Botanical Supplements Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Botanical Supplements Market grew at a CAGR of 7.1% between 2017-2021 and is estimated to be US$ 32471.8 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.8% and is expected to reach a valuation of US$ 68,816.7 Mn by 2032 end.
As producers continue to develop the manufacturing of botanicals with a wide spectrum of amino acids and particular target activities, such as weight loss and muscle regeneration, the market is anticipated to increase dramatically. Consumers are turning to health-imparting herbal supplements due to rising health consciousness, increased nutrition concerns, and more attention to preventative healthcare.
Several companies produce alternative treatments to help women who frequently experience issues, including menopausal hot flashes and insomnia. Fish oils, detox drinks, probiotic beverages, and other herbal supplements are on the growing list of herbal goods. The market for botanical supplements is anticipated to increase as consumers grow accustomed to accessories, as well as due to high-income levels and top-notch sports and fitness facilities.
RISING CONSUMER AWARENESS CONCERNING HEALTH, WELLNESS, AND NUTRITION TO BOLSTER MARKET GROWTH
Consumer awareness of dietary supplements and their advantages has expanded due to several awareness initiatives launched by the government and non-governmental groups. Additionally, in many nations, consuming high-quality foodstuffs with added nourishment represents one’s social standing. Using organic and natural products by some manufacturers of dietary supplements contributes to the market’s expansion. The employment of eye-catching packaging strategies has increased consumer awareness, which has, in turn, encouraged the purchase of botanical supplements.
Many consumers are becoming more health conscious and favor products with few synthetic ingredients. Another important element anticipated to drive the demand for the product is consumers’ rising preference for healthy foods and their readiness to pay more for them (due to their superior nutritional value).
AVAILABILITY OF SUBSTITUTES AND COMPLEXITY RELATED TO ASSESSMENT OF ACTIVE INGREDIENTS TO LIMIT GROWTH
Botanical components are widely employed in various end-use industries for their functional and therapeutic properties, from food and beverage to supplements. Additionally, the fact that they come from a clean label source and have fewer adverse effects than synthetic substances helps their spread in end-use sectors. For instance, glucosamine molecules are widely used to produce nutritional supplements to treat joint discomfort, glaucoma, osteoarthritis, and weight reduction.
Botanical supplements are complex mixes with a high degree of heterogeneity in the active component composition and their effect on biological activity. The location, environment, timing, and stages of the plant material’s harvest and the production procedure used by the ingredient producer are the key causes of this heterogeneity in the quality of botanical components.
SHIFT FROM PHARMACEUTICAL TO BOTANICAL PRODUCTS TO INCREASE MARKET VOLUME
The botanical industry is a growing and dynamic sector that presents new chances to combine scientific research with rising consumer interest in foods that promote health. The items created in this sector respond to direct consumer demand since it tracks and keeps an eye on consumer trends and ties with mass distributors.
It can prolong life, delay aging, prevent chronic diseases, improve health, and support the structure and operation of the body. The idea that “prevention is better than treatment” is shifting as consumers become more health- and wellness-conscious. Because of these circumstances, more people are turning to nutraceuticals and botanical supplements to maintain their health and avoid sickness.
Market Segments Covered in Report
By Distribution Channel:
By Region and Country:
Why are Spices estimated to account for the largest market share?
Due to changing lifestyles and a rise in the trend of trying new dishes, which has fueled the appeal of spices, the market’s largest segment—spices—is anticipated to have significant expansion throughout the projected period. Utilizing this raw material, botanical compounds are extracted using a solvent. They are herbal and can be found in liquid, solid, and semi-solid phases.
To improve the quality of cosmetics, these substances drive up demand for their manufacturing. Additionally, the processed food and beverage business is using spices to increase the nutritional content of its goods.
Why are Tablets expected to expand the fastest during the forecast period?
Due to their affordability, tablets are the most widely utilized botanical supplements. Tablets have a longer shelf life than capsules and are the most compact form factor that manufacturers may use. Excipients are substances used in high-quality supplements that aid in pill absorption and disintegration.
The natural coating offers a better finish, but other elements control the absorption based on effectiveness and quality. In the upcoming years, it is anticipated that these reasons will increase demand for tablets containing natural health supplements.
Which application of botanical supplements is increasing in demand?
The energy and weight management category headed the market, which collected over 20.0% of global sales. This is brought on by the expanding popularity of online weight loss programs and government programs that support a healthy diet. In recent years, industrialized economies have seen an alarming rise in the prevalence of health issues like diabetes, cancer, and cardiovascular disorders.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
There are numerous large and small businesses in the sector. The leading companies have largely relied on acquisitions, expansions, and the introduction new products to secure their continued success in the market. Effective distribution channels should also help businesses strengthen their market positions. Major corporations are also enhancing their presence by integrating their business operations throughout the value chain and putting these tactics into practice along with marketing initiatives like new product launches and personalized nutrition.
The key developments of the Global Botanical Supplements Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Source, Distribution Channel, Application, Form, Region, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.8%.
The rising popularity of functional beverages to augment market growth.
Major global Botanical Supplements Market players are Dabur India, NBTY Inc., Ricola AG., Mondelez International, Procter and Gamble, Nutraceutical International Company, BASF SE, The Himalaya Drug Company, Glanbia Nutritionals, Botanicalife International of America, Inc., Blackmores Limited
Availability of substitutes and complexity related to assessment of active ingredients to limit growth
North America is expected to account for the largest market revenue share in the Global Botanical Supplements market.
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