projection for this market during the forecast period, major players in the carbonated soft drinks and functional drinks are expected to enter this market.
The global beauty drinks market is driven by the flourishing fashion industry, growing beauty conscious consumers, and teenagers looking for less time consuming, effective, and effortless ways for gaining flawless skin. Changing lifestyles, the importance given to nutrition and health, and higher disposable income are some of the other factors driving the growth of the market.
However, the inaccessibility of these products, due to their niche status, acts as a growth barrier to the industry. Moreover, there is no solid scientific evidence backing the benefits of consuming beauty drinks.
The Asia-Pacific region is expected to witness a decent market growth, consequent to the inclination of consumers to attain healthy skin, and increase in health-conscious population. The innovative distribution channels and growing e-commerce industry provide growth opportunities for the market players. Skin Care has gained importance during the past decade, and several protein & cosmetic treatments for healthy skin are easily available in the market. Employing supplements in beverages is an innovative approach, and with the advent of new technology, beauty drinks are expected to dominate the market, during the forecast period.
The global beauty drinks market is segmented by product type, ingredient type, and geography. Collagen protein based beauty drinks are being produced extensively, constituting over 45% of the total beauty drinks product range. Based on beneficial research findings, fruit extract and coenzyme based beauty drinks are expected to grow substantially.
Europe holds the largest share in the global beauty drinks market due to its highly matured fashion industry, followed by North America.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook