Market Research Report
Global Botanical Supplements Market - 2021-2028
|Global Botanical Supplements Market - 2021-2028|
Published: December 17, 2021
Content info: 218 Pages
Delivery time: 1-2 business days
Botanical supplements are dietary supplements made from plants or parts of plants for medical and therapeutic purposes. Products made up of botanicals are used to prevent and manage various diseases and ailments and are called photomedicine. Botanical supplements work as natural alternatives for hormone replacement therapy, as plants have been used for medicinal purposes for thousands of years. The botanical supplements offer natural ways to improve prostate health, cognitive function and brain health, and connective and joint tissue health. Rising health-consciousness, enhanced care towards preventive healthcare, and increased concern towards diet have made people turn towards health-impacting botanical supplements. The global botanical supplements market is likely to reach USD xx million in 2028, from its recorded value of USD xx million in 2020, growing with a CAGR of XX% during the forecast period.
Source: DataM Intelligence Analysis (2021)
Rising awareness among consumers regarding health benefits of botanical supplements is driving the market growth
Rising awareness among consumers regarding the health benefits associated with consumption of botanical supplements such as holy basil extract, which helps in reduction of anxiety is a major factor expected to drive growth in demand for botanical supplements. People are turning to botanical supplements for their wellbeing because of improved health awareness, more medication for preventive care, and an increased interest in diet. The manufacturers of several botanical supplements offer alternative therapies to relieve women of common problems such as insomnia, hot flashes and menopause. Middle-aged women and older consumers are the main end users of botanical supplements and therapies. Awareness of the health benefits of botanical supplements is very well established across millennials in developed and developing countries. The market is expected to see significant growth during the forecast period due to rapid urbanization, health awareness, lifestyle change and rising per capita income.
Moreover, the increasing prevalence of the chronic disorder is expected to propel the global botanical supplements market's growth over the forecast period. According to a report published in the journal Diabetes Research and Clinical Practice titled "Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition," 463 million people were estimated to have diabetes in September 2019, and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Funding for R&D by the government in botanical supplements is expected to provide lucrative growth opportunities for players in the global botanical supplements market. The National Institutes of Health, for example, awarded Oregon Health & Science University USD 6 million in June 2020 to create a botanical dietary supplement research center.
Lack of stringent regulations and norms pertaining to the safety and efficacy of botanical health supplement products is a factor expected to affect the growth of this market globally. Owing to less emphasis on labeling and safety of these products, incidences of false health claims by manufacturers in order to market their products have increased significantly. These factors have impacted consumer outlook towards botanical supplements, and this is expected to adversely affect the growth of the botanical supplements market to a certain extent.
Energy and weight management is expected to hold highest market share of XX% during the forecast period
In 2020, the energy and weight management application segment dominated the market, accounting for XX% of global sales. This is due to the increasing popularity of online weight-loss services as well as government-sponsored efforts to encourage a balanced diet. An alarming increase has been witnessed in the incidence of health problems, such as cardiovascular diseases, cancer, and diabetes, in developed economies in the last few years. Sedentary lifestyles, rising disposable income, and changes in food habits in Western Europe and North America increase the risk of developing health problems, such as cancer and diabetes. Therefore, an increase in the incidence of health disorders has fostered the adoption of energy and weight-management products. Moreover, a rise in fitness consciousness in emerging countries, such as India and China, owing to improvement in lifestyle, is likely to offer lucrative business opportunities for the players operating in the global energy and weight management diet industry.
The OTC end-user segment led the market and accounted for XX% share of the global revenue in 2020. The growing prevalence of self-medication for the treatment of significant health conditions and the rising demand for botanical supplements in daily consumption have offered momentum to the growth of the OTC drugs and botanical supplement market.
Increasing usage of dietary supplements across North America, to drive the market growth
Dietary supplements use increased dramatically in North American countries such as the United States over the last decade or so. Notably, 75 percent of adults in the United States consumed dietary supplements in 2018, a 10% improvement over the previous decade. Thus, the increasing consumption of dietary supplements coupled with increasing awareness regarding supplements infused with botanical extracts is the primary factor driving the region's market.
The trend of "alt-medicine" is expected to deliver significant revenue growth for herbal supplement manufacturers, as the consumer perspective is anticipated to change, followed by a strong dependency on private label brands, apart from the national brands. Like Walmart and Costco, retailers are also fueling the trend by continuing to enhance their private label offerings through new branding and formulations, improved packaging, and in-store consumer education.
Flora Inc., SCD Probiotics, Renew Life Formulas Inc., and Now Foods are some of the key companies in the United States offering herbal digestive health supplements. Key factor in enabling the growth of the herbal segment is innovation in the supplement division. For example, Now Foods (a company based in the United States) offers a number of botanical products, such as plant enzyme veg capsules and papaya enzyme lozenges.
Source: DataM Intelligence Analysis (2021)
The market studied is fragmented and highly competitive, with key players adopting strategies such as product innovation, strategic acquisitions, and expansions to expand their geographical presence and customer base. Some of the major companies offering botanical supplements include Himalaya Drug Company, Nature's Bounty Co, Amway Corporation, NOW Foods, and GNC Holdings Inc. Companies are primarily concentrating on bolstering their position as key players by integrating their business activities around the value chain and introducing marketing strategies such as personalized nutrition, new product launches, and other initiatives.
COVID-19 Impact: Increase in sales of botanical supplements to strengthen immunity
Covid-19 has positively impacted the global botanical supplements market as consumers have shown an increasing preference for plant-based supplements to strengthen immunity and disease resistivity. For instance, as immunity positioned fifth on the list of consumer demands in 2019, updated research following the COVID-19 pandemic observed that immunity moved to third place after overall wellness/disease prevention and gut/digestive health. Additionally, 61% of botanical supplement consumers in the U.S. state they increase their supplement usage to support immunity. Survey statistics depict that the pandemic encouraged dietary changes, with 44% of botanical supplement consumers in the U.S. stating that they shifted their diets to promote immune health.
Understand the current market scenario and viability of global botanical supplements market over the forecast period
Visualize the composition of the global botanical supplements market in terms of form, source, application and distribution channel to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global botanical supplements market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
Industry Investors/Investment Bankers
Education & Research Institutes