The global botanical supplements market is on track to achieve substantial growth, projected to surpass US$ 95.7 billion by 2033, with a CAGR of 3% from 2023 to 2033. Botanical supplements, known for their perceived health benefits and authenticity, have gained popularity across various demographics, driving market expansion. Traditional medical practices, consumer preferences for natural health solutions, and increasing awareness about botanical supplements’ advantages contribute to the market’s growth trajectory.
Consumer demand for botanical supplements continues to rise, fueled by the perception of health benefits associated with natural ingredients. With a significant portion of consumers trusting botanical products for maintaining natural and strong health, the market is witnessing increased acceptance and adoption worldwide. Moreover, the convenience of purchasing botanical supplements, available in various forms and easily accessible through pharmacies, health food shops, and online platforms, further contributes to market demand.
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People are taking proactive steps to protect their health and stave off possible illnesses as preventative healthcare receives huge attention. In line with the rising popularity of preventative healthcare, botanical supplements are viewed as a proactive strategy for promoting and improving health.
Several factors are driving the growth of the botanical supplements market:
- Increasing Health Consciousness: Growing awareness of health benefits associated with botanical supplements is driving consumer preferences towards natural and herbal alternatives.
- Expansion of Nutraceutical Industry: The expanding nutraceutical industry, coupled with rising demand for supplements’ consumption benefits, creates opportunities for market growth.
- Innovation in Formulations: Development of innovative formulations catering to various demographics, such as vegetable and fruit-based supplements, powdered supplements, and soft gels, drives market expansion.
- Online Retail Growth: The surge in online retail channels provides convenience and accessibility, fueling botanical supplement sales and mitigating challenges faced by traditional distribution channels.
Key Takeaways from Botanical Supplements Market:
- The global botanical supplements market size expanded at a notable CAGR of 7.6% from 2018 to 2022.
- In 2018, the global market size stood at US$ 51,506.0 million.
- The market sales accounted for US$ 68,935.42 million in 2022.
- In 2022, asparagus captured a 14.60% share of the market.
- In 2022, the soft gel segment secured a 24.80% share of the global market.
- In 2022, the store-based segment recorded a 76.80% share of the global market.
- In 2022, the United States captured a 21.9% share of the global market.
- In 2022, the United Kingdom secured a 1.7% share of the global market.
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Recent Developments Observed by FMI:
- Unigen Inc. unveiled two novel botanical compounds in February 2022, one intended to assist the immune system and the other to promote respiratory health. Bioflavonoids are included in attenutin, an ingredient important for respiratory health. It is also reported to improve both innate and adaptive immunity as well as IgA and IgG antibody formation and a normal level of cytokines.
- As part of its continuous botanical expansion, Layn Natural Ingredients expanded its selection of botanical extracts in August 2021 by adding additional Non-GMO Project Verified botanical extracts. Layn Natural Ingredients seek to diversify its botanical range with the introduction of extracts high in polyphenol.
- With ready-to-drink cans filled with hibiscus & French rose seltzer spritz, the Seltzer brand Something & Nothing has started a fashionable botanical trend. With balanced and energizing botanicals, extracts, and juices, the company aspires to produce high-quality spirits and French wines.
Key Takeaways for Investors:
- Market Growth Potential: The botanical supplements market presents significant growth opportunities, driven by increasing consumer demand for natural health solutions and the expanding nutraceutical industry.
- Innovation and Differentiation: Investing in research and development of innovative formulations and botanical ingredients can differentiate brands and capture larger consumer bases.
- Online Retail Expansion: With the growing preference for online retail channels, investors can capitalize on the digital trend by focusing on e-commerce strategies and expanding online presence.
- Health and Wellness Trends: Consumer preferences for healthy and natural products are driving demand for botanical supplements, making them a promising investment in the health and wellness sector.
- Global Market Expansion: Exploring opportunities in emerging markets like Brazil, the United States, and the United Kingdom, where botanical supplements are gaining traction, can lead to further business growth and market penetration.
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Botanical Supplements Market Segmentation
By Source:
- Vegetables & Fruits
- Herbs & Spices
- Flowers
- Seeds & Nuts
- Leaves
- Bulbs & Roots
- Barks & berries
- Others
By Form:
- Powder
- Liquid
- Capsule
- Bars
- Gels
- Granules
- Oils
- Others
By Distribution Channel:
- Offline Stores
- Online Retails
By Application:
- Food & Beverages
- Pharmaceuticals
- Sports Nutrition & Dietary Supplements
- Cosmetics and Personal Care
- Pet Care Industry
- Commercial Households
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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