The botanical supplements market has experienced remarkable growth in recent years, fuelled by a burgeoning interest in holistic health and natural remedies. Embracing the power of nature, consumers are increasingly turning to botanical supplements to enhance their well-being, paving the way for a thriving and dynamic industry.
The global botanical supplements market size is expected to surpass a valuation of US$ 71,963 million in 2023. It is anticipated to hit a valuation of US$ 95,703.2 million by 2033. The market is forecasted to register a CAGR of 3% from 2023 to 2033.
Natural and plant-based goods are gaining popularity among customers. Since they believe they are safe and in line with their choice for natural and holistic approaches to health, many individuals are looking for alternative treatments and supplements made from botanical sources. Additionally, the market for botanical supplements has grown as a result of rising health awareness and the broad wellness trend.
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Botanical supplements are frequently considered to be a component of a healthy lifestyle since consumers’ attention is becoming focused on preserving good health, avoiding diseases, and enhancing their general well-being.
Many botanical supplements provide a variety of alternatives that may be adjusted to meet certain individual needs. To achieve certain health objectives or needs, such as increased energy, reduced stress, or joint support, consumers might take supplements. Moreover, great customer interest has been generated by these goods’ personalization and customization options and has been instrumental in the market’s development.
Botanical supplements are frequently associated with several health advantages, including immune enhancement, digestive improvement, inflammation reduction, relaxation promotion, and support for general well-being. These supplements’ popularity and commercial growth are in part due to their perceived efficacy.
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.
Key Takeaways:
- 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.
Recent Developments Observed:
- 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 attention, 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 Players Operating:
- Glanbia Plc
- BASF SE
- Archer Daniels Midland Company
- Naturex SA (Givaudan)
- Amway Corporation
- The Bountiful Company (Nestlé)
- Now Foods
- Dabur India Limited
- Himalaya Wellness Company
- Others
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Key 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
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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