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 provides a detailed analysis of potential markets, including in-depth analysis and statistical data. It also covers other markets and recent industry changes. Additionally, it examines mergers and acquisitions, key country regulations, and significant industry trends.
Drivers & Restraints
Increasing Consumer Awareness Regarding Health, Wellness & Nutrition to Bolster Growth
The plant-based supplement market is growing due to increased awareness, a desire for high-quality, health-focused products, and the use of organic ingredients. The pharmaceutical industry's move towards these supplements and attractive packaging will also support this growth. However, the market could face challenges from similar products and the complex 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 lead in botanical supplement sales due to rising obesity rates and increased processed food options. The market will grow further as people become more health-conscious. Europe will also see significant growth due to technological advancements and investment opportunities. Asia Pacific is expected to dominate worldwide due to strong demand and new product innovations.
Competitive Landscape
Increasing Production Capacities to Augment Market Volume for Dominant Players
The botanical supplements market is controlled by a few large companies, which began earlier than local and regional ones. To keep their customers, these big companies introduce new and innovative products and increase their production to meet global demand. They also expand their market share by using strategies like 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.