The botanical supplements market has been segmented by application (food and beverage, pharmaceutical and personal care), end-user (adult women, adult men, baby boomers and others) and geography (North America), Europe (Germany, France, Italy and the U.K.), Asia Pacific (India, China and Japan), and Rest of the World.
The global botanical supplements market is estimated to account for US$ 90.2 Bn in terms of value by the end of year 2020 and is expected to reach US$ 150.1 Bn by the end of 2027.
Global Botanical Supplements Market: Drivers
High consumption of dietary supplements is expected to propel growth of the global botanical supplements market over the forecast period. For instance, in September 2019, the CRN Consumer Survey on Dietary Supplements stated that 77% of people in the U.S. reported consumed dietary supplements.
Global Botanical Supplements Market: Opportunities
Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the global botanical supplements market. For instance, according to Nutrition Business Journal's Supplement Business Report, the market for botanical supplements is expected to witness the highest growth year since 1997 with a 12.1% increase for 2020 due to COVID-19.
Global Botanical Supplements Market: Restraints
Varying scientific evidence behind the effectiveness of botanical supplements is expected to hinder growth of the global botanical supplements market. For instance, in January 2020, researchers from University of Sydney, Australia, reported that there is currently insufficient evidence to recommend any of the herbal medicines (included in their review) for weight loss.
The global botanical supplements market was valued at US$ 83.5 Bn in 2019 and is forecast to reach a value of US$ 150.1 Bn by 2027 at a CAGR of 7.5% between 2020 and 2027. Major factor driving the growth of global botanical supplements market during the forecast period include increasing prevalence of chronic disorder, and increasing geriatric population.
Pharmaceutical application held dominant position in the global botanical supplements market in 2019, accounting for 47.8% share in terms of value, followed by Food and beverages and Personal care, respectively.
Major players in the global botanical supplements market are focused on launching new products to expand their product portfolio. For instance, in October 2020, HERBALIFE Nutrition, a global multilevel marketing corporation that develops and sells dietary supplements, launched the Herbalife Collagen Plus Powder that aids men and women of all ages obtain healthier skin.
Major players in the global botanical supplements market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2020, ADM acquired Yerbalatina Phytoactives, a pioneering natural plant-based extracts and ingredients manufacturer.
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Global Botanical Supplements Market: Competitive Landscape
Major players operating in the global botanical supplements market include, ChromaDex, Inc., Nutraceutical International Corporation, NBTY, Inc., Surya Herbal, Ltd., BASF SE, NaturaLife Asia Co., Ltd., Bio-Botanica Inc., HERBALIFE Nutrition, Archer Daniels Midland Company (ADM), Integrated BioPharma, Inc., The Himalaya Drug Company, Ricola AG, MMJ International Holdings, and Pharmavite LLC.
Global Botanical Supplements Market: Key Developments
Major players in the global botanical supplements market are focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2018, Archer Daniels Midland Company (ADM) acquired Probiotics International Limited--known under its umbrella brand Protexin--a UK-based manufacturer of natural healthcare and probiotic supplements for human, pet and production-animal use.
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