The global botanical supplements market size was USD 36.76 billion in 2020. The market is projected to grow from USD 40.54 billion in 2021 to USD 80.54 billion by 2028, exhibiting a CAGR of 10.3% during the forecast period (2021-2028).
The botanical supplements market has experienced a remarkable surge in popularity and demand in recent years. As people increasingly prioritize health and wellness, there has been a notable shift towards natural and plant-based alternatives. Botanical supplements, derived from various plants and herbs, have gained widespread recognition for their potential health benefits and holistic approach to well-being.
List of Key Companies Profiled:
- 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)
Source Link :
https://www.fortunebusinessinsights.com/botanical-supplements-market-106514
Market Growth Drivers:
- Rising Health Consciousness: The global shift towards a healthier lifestyle has driven consumers to seek natural solutions for their well-being. Botanical supplements are perceived as a more natural and sustainable option compared to synthetic alternatives, aligning with the growing health consciousness among consumers.
- Increased Awareness of Herbal Remedies: As information becomes more accessible, consumers are becoming more knowledgeable about traditional herbal remedies and their potential health benefits. This increased awareness has fueled the demand for botanical supplements, which often draw from centuries-old herbal wisdom.
- Preventive Healthcare Trend: The emphasis on preventive healthcare has gained momentum, encouraging individuals to take proactive measures to maintain their health. Botanical supplements, known for their preventive and holistic approach, fit well into this trend, attracting consumers looking to address health concerns before they escalate.
- Clean Label Movement: Consumers are becoming more discerning about the products they consume, leading to a rise in the clean label movement. Botanical supplements, often perceived as natural and minimally processed, appeal to those seeking products with fewer additives and artificial ingredients.
Challenges and Opportunities:
- Quality Control and Standardization: Ensuring the quality and standardization of botanical supplements remains a challenge due to the variability in natural ingredients. However, this challenge also presents an opportunity for companies to invest in rigorous testing methods and transparent labeling to build consumer trust.
- Regulatory Environment: The regulatory landscape for botanical supplements varies globally, posing challenges for companies aiming to navigate multiple markets. Compliance with regulations and adherence to quality standards are crucial for sustained growth.
- Innovation and Research: Ongoing research into the potential health benefits of various botanicals presents an opportunity for innovation. Companies investing in research and development can discover new formulations and applications, further expanding the market.
