Botanical Supplements Industry Overview
The global botanical supplements market size is expected to reach USD 55.18 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2020 to 2028. Growing awareness among consumers concerning the health benefits related to the consumption of botanical supplements is predicted to boost the growth of the market.
The market is expected to witness significant growth over the forecast period owing to changing lifestyles, rapid urbanization, rising health consciousness, and increasing per capita income. In addition, lifestyle diseases such as malnourishment, overweight, and blood pressure, coupled with the high cost of medical treatments, are expected to create health awareness among consumers, which, in turn, is anticipated to fuel the product demand.
Botanical Supplements Market Segmentation
Grand View Research has segmented the global botanical supplements market on the basis of source, form, application, distribution channel, and region:
Based on the Source Insights, the market is segmented into Herbs, Leaves, Spices, Flowers, and Others.
- The leaves segment led the market and accounted for over 25.0% share of the global revenue in 2020. The shift in lifestyles and the growing trend of exploring and experiencing novel foods have led to the growth in the demand for leave-based herbal supplements.
- Herbal leaves are the most extensively used ingredient among other sources of botanical ingredients.
- The increased use of herbal leaves has coincided with augmented consumer familiarity and interest in Ayurveda, a traditional medicine system of India.
- Additionally, it is extensively being used as a food ingredient (for instance, in curries), basil has been used medicinally in Ayurveda to address a variety of health issues, including joint pain, inflammation, ulcers, kidney, liver disorders, and respiratory conditions among others.
Based on the Form Insights, the market is segmented into Powder, Liquid, Tablets, Capsules, Gummies, and Others.
- The tablets segment led the market and accounted for over 30.0% share of the global revenue in 2020. Growing consumers’ inclination towards tablets and capsules owing to the ease in consumption has led to market growth.
- The powder segment is anticipated to remain one of the major form segments over the forecast period as nutraceutical companies are spending on the production of energy-mix products for health and wellness applications.
- The growth of the powder segment is attributed to the growing demand for energy-mix powders among bodybuilders and athletes.
Based on the Application Insights, the market is segmented into Energy & Weight Management, General Health, Bone & Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, and Others.
- The energy and weight management segment led the market and accounted for over 20.0% share of the global revenue in 2020. This is due to the growing trend of online weight loss programs and government initiatives for promoting a healthy diet.
- The alarming increase has been witnessed in the incidence of health problems such as cardiovascular diseases, cancer, and diabetes in developed economies in the last few years.
- With the increasing working population and a rise in the prevalence of chronic diseases, consumers in the Asia Pacific region are willing to spend more on cardiac health herbal supplements. Therefore, this has resulted in the strong growth of the cardiac health supplements market and is projected to fuel the industry growth during the forecast period.
Based on the Distribution Channel Insights, the market is segmented into Offline, and Online.
- The offline distribution channel segment dominated the market with a revenue share of more than 75.0% in 2020. The growing prevalence of self-medication for the treatment of significant health conditions and the rising demand for herbal supplements in daily consumption has offered momentum to the growth of the offline segment.
- The growth of the offline distribution channel segment is attributed to the rising awareness regarding general health concerns and the growth of the pharmaceutical industry.
Botanical Supplements Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The industry is characterized by several large- and small-scale companies. Acquisitions, expansions, and new product launches are the significant strategies adopted by the key players to ensure their growth in the industry. Furthermore, effective distribution channels are anticipated to support companies to reinforce their market position. Additionally, major companies are focusing on strengthening their presence by incorporating their business operations across the value chain and implementing marketing strategies, such as new product launches and personalized nutrition.
Some prominent players in the global botanical supplements market include:
- 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
Order a free sample PDF of the Botanical Supplements Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment