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2024 Global Insights: The Expanding Market for Botanical Supplements
Botanical Supplements Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased consumer awareness of health and wellness, growing interest in herbal and natural remedies, rise in lifestyle-related health concerns, expansion of the health and wellness industry, cultural and traditional use of botanicals in medicine.
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%. The growth in the forecast period can be attributed to rising demand for plant-based and natural products, growing aging population and focus on healthy aging, increased emphasis on preventive healthcare, expansion of e-commerce platforms for botanical supplements, rising urbanisation. Major trends in the forecast period include advancements in extraction technologies for botanical ingredients, personalization and customization in botanical supplement formulations, sustainable sourcing and ethical practices in botanical supply chains, adoption of blockchain technology for transparency in the supply chain, innovation in delivery formats, such as gummie*s or powders.
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Market Drivers and Trends:
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 .
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Botanical Supplements Market 2024 Key Insights:
• 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%.
• Rising Health Conscious Consumer Trends Fueling Growth In The Botanical Supplements Market
• Growing Trend Of Strategic Collaborations In The Botanical Supplements Industry
• North America was the largest region in the botanical supplements market in 2023
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