Botanical Supplement Market to Grow with a CAGR of 9.25% through 2028
Increase in preventive healthcare, and the desire for clean and natural products is expected to drive the Global Botanical Supplement Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Botanical Supplement Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Botanical Supplement Market stood at USD 27.69 billion in 2022 and is anticipated to grow with a CAGR of 7.63% in the forecast period, 2024-2028. This can be attributed to digitalization and e-commerce. The digital revolution has transformed the way consumers access and purchase products, including botanical supplements. The ease of online shopping, along with the wealth of information available on the internet, has made it convenient for consumers to research and buy botanical supplements from the comfort of their homes. This shift towards e-commerce is opening up new avenues for growth in the market.
Furthermore, the global botanical supplement market is expanding beyond its traditional strongholds in North America and Europe. Emerging markets in Asia-Pacific and Latin America are experiencing rapid growth due to increasing disposable incomes, urbanization, and a growing awareness of health and wellness. Companies are keen to tap into these markets by adapting their products to local preferences and regulations.
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Growing health consciousness, increased concerns about diet, and a greater emphasis on preventive healthcare have led consumers to turn to herbal supplements for promoting their well-being. Numerous manufacturers are introducing alternative therapies to alleviate common issues like insomnia and menopausal symptoms in women. There is a rising trend in herbal products such as fish oils, detox solutions, probiotic beverages, and other herbal supplements. As consumers become more comfortable with supplementation, coupled with higher income levels and access to world-class fitness facilities, the demand for botanical supplements is expected to rise. The sports nutrition and health markets offer a plethora of ingredients that can enhance various aspects of athletic performance. Athletes looking to improve their performance can benefit from these herbal ingredients in various aspects of their training. Additionally, the presence of prominent players like GlanbiaPlc, Blackmores Limited, and The Himalaya Drug Company, as well as major retailers like Walmart offering their own branded botanical supplements, is expected to drive market growth.
In the United States, the consumption of herbal supplements is primarily driven by the growing awareness of preventive health measures and immunity-boosting products, according to a recent Nutritional Outlook survey. During the COVID-19 pandemic, immunity-related concerns became the third most significant health priority, following overall wellness and digestive health. Consumers are increasingly mindful of preventive healthcare, and government and health organizations have encouraged the use of herbal supplements containing beneficial ingredients like turmeric/curcumin, fenugreek, and Tinospora cordifolia to enhance immunity against various infections. Furthermore, the pandemic has prompted dietary changes, with a majority of consumers opting for herbal supplements due to their significant health benefits and minimal side effects. As a result, the global market has experienced substantial growth during the COVID-19 pandemic.
In recent years, the United States has seen a surge in demand for herbal supplements as consumers become more aware of the medicinal properties and health advantages of these products. The American Botanical Council reported that ashwagandha sales in 2018 increased in both natural retail and mainstream channels in the U.S. Ashwagandha was also recognized as the seventh bestselling botanical supplement in the natural channel, with a year-on-year growth rate of 16.9%. Furthermore, it has consistently ranked among the top 40 best-selling ingredients in natural and herbal retail stores since 2015.
The Global Botanical Supplement Market is segmented into source, form, application, distribution channel, regional distribution, and company.
Based on its application, the energy and weight management segment took the lead in the market during 2022. This can be attributed to the growing popularity of online weight loss programs and government initiatives aimed at promoting healthier diets. Developed economies have seen a concerning rise in the incidence of health issues like cardiovascular diseases, cancer, and diabetes in recent years.
In Western Europe and North America, sedentary lifestyles, increased disposable income, and shifts in dietary preferences have heightened the risk of health problems such as cancer and diabetes. Consequently, there has been an uptick in the use of energy and weight management products as a response to the growing prevalence of these health disorders. Additionally, the increasing awareness of fitness in emerging countries like India and China, driven by lifestyle improvements, is creating promising opportunities for growth in the global energy and weight management diet industry. The rise in cases of gastrointestinal disorders is also expected to contribute to industry expansion.
Furthermore, the increasing health consciousness among consumers has led to a steady growth in the consumption of botanical supplements, particularly in emerging economies with rising disposable incomes. With a growing working population and an increasing prevalence of chronic diseases, consumers in the Asia Pacific region are willing to invest more in herbal supplements for cardiac health. As a result, the cardiac health supplements market has experienced significant growth and is expected to continue driving industry expansion in the forecast period.
Based on distribution channel, the offline distribution channel segment emerged as the market leader, boasting the highest revenue share in 2022. This dominance is driven by several factors, including the increasing prevalence of self-medication for the treatment of significant health conditions and the growing demand for herbal supplements in daily use. These trends have significantly propelled the growth of the offline segment.
The expansion of the offline distribution channel segment can be attributed to the increasing awareness of general health concerns and the overall growth of the pharmaceutical industry. Additionally, consumers' growing inclination to purchase drugs offline for various minor health issues, often without consulting a doctor due to the wealth of information available in prominent media outlets regarding the benefits of herbal supplements, has further fueled the industry's growth across major regions.
Major companies operating in Global Botanical
Supplement Market are:
- Dabur India Ltd.
- Nature's Bounty Co/The
- Ricola AG
- Mondelez International, Inc.
- Procter & Gamble Co/The
- Nutraceutical International Corp
- BASF SE
- Himalaya Wellness Company
- Glanbia Nutritionals Inc
- Blackmores Ltd
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“The global botanical supplement market is on a remarkable trajectory, driven by a confluence of factors such as sustainability, personalization, and the increasing emphasis on health and wellness. As consumers become more health-conscious and environmentally aware, companies must adapt to meet these evolving demands. By embracing the key trends, businesses can thrive in this dynamic and growing market while contributing to a healthier and more sustainable world. The future of botanical supplements is indeed looking green and promising,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Botanical Supplement Market By Source (Herbs, Leaves, Flowers, Roots, Others), By Form (Powder, Liquid, Tablets, Capsules, Gummies, Others), By Application (Energy & Weight Management, General Health, Bone & Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Others), By Distribution Channel (Offline, Online), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Botanical Supplement Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Botanical Supplement Market.
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