Report Overview
The global botanical supplements market size was USD 49.33 billion in 2023. The market is projected to grow from USD 54.41 billion in 2024 to USD 118.74 billion by 2032, exhibiting a CAGR of 10.24% during the forecast period (2024-2032).
Fortune Business Insights™ shares important details in its report, "Botanical Supplements Market, 2024-2030." The market will grow due to the growing dietary supplements industry, more money for people to spend, and increasing health awareness among consumers.
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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)
Segments
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.
Report Coverage
The report offers a thorough review of possible market areas, including both in-depth analysis and statistical data. It also discusses other markets and recent changes in the industry. Furthermore, it looks at mergers and acquisitions, important country regulations, and major industry trends.
Drivers & Restraints
Increasing Consumer Awareness Regarding Health, Wellness & Nutrition to Bolster Growth
The market for plant-based supplements is set to expand because of more awareness efforts, a demand for high-quality, health-focused products, and the use of organic ingredients. The pharmaceutical sector's shift towards these supplements and appealing packaging will also help the market grow. However, the market's expansion might be hindered by the availability of similar products and the complex nature of the active ingredients in these supplements.
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Regional Insights
North America to Dominate Market due to Rising Instances of Obesity Related Disorders
North America will have the biggest market for botanical supplements because more people are becoming obese and there are more processed foods available. Also, more people are learning about the health benefits and are trying to keep their bodies healthy, which will make the market bigger. Europe will also have a big market share because of new technology and more chances for investment. Asia Pacific will be a major player globally because of the high demand for these supplements and new product developments.
Competitive Landscape
Increasing Production Capacities to Augment Market Volume for Dominant Players
The botanical supplements market is dominated by a few big companies, as local and regional ones started early. To retain their customers, these major players introduce new and innovative products and work on increasing their production to meet worldwide demand. They also grow their market share through strategies such as mergers, acquisitions, and collaborations.
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.