The Global Botanical Supplements Market is estimated to account for US$ 101.9Bn in terms of value by the end of year 2023 and is expected to reach US$ 192.3Bn by the end of 2030.
Global Botanical Supplements Market -Drivers
High consumption of dietary supplements
High consumption of dietary supplements is expected to propel growth of the Global Botanical Supplements Market over the forecast period. For instance, in September 2020, the Computer Reseller News (CRN) Consumer Survey on Dietary Supplements stated that 77% of people in the U.S. reported having consumed dietary supplements. By increase in the consumption of dietry supplements help in the increase of botanical supplements market growth.
Increase Self-medication Behaviour and Health Awareness among consumers
The increase in advertisement and easy availability of botanical supplements over counter and demand for this supplement increase rapidly. The consumer are more inclined about self-medication because of increase in penetration of internet and social-media and also increase awareness among the cousumer about health benefit which associated with consumption of the botanical supplements like holy basil extract which reduce anxiety.These factor are expected to propel the global botanical market growth.
Global Botanical Supplements Market -Opportunities
Emergence of COVID-19
The emergence of COVID-19 is expected to offer lucrative opportunities for players in the Global Botanical Supplements Market. For instance, according to the Nutrition Business Journal's Supplement Business Report for 2020, 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
Effectiveness of Botanical Supplements
Effectiveness of botanical supplements is expected to hinder growth of the Global Botanical Supplements Market. For instance, in January 2020, researchers from the 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.
Key Takeaways:
The Global Botanical Supplements Market was valued at US$ 101.9Bn in 2022 and is forecast to reach a value of US$ 192.3Bn by 2030 at a CAGR of 9.5% between 2023 and 2030. Major factors driving the growth of the Global Botanical Supplements Market during the forecast period include the increasing prevalence of chronic disorders and the increasing geriatric population.
Pharmaceutical application held a dominant position in the Global Botanical Supplements Market in 2022, accounting for 47.8% of the value, followed by food and beverages and personal care, respectively.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/botanical-supplements-market-4229
Global Botanical Supplements Market -Trends
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, which helps men and women of all ages obtain healthier skin.
Major players in the Global Botanical Supplements Market are also focused on adopting Merges and Acquisitions trategies to expand their product portfolio. For instance, in July 2020, Archer Daniels Midland (ADM )acquired Yerbalatina Phytoactives. A manufacturer of natural plant-based extracts and ingredients.
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.
Key Developments
- In October-2021, Cadbury launched the Cadbury Plant Bar, a brand-new chocolate bar made without milk but with almond paste. The product is derived from one of the most popular chocolate bars in the area, Cadbury's own Dairy Milk. The plant-based chocolate bar, according to Cadbury, has a texture and flavor that are somewhat nuttier than Cadbury's other products.
- In August-2020,Glanbia Nutritionals science led innovative producer of dairy and non- dairy producer and took over Foodarom, a company with its headquarters in Canada that specializes in flavor design. The Research and Development teams of the two businesses will benefit from sharing knowledge and experience, which will aid Glanbia in creating new flavors. This would increase Glanbia's ability to provide its clients with ingredient solutions.
- In January-2021, Prorganiq launched botanical supplements and premium herbal and this Novel launch of pure and effective Prorganiq herbal supplements which supporting the people to build a better body.
- In April-2021, Nestle announced to acquire the Bountiful Company core brands for expand nutritional Portfolio and health
