Botanical Supplements Market Share, Size, Trends, Industry Analysis Report, By Source (Herbs, Leaves, Spices, Flowers, Others); By Form (Powder, Liquid, Tablets, Capsules, Gummies, Others); By End-Use (OTC, Prescribed); By Application; By Regions; Segment Forecast, 2021 - 2028
- Published Date:May-2021
- Pages: 101
- Format: PDF
- Report ID: PM1872
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Summary
The global botanical supplements market was valued at USD 28.76 billion in 2020 and is expected to grow at a CAGR of 7.3% during the forecast period. The innovations in the botanical supplements from a wide range of amino acids and other sources imparting targeted functional characteristics such as muscle repair, energy balance, and weight loss by key producers in the market, rising preference of consumers regarding preventive healthcare, and consciousness over healthy diet are the key prominent factors responsible for the market growth for botanical supplements.
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Key players in the marketplace for botanical supplements are looking out for potential alternative therapies, particularly to relieve problems of insomnia, mood disorders, and other psychological ailments. The market is flooded with herbal supplements such as detox, probiotic drinks, fish oils, and other supplements, which are regarded as emerging botanical supplements.
Botanical Supplements Market Report Scope
The market is primarily segmented on the basis of source, form, application, end-use, and region.
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Insight by Source
Leaves market segment in botanical supplements industry accounted for the largest revenue share, in 2020. This high is primarily due to its use for generations to produce health supplements and herbal medicines. Moreover, there is a growing trend towards natural products of consumers across the globe. Leaves of several plants such as aloe Vera, clove, basil, pudina, and thyme are an excellent source of antioxidants. Thus, extensive use of leaves as supplements increased the market segment’s demand in botanical supplements.
Spices market segment is estimated to be the second-highest revenue grosser in botanical supplements. Traditional users of spices based in the South Asian countries in food for anti-bacterial and immunity booster are majorly responsible for the segment’s market growth. The changing consumer preferences with varied flavors in the market also boosted the segment’s growth prospects in botanical supplements industry.
The use of spices and their benefits has been mentioned in the Ayurveda, traditional medicine in ancient India. It is being extensively used in several food ingredients such as a natural ingredient in curries. Turmeric has been used in several health issues such as ulcers, joint pains, respiratory conditions, and inflammation.
The flowers segment is projected to witness a lucrative growth rate over the assessment period. The rising cases of chronic ailments and its booming demand in varied industry verticals are the most important drivers for the segment in botanical supplements industry.
For instance, Camellia sinensis and Ginkgo biloba are the most common leaf ingredient used to make botanical supplements. Moreover, rapid uptake in the food & beverage, medicines, and cosmetic industry also boosting the segment’s growth prospects in botanical supplements.
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Insight by Form
In 2020, the tablets market segment accounted for the largest revenue share in botanical supplements industry. Growing consumption of capsules and tablets, as they offer ease of consumption is broadly responsible for the market growth. Moreover, significant market growth in the pharmaceutical industry in developing countries, such as China and India, also, led to the uptake of tablets.
However, powdered supplement is projected to account for the major product category among nutraceutical players, as they are spending a lot on energy mix drinks for health and wellness. Gummies also offer significant growth opportunities in the concerned market segment.
The growing market demand for energy mix powders among athletes and muscle builders and strong interest from major players such Amway and NUTRILITE also boosted the segment’s market growth in botanical supplements.
Geographic Overview
Europe botanical supplements market was estimated to be the second-largest revenue grosser of the global market. This high share is due to the influence of peer groups, endorsements, advertisements, commercials, and magazines and the rising affordability among consumers are the factors responsible for the region’s botanical supplements market growth.
The market demand for botanical supplements is projected to increase in the future years, owing to a surge at the old age population in the region, coupled with declining birth rates. Moreover, consumers in the region, are looking out for natural products for better efficacy, prompting companies in the marketplace to invest in research & development.
Competitive Insight
The prominent players operating in the market for botanical supplements include Dabur India, Nutraceutical International Company, NBTY Inc., Mondelez International, The Himalaya Drug Company, Ricola AG., Procter and Gamble, BASF SE, and Blackmores Limited.
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