Botanical Supplements Industry Overview
The global botanical supplements market size was valued at USD 27.47 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2020 to 2028. The market is expected to grow exponentially as different producers continue to innovate on the production of botanicals with a broad range of amino acids and aim for specific functions, such as weight loss and muscle repair. Rising health consciousness increased concerns over diet, and enhanced care towards preventive healthcare have made consumers turn towards health imparting herbal supplements.
Several manufacturers come out with alternative therapies to relieve women from frequent problems such as insomnia and menopausal hot flashes. Herbal offerings such as fish oils, detoxes, and probiotic drinks, and other herbal supplements are on the rise. Consumers becoming comfortable with supplementation, high-income levels, and world-class infrastructure for sports and fitness are expected to fuel the demand for botanical supplements.
Gather more insights about the market drivers, restrains and growth of the Global Botanical Supplements market
Sports nutrition and health markets are rife with ingredients that can assist various aspects of athletic performance. Several factors of athletic training can be benefited by these herbal ingredients for athletes who are looking to improve their performance. Moreover, the presence of key players such as GlanbiaPlc, Blackmores Limited, and The Himalaya Drug Company and mass retailers such as Walmart that are offering their private labeled botanical supplements is expected to benefit the market growth.
The consumption of herbal supplements in the U.S. is driven mostly by growing awareness regarding preventive health and immunity-boosting products, according to a new survey by Nutritional Outlook. During the COVID-19 pandemic, it is observed that immunity moved to third place, after overall wellness/disease prevention and gut/digestive health. Consumers are becoming more conscious about preventive health care.
Consumers have been advised by the governments and health bodies to use various herbal supplements incorporating health-beneficial ingredients such as turmeric/curcumin, fenugreek, and Tinosporacordifolia to boost their immunity against various infections. Furthermore, the COVID-19 pandemic has encouraged the consumers for dietary changes, and a majority of the consumers are opting for herbal supplements owing to their high health benefits and lesser side effects. On the back of these factors, the global market has witnessed exponential growth during the COVID-19 pandemic.
The U.S. has witnessed increasing demand for herbal supplements over the past few years owing to the growing awareness among consumers regarding the medicinal properties and health benefits of herbal supplements. The American Botanical Council stated that sales of ashwagandha in 2018 grew in both the U.S. natural retail and mainstream channels. Moreover, ashwagandha was known as the seventh bestselling botanical supplement in the U.S. natural channel, rising with a 16.9% year-0n-year growth rate. In addition, it has been among the primary 40 top-selling ingredients in natural and herbal retail stores since 2015.
Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports
Prebiotic Ingredient Market - The global prebiotic ingredient market size was valued at USD 6.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.7% from 2022 to 2028.
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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:
Botanical Supplements Source Outlook (Revenue, USD Million, 2017 - 2028)
- Herbs
- Leaves
- Spices
- Flowers
- Others
Botanical Supplements Form Outlook (Revenue, USD Million, 2017 - 2028)
- Powder
- Liquid
- Tablets
- Capsules
- Gummies
- Others
Botanical Supplements Application Outlook (Revenue, USD Million, 2017 - 2028)
- Energy & Weight Management
- General Health
- Bone & Joint Health
- Gastrointestinal Health
- Immunity
- Cardiac Health
- Diabetes
- Anti-cancer
- Others
Botanical Supplements Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Offline
- Online
Botanical Supplements Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
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
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