According to The Business Research Company’s Botanical Supplements , The botanical supplements market size has grown strongly in recent years. It will grow from <b>$56.79 billion in 2023 to $61.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. </b> 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.
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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.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 .
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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
Top Major Players
Himalaya Drug Company
Archer Daniels Midland Company
Amway Corporation
Bio-Botanica Inc
Blackmores Limited
Strategic collaborations between companies are a key trend gaining popularity in the botanical supplements market. Companies manufacturing botanical supplements are undergoing partnerships and collaborations to develop new technologies and products. For instance, in July 2021, the American Herbal Pharmacopoeia (AHP), the ABC-AHP-NCNPR Botanical Adulterants Prevention Program (BAPP), and the American Botanical Council (ABC) are all involved in the partnership that shares access to resources on botanical ingredients. The partnership is aimed at helping the dietary supplement sector deal with adulteration by providing access to information and control tools.
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
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31. Global Botanical Supplements Market Competitive Benchmarking
32. Global Botanical Supplements Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Botanical Supplements Market
34. Botanical Supplements Market Future Outlook and Potential Analysis
35. Appendix
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