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Botanical Supplements Market Size, Share, Trends And Forecast 2024-2033
Botanical Supplements Market Size
As per the report, the botanical supplements market size has grown strongly in recent years. It will grow from $56.79 billion in 2023 to $61.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The botanical supplements market size is expected to see strong growth in the next few years. It will grow to $88.2 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
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Rising Health Conscious Consumer Trends Fueling Growth In The Botanical Supplements Market
The increase in number of health-conscious consumers is significantly driving the growth of the botanical supplements market. Botanical supplements have numerous health benefits, have digestive properties, and are chemical free. For instance, in May 2022, according to the International Food Information Council's (IFIC) food and health survey, in 2022, 52% of Americans say they followed a diet or eating pattern in the past year, which represents an increase. Hence, the increasing number of health-conscious people is expected to propel the growth of the botanical supplements market in the forecast period .
Growing Trend Of Strategic Collaborations In The Botanical Supplements Industry
Strategic collaborations between companies are a key trend gaining popularity in the botanical supplements market. 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 dietar*y supplemen*t sector deal with adulteration by providing access to information and control tools.
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, Gummie*s, 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
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Major companies operating in the botanical supplements market report are 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
Contents of the report:
1. Executive Summary
2. Botanical Supplements Market Report Structure
3. Botanical Supplements Market Trends And Strategies
4. Botanical Supplements Market - Macro Economic Scenario
5. Botanical Supplements Market Size And Growth
…..
27. Botanical Supplements Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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