Global Botanical Supplements Market was valued at USD 45,967.3 Million in 2019 and is expected to reach over USD 78,631.1 Million by 2026, growing at a CAGR of around 8.1% during the forecast period from 2020 to 2026
According to the report, the global botanical supplements market was valued at USD 45,967.3 Million in 2019 and is expected to reach over USD 78,631.1 Million by 2026, growing at a CAGR of around 8.1% during the forecast period from 2020 to 2026.
A botanical is a part of a plant valued for its therapeutic or medicinal properties, flavour and/or fragrance. Herbs constitute a subset of botanicals. Items made of botanicals used for preserving or enhancing health can be called herbal items, botanicals or phytomedicines. Botanical supplements are perceived to be rich in nutrients-vitamins and a mineral as it is derived from barks, fruits and vegetables of plants and trees, which is a major factor to boost the growth of botanical supplements market.
Global Botanical Supplements market: Overview
Any plant or a part of a plant known for its therapeutic properties to cure a deficiency or to enrich essential dietary needs of the body which is consumed orally is known as Botanical Supplements. These supplements are also termed as Phytomedicines due to its origin from plants. Some of the commonly used botanical supplements are Echinacea, Ginseng, John’s wort, Evening primrose, Gingko biloba and some others in order to boost immunity and are well known for its diverse roles.
Global Botanical Supplements market: Growth Factors
A drastic shift towards the modern lifestyle has hampered the health of the population. A large number of people being more work-oriented have led to the disruption of standard work-life balance resulting in the emergence of various defects and illness. Due to this fact, there is an increasing demand for the botanical supplements in the market. For any product to be successful, it requires a two-way beneficial approach. It must be profitable for the manufacturer and should have an acceptance from the side of the consumer. Recent cases of fake and misleading health claims caused due to least stringent regulatory authorities have directly impacted the perspective of the consumers i.e. “Not all natural products are safe”. For entering into such market will need strong marketing and advertising strategies. Also, there is a misconception of the absence of regulatory bodies for such products which affects the market to some extent.
As these products are easy to process, experimentation to manufacture newer variety becomes economical. Increasing health awareness and knowledge of side effects of other chemically derived products amongst people provides a wide range of opportunities for any company into this segment.
Global Botanical Supplements market: Segmentation
The market of botanical supplements can be classified broadly based on its end-user. There are more requirements for the women population followed by older age group in order to manage busy schedules and the standard work-life balance along with overcoming their decreasing immunity due to the factor of aging. It is also consumed by the children so as to boost the immunity that is affected due to unhealthy eating habits. Botanical supplements can also be divided based on the type of product produced. It can be in different forms such as Gummy and Chewable Vitamins, Capsules, Tablets, liquid or powder. Depending upon its usage, it can be further be segmented as sports drinks, energy bars or functional foods.
Global Botanical Supplements market: Regional Analysis
The Asia Pacific is considered to have the most lucrative market as compared to the rest of the emerging regions because it has always been the long ancient tradition of preferring the consumption of the therapeutic products of natural origin. Also due to its availability, the market shows the profitable growth. The market for Botanical Supplements in other regions such as North America and Europe has also emerged in a long run due to the inclination of the population towards the personal care. Regions such as Latin America or The Middle East and Africa have marked a considerable growth in this market due to the change in the lifestyle and adoption of modern culture. The increase in awareness amongst the people being one of the reasons, it is expected to grow at a higher pace in the future.
Global Botanical Supplements market: Competitive Players
Some of the key players in the Global Botanical Supplements market are Bio-Botanica, Inc., Nutraceutical International Corporation, Amway Corporation, The Himalaya Drug Company, The Nature’s Bounty Corporation, Naturex SA, Herbalife International, Blackmores Limited, Bionorica SE, The Patanjali Ayurved Limited, among others.
Global Botanical Supplements market: Regional Segment Analysis
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