The botanical supplements market size was USD 36.76 billion in 2020. The market is projected to grow from USD 40.54 billion in 2021 to USD 80.54 billion in 2028 at a CAGR of 10.3% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Botanical Supplements Market, 2021-2028.” Factors such as expanding the dietary supplements industry and rising disposable income will increase the footprint of the market during the forecast period. Additionally, rising awareness regarding consumer health will boost the growth of the market.
Vacuum in Supply & Chain to Limit Market Growth During the Pandemic
The COVID-19 pandemic has disrupted various sectors, including botanical supplements. Supply chain disruptions and imposed lockdowns have impacted the market in a negative manner. Volatility in raw material pricing will further change the dynamics of the market. However, rising awareness regarding the health benefits will pose as a revival element for the market. Rising retail sales for food & beverages are expected to increase as the pandemic continues.
Browse In-depth Summary of This Research Insight:
List of Key Players Present in the Market
- Dabur India (Ghaziabad, India)
- NBTY Inc. (New York, U.S)
- Ricola AG (Laufen, Switzerland)
- Procter and Gamble (Ohio, U.S.)
- Nutraceutical International Company (Utah, U.S.)
- BASF SE (Ludwigshafen, Germany)
- The Himalaya Drug Company (Bengaluru, India)
- Glanbia Nutritionals (Wisconsin, U.S.)
- Botanicalife International of America, Inc. (California, U.S.)
- Proganiq (Tamil Nadu, India)
Form, Source, Functionality, Distribution Channel, and Region are Studied
By form, the market is divided into powder, liquid, tablets, capsules, and others.
Based on source, the market is broken down into spices, herbs, flowers, leaves, and others.
With respect to functionality, the market is segmented into energy & weight management, general health, bone & joint health, gastrointestinal health, immunity, anti-cancer, and others.
By distribution channel, the market is fragmented into supermarkets/hypermarkets, pharmacies/drug stores, online retail, and others.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report contains qualitative and quantitative analysis by analyzing critical aspects such as all possible segments in the market. Additional insights such as elated markets and recent industry developments are also present in the report. Also, mergers & acquisitions, regulatory scenario in critical countries, and key industry trends for the sector are mentioned in the report.
Drivers & Restraints
Increasing Consumer Awareness Regarding Health, Wellness & Nutrition to Bolster Growth
Factors, such as rising number of awareness campaigns by NGOs & government agencies and rising consumption of premium nutrition-based products, will boost the botanical supplements market growth during the forecast period. Additionally, the introduction of dietary supplements and organic & natural products will increase the footprint of the market. Also, a rising trend of pharmaceuticals toward botanical products and increasing usage of attractive packaging techniques will fuel the growth of the market.
However, the rising availability of substitutes and alternative products will limit the growth of the market during the forecast period. Additionally, increasing complexities related to active ingredients in botanical supplements will hinder the growth of the market.
North America to Dominate Market due to Rising Instances of Obesity Related Disorders
North America will witness the largest botanical supplements market share during the forecast period due to increasing obesity levels among the general population and rising availability of processed and ready-to-eat food. Additionally, rising awareness regarding health benefits and increasing number of consumers promoting healthy body maintenance will increase the footprint of the market.
Europe will occupy a significant market share, owing to rising technological innovations and increasing investment opportunities. Additionally, financial prospects for organizations that function better will further boost the growth of the market.
Asia Pacific will hold a considerable market share in terms of global contribution due to rising demand for botanical supplements and rising innovations in their existing products.
Increasing Production Capacities to Augment Market Volume for Dominant Players
The botanical supplements industry is filled with limited market players due to the early establishment of regional and local players. The key players are often striving to introduce latest and innovative products for their consumers to maintain their consumer base. Additionally, efforts are being constantly made to increase their production capacities to catch up with the global demand. Strategic tactics such as mergers & acquisitions and collaborations are employed to capture a larger market share.
Key Industry Development
- December 2021: Gaia Herbs Farm announced the launch of its new line of USDA Certified Organic, Non-GMO Project Verified plant-powered gummies with three flavors.