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Botanical Supplements Market 2023 - By Size, Global Industry Research on Growth, Trends, Opportunity, Top Companies Analysis By 2032
Botanical Supplements Market
The Business Research Company's Botanical Supplements Global Market Report 2023 identifies increase in number of health-conscious consumers as the major driver for the Botanical Supplements market's growth in the forecast period. Botanical supplements have numerous health benefits, have digestive properties, and are chemical free. According to the International Food Information Council's (IFIC) 2020 food and health survey, Americans have a strong interest in becoming more health-conscious, with 43% following a specific diet or eating pattern in 2020, up 38% from 2019.
The global botanical supplements market size will grow from $51.66 billion in 2022 to $55.77 billion in 2023, at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the botanical supplements is expected to grow to $76.4 billion in 2027 at a CAGR of 8.2%.
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Major competitors in the Botanical Supplements market are The Himalaya Drug Company, Blackmores Limited, Glanbia Nutritionals, Gaia Herbs LLC, Amway Corporation, Ricola AG.
A key trend in the Botanical Supplements market includes strategic collaborations between companies. Companies manufacturing botanical supplements are undergoing partnerships and collaborations to develop new technologies and products. For instance, in July 2021, the American Herbal Pharmacopoeia (AHP), the ABC-AHP-NCNPR Botanical Adulterants Prevention Program (BAPP), and the American Botanical Council (ABC) are all involved in the partnership that shares access to resources on botanical ingredients. The partnership is aimed at helping the diet*ary supplement sector deal with adulteration by providing access to information and control tools.
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The Botanical Supplements market is segmented -
• By Source: Herbs, Leaves, Spices, Flowers, Other Sources
• By Form: Powder, Liquid, Tablets, Capsules, Gum*mies, Other Forms
• By Application: Energy And Weight Management, Bone And Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Other Applications
• By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Botanical Supplements market.
The Business Research Company's "Global Botanical Supplements Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Botanical Supplements Market Include:
1. Executive Summary
2. Botanical Supplements Market Characteristics
3. Botanical Supplements Market Trends And Strategies
4. Botanical Supplements Market - Macro Economic Scenario
5. Botanical Supplements Market Size And Growth
……………………………………
26. Africa Botanical Supplements Market
27. Botanical Supplements Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Botanical Supplements Market
29. Botanical Supplements Market Future Outlook and Potential Analysis
30. Appendix
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