Global Botanical Supplements Market Outlook 2024, Forecast To 2033

16 Feb, 2024

The botanical supplements market has witnessed strong growth, rising from $56.79 billion in 2023 to $61.94 billion in 2024, with a solid compound annual growth rate (CAGR) of 9.1%. Historical expansion is attributed to increased consumer awareness of health and wellness, a growing interest in herbal remedies, lifestyle-related health concerns, expansion of the health and wellness industry, and cultural use of botanicals in medicine. Forecasts suggest strong growth to $88.2 billion in 2028, driven by rising demand for plant-based products, an aging population's focus on healthy aging, emphasis on preventive healthcare, expansion of e-commerce platforms, and urbanization. Key trends include advancements in extraction technologies, personalization in formulations, sustainable sourcing, and blockchain adoption for supply chain transparency.

Global Botanical Supplements Market Key Driver

The increase in the number of health-conscious consumers is significantly driving the growth of the botanical supplements market. Botanical supplements, known for their health benefits and digestive properties, are gaining popularity among consumers seeking chemical-free alternatives. The growing trend of following specific diets or eating patterns, as indicated by a survey by the International Food Information Council (IFIC), further emphasizes the increasing number of health-conscious individuals. This surge in health-consciousness is expected to fuel the growth of the botanical supplements market in the forecast period.

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Global Botanical Supplements Market Segments

The botanical supplements market covered in this report is segmented –
1) By Source: Herbs, Leaves, Spices, Flowers, Other Sources
2) By Form: Powder, Liquid, Tablets, Capsules, Gummies, Other Forms
3) By Application: Energy And Weight Management, Bone And Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Other Applications
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions. North America was the largest region in the botanical supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the botanical supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Botanical Supplements Industry Players

Himalaya Drug Company; Archer Daniels Midland Company; Amway Corporation; Bio-Botanica Inc; Blackmores Limited; Gaia Herbs LLC; Glanbia Nutritionals; Herbalife Nutrition; MMJ International Holdings; Pharmavite LLC; Prinova Group; Procter and Gamble; Ricola AG; The Nature's Bounty Co.; Banyan Botanicals LLC; Barlean's Organic Oils LLC; BioSchwartz LLC; Garden of Life LLC; General Nutrition Centers Inc.; Herb Pharm LLC; Himalaya Wellness Company; Irwin Naturals LLC; Jarrow Formulas Inc.; Life Extension; MegaFood; Nature's Answer Inc.; Nature's Bounty Co. Inc.; Nature's Way Brands LLC; New Chapter Inc.; NOW Foods; Nutramax Laboratories Inc.; Oregon's Wild Harvest Inc.; Organic India Private Limited

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Botanical Supplements Market Overview

Botanical supplement refers to items made from plants, plant parts, or plant extracts, sometimes known as herbals or herbal dietary supplements. They have one or more components intended to enhance the diet and are supposed to be taken.

Botanical Supplements Global Market Report 2023 provides data on the global botanical supplements market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The botanical supplements market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.