Overview and Scope
Botanical supplement refers to items made from plants, plant parts, or plant extracts, sometimes known as herbals or herbal dietary supplements. They have one or more components intended to enhance the diet and are supposed to be taken.
Sizing and Forecast
The botanical supplements market size has grown strongly in recent years. It will grow from $56.79 billion in 2023 to $61.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased consumer awareness of health and wellness, growing interest in herbal and natural remedies, rise in lifestyle-related health concerns, expansion of the health and wellness industry, cultural and traditional use of botanicals in medicine.
The botanical supplements market size is expected to see strong growth in the next few years. It will grow to $88.2 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rising demand for plant-based and natural products, growing aging population and focus on healthy aging, increased emphasis on preventive healthcare, expansion of e-commerce platforms for botanical supplements, rising urbanisation. Major trends in the forecast period include advancements in extraction technologies for botanical ingredients, personalization and customization in botanical supplement formulations, sustainable sourcing and ethical practices in botanical supply chains, adoption of blockchain technology for transparency in the supply chain, innovation in delivery formats, such as gummies or powders.
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Segmentation & Regional Insights
The botanical supplements market covered in this report is segmented –
1) By Source: Herbs, Leaves, Spices, Flowers, Other Sources
2) By Form: Powder, Liquid, Tablets, Capsules, Gummies, Other Forms
3) By Application: Energy And Weight Management, Bone And Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Other Applications
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
North America was the largest region in the botanical supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the botanical supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in number of health-conscious consumers is significantly driving the growth of the botanical supplements market. Botanical supplements have numerous health benefits, have digestive properties, and are chemical free. For instance, in May 2022, according to the International Food Information Council’s (IFIC) food and health survey, in 2022, 52% of Americans say they followed a diet or eating pattern in the past year, which represents an increase. Hence, the increasing number of health-conscious people is expected to propel the growth of the botanical supplements market in the forecast period .
Key Industry Players
Major companies operating in the botanical supplements market report are Himalaya Drug Company, Archer Daniels Midland Company, Amway Corporation, Bio-Botanica Inc, Blackmores Limited, Gaia Herbs LLC, Glanbia Nutritionals, Herbalife Nutrition, MMJ International Holdings, Pharmavite LLC, Prinova Group, Procter and Gamble, Ricola AG, The Nature’s Bounty Co., Banyan Botanicals LLC, Barlean’s Organic Oils LLC, BioSchwartz LLC, Garden of Life LLC, General Nutrition Centers Inc., Herb Pharm LLC, Himalaya Wellness Company, Irwin Naturals LLC, Jarrow Formulas Inc., Life Extension, MegaFood, Nature’s Answer Inc., Nature’s Bounty Co. Inc., Nature’s Way Brands LLC, New Chapter Inc., NOW Foods, Nutramax Laboratories Inc., Oregon’s Wild Harvest Inc., Organic India Private Limited
The botanical supplements market report table of contents includes:
1. Executive Summary
2. Botanical Supplements Market Characteristics
3. Botanical Supplements Market Trends And Strategies
4. Botanical Supplements Market – Macro Economic Scenario
5. Global Botanical Supplements Market Size and Growth
….
30. Botanical Supplements Market Competitive Landscape And Company Profiles
31. Botanical Supplements Market Other Major And Innovative Companies
32. Global Botanical Supplements Market Competitive Benchmarking
33. Global Botanical Supplements Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Botanical Supplements Market
35. Botanical Supplements Market Future Outlook and Potential Analysis
36. Appendix
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