The Botanical Supplements market is expected to grow at a compound annual growth rate of 6.38% over the forecast period to reach a market size of US$39.767 billion in 2027, up from US$25.799 billion in 2020.
Botanical supplements are the plant's extracts; they are often used as dietary supplements in the form of tea extracts, garlic, or evening snacks for health purposes. Since it's consumable and can affect the health of individuals, manufacturers of such supplements are required to undergo strenuous checks, investigations, and inspections before rolling the products onto the floors. Botanical supplements are set to witness an uptrend globally. In the nutraceutical industry, naturally and freshly extracted herb supplies will be capturing the maximum market share as it is being considered first-hand disease prevention and people have discovered health benefits linked to such supplements. With the increase in demand, there are many producers across the globe entering the market to meet the supply and reduce the cost by generating volumes.
The market has been segmented based on source as leaves, trunks, fruits, roots, etc. To cover the global market prospects, the product forms are powder, tablets, online/offline distribution, pharmaceuticals, food and beverage, and personal care, and geography is divided into North America, South America, Europe, MENA, and Asia-Pacific pacific regions.
Under the health crisis of COVID-19, the demand for botanical supplements has increased tremendously at the global level, with the manufacturers processing the orders round the clock. Consumers have been seen taking supplements as medicine to stay healthy under the unforeseen COVID-19 scenario.
Botanical supplements have proved to be a cost-efficient and safe choice for ailments and treatments
Botanical supplements have drastically cut the cost of healthcare and received positive feedback from consumers. Natural botanical supplements have proved their mettle for general ailments and have negligible side effects on the patient. As per data by WHO, almost 24 million people die from cardiovascular diseases, which can be counted as avoidable deaths and well prevented with such natural and cost-effective supplements. Most of the supplement ingredients are also used in home kitchens, especially in India, and have been in use for many generations, which shows the credibility of the effectiveness of supplements.
Lack of knowledge and distrust among consumers regarding botanical supplements remains a concern
There are myths and distrust among the consumers of botanical supplements. Consumers have often expressed hesitance towards botanical supplements manufactured by China and India, which seems to be contradictory as both nations provide the highest quality supplements at value for money.
The root cause of such behavior seems to be a lack of knowledge and distrust. The manufacturer's associations have come up with consumer education programs such as the Natural Products Expo in California. The concerns such as adulteration of herbs and other plant extracts have been raised evidently,
Botanical supplements have stable demand in the US market considering issues such as obesity, cardiovascular diseases are prevalent among Americans. The supplements are often seen as immunity boosters to improve inflammation, adrenaline, and stress and provide a soothing effect. Botanical supplements are being used by consumers for brain and joint issues (arthritis), weight loss, and anti-aging. Brazil’s emerging markets are abundant in natural resources, but factors are prevalent such as corruption and delays in testing and compliance policies that delay the process. In India, Ayurveda is of utmost importance to the botanical supplement industry and can contribute tangibly to it. China could emerge as the largest producer of supplements with its manufacturing advancements leading to economies of scale.
Key Developments in the Market:
Covid-19 had a significant impact on the Botanical Supplements market. Amid the global pandemic, there was a paradigm shift in diet and hygiene among the people, thereby increasing the demand for nutritional food. Consequently, the demand for botanical supplements. Furthermore, the campaigns initiated by the government and public organizations to bring awareness among the citizens about preventive healthcare further boosted the market. However, the mandated lockdown, rising infected cases, and social distancing measures led to partial or complete closure of production facilities and reduced staffing. This resulted in the supply and demand chain gap, thereby slowing the market growth.
The players in the botanical supplements market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the botanical supplements market.
|Market size value in 2020||US$25.799 billion|
|Market size value in 2027||US$39.767 billion|
|Growth Rate||CAGR of 6.38% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Source, Product Form, Distribution Channel, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Gaia Herbs, Bio-Botanica Inc., Nature's Bounty Co., Dabur, Blue Sky Botanics, Ransom Naturals Ltd, Prinova Group, NOW Foods, Amway Corporation, Ricola AG|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the botanical supplements market size by 2027?
A1. The botanical supplements market is expected to reach a total market size of US$39.767 billion by 2027.
Q2. What is the size of the global botanical supplements market?
A2. Botanical Supplements Market was valued at US$25.799 billion in 2020.
Q3. What are the growth prospects for the botanical supplements market?
A3. The global botanical supplements market is expected to grow at a CAGR of 6.38% during the forecast period.
Q4. How is the global botanical supplements market segmented?
A4. The botanical supplements market has been segmented by source, product form, application, distribution channel, and geography.
Q5. Who are the major players in the botanical supplements market?
A5. Prominent key players profiled as part of the botanical supplements market report are Gaia Herbs, Bio-Botanica Inc., Nature's Bounty Co., Dabur, and Blue Sky Botanics among others.
Nature's Bounty Co.
Blue Sky Botanics
Ransom Naturals Ltd
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