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).
This vital information is presented by Fortune Business Insights™, in its report, titled, “Botanical Supplements Market, 2024-2030.” 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.
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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, both qualitative and quantitative, of all potential market segments. It also includes insights into related markets and recent industry developments. Additionally, the report covers mergers and acquisitions, regulatory situations in important countries, and key trends in the industry.
Drivers & Restraints
Increasing Consumer Awareness Regarding Health, Wellness & Nutrition to Bolster Growth
The botanical supplements market is expected to grow due to several factors. Increased awareness campaigns by NGOs and government bodies, along with higher demand for high-quality, nutrition-focused products, will drive expansion. The introduction of supplements made from organic and natural ingredients will also boost the market. Additionally, the pharmaceutical industry's growing preference for botanical solutions and the use of attractive packaging will further support market growth.
However, the market's growth will be limited by the rising availability of substitutes and alternative products. Additionally, increasing complexities related to the active ingredients in botanical supplements will pose challenges to market growth.
Source: https://www.fortunebusinessinsights.com/botanical-supplements-market-106514
Regional Insights
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.
Competitive Landscape
Increasing Production Capacities to Augment Market Volume for Dominant Players
The botanical supplements industry has few major players because regional and local companies were established early on. To keep their customers, these key players focus on introducing new and innovative products. They are also working to increase their production capacity to meet global demand. To expand their market share, companies often use 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.