Botanical Supplements Market Will Grow at 7.5% CAGR by 2020
According to a new market report published by Persistence Market Research “Global Market Study on Botanical Supplements: Personal Care Segment To Witness Highest Growth by 2020,” the global Botanical Supplements market was valued at USD 54.6 billion in 2013 and is expected to grow at a CAGR of 7.5% from 2014 to 2020, to reach an estimated value of USD 90.2 million in 2020.
Interest in healthy eating is influencing consumers to shift their dietary preferences in favour of food and food ingredients with potential health benefits. For consumers looking for a healthy lifestyle and seeking to reduce the risk of illness, herbal and botanical supplements (popularly known as herbal medicinal products) are among the best options.
Botanical supplements include fresh or dried products in different forms, such as tablets, capsules, powders, and tea bags. Globally, garlic, ginger, santalum, plantago, ginseng, rhodiola extract, red clover extract, and soy extract are some of the most widely used botanical supplements. Increasing elderly population and little or no side effects of botanical supplements are expected to drive the global botanical supplements market. According to the Population Division of the United Nations Department of Economic and Social Affairs (UN-DESA), there were 841 million people aged 60 and above in 2013 compared to 205 million in 1950. The number is projected to reach over 2 billion by 2050.
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In the last few years, Europe has emerged as the largest market for botanical supplements, followed by Asia Pacific. In Asia Pacific, the long-standing tradition of using botanical medicine, the current economic development, and increasing urbanization are some factors driving the increasing demand for botanical supplements. Owing to these factors, Asia Pacific is expected to surpass Europe as the leading market for botanical supplements. The botanical supplements market is bifurcated into application (food and beverages, pharmaceutical, and personal care) and end user (adult women, adult men, baby boomers, and others).
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The botanical supplements market is fragmented with several players operating at global or regional levels. The global botanical supplements market is highly fragmented, with top eight companies holding only 38.4% market share. Ricola leads the market with 6.4% global share in 2013, followed by Dabur with 5.5% market share. Ricola and Procter & Gamble are some of the major companies with global operations. Dabur operates mostly in India; however, the company started selling its products in the North American and European countries, such as the U.S., France, Germany and the U.K., recently.
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