The market for botanical supplements is expected to grow at a CAGR of around 6.9% from 2020 to 2027 and expected to reach the market value of around US$ 76,199.3 Mn by 2027.
Botanical Supplements, herbal dietary supplements, or herbals are the terms used for the source that uses herbs and other natural extracts to provide concentrated amounts of naturally occurring nutrients. These supplements are found in both complementary and traditional medicine and are available in different forms including capsules, gel caps, liquids, tablets, powders, and soft gels.
The increasing aging population is accelerating market growth. The growing female buyers for herbal supplements along with the growing use of herbal sources by the young demographic are accelerating the market growth. The increasing consumer awareness about preventive health care measures across the globe is boosting the market growth. In addition, the growth potential in emerging markets, increasing incidence of health disorders, and the side effects of allopathic drugs are projected to create potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, the high cost of raw material and regulatory impact on the future growth of the herbal supplements market is projected to limit the demand for botanical supplements in the forecast period.
Pharmaceuticals has registered major share (%) in the Global Botanical Supplements Market
By application, the pharmaceutical segment is the leading segment in the global botanical supplements market. The increasing government initiatives for botanical drug source are accelerating the demand and usage of botanical supplements in Pharmaceuticals. The rapidly increasing pharmaceutical industry particularly at a rapid pace in the developing economies is supporting the segmental market value.
Adults accounted for the maximum revenue share in the Botanical Supplements Market
By end-use, the adult segment is leading the market with maximum share (%) in terms of revenue. The increasing focus towards the healthy body structure, inclination towards natural supplements, and high purchasing power and spending on health and wellness are some of the factors supporting the segmental market value.
Asia Pacific is projected to exhibit fastest growth throughout the forecast period from 2020 to 2027
The rapidly emerging economies of the region are supporting the regional market growth in the botanical supplements market. The rising awareness among the residents about the usage and benefits of natural supplements is further bolstering the growth in the market. The increasing disposable income of the middle-class population coupled with the long-standing tradition of botanical medicine in countries such as India, China, and Thailand are bolstering the regional market value. The growing demand for botanical sources in the functional food and beverage industry of the region which is growing at a rapid pace is further projected to create potential opportunities throughout the forecast period from 2020 to 2027.
Key Market Players
The players profiled in the report include Archer Daniels Midland Company (U.S.), Glanbia plc (Ireland), Herbalife International of America, Inc. (U.S.), Blackmores (Australia), Nutraceutical International Corporation (U.S.), and others. The major market players were involved in mergers and acquisitions, partnerships & collaborations, and new Source development for the expansion of market share (%). For instance, according to the HerbalGram Herb market report data published in 2017, Echinacea (Echinacea spp.) is the most prominent and third most popular herbal supplement in the mainstream retail distribution network in the United States. Additionally, the rising number of clinical studies demonstrating the health benefits of Echinacea also fueled the demand in the market.
Focus Group of Botanical Supplements Market:
Food Supplements Manufacturers/Suppliers
Herbal Supplements Manufacturers/Processors
Market By Source
Fruits & vegetables
Market By Form
Capsules & tablets
Market By Application
Food & beverages
Others (animal feed, agriculture)
Market By End-Use
Market By Geography
Middle East & Africa
The market for botanical supplements is expected to reach a market value of around US$ 76,199.3 Mn by 2027.
The botanical supplements market is expected to grow at a CAGR of around 6.9% from 2020 to 2027.
Pharmaceuticals is the leading segment by application in the botanical supplements market
Adults is the leading segment by end-use in the botanical supplements market
The increasing aging population, growing female buyers for herbal supplements, growing use of herbal Sources by the young demographic, and increasing consumer awareness about preventive health care measures are some of the important factors driving the botanical supplements market growth.
Archer Daniels Midland Company (U.S.), Glanbia plc (Ireland), Herbalife International of America, Inc. (U.S.), Blackmores (Australia), and Nutraceutical International Corporation (U.S.), are some of the prominent players in the market.
Asia Pacific is expected to be the fastest growing market over the forecast period.