Botanical Supplements Market

Botanical Supplements Market Outlook (2023-2033)

The market for botanical supplements can be expected to expand at a value based CAGR of 5.9% and show an increase in revenue from US$ 18,195.5 Mn to around US$ 32,279.3 Mn by 2032.

Botanical Supplements Consumption Analysis (2018-2022) Vs. Market Estimations (2023-2033)

The global botanical supplements market has witnessed significant growth in the historical period registering a CAGR of 6.7% in the historical period and was valued at US$ 59,647.0 Mn in 2023. The market is expected to grow steadily with increasing consumption and awareness about benefits related to plant-based supplements.

The global botanical supplements market comprises all the essential verticals of the botanical supplements sector which includes application and demography. The market can be segmented on the basis of various parameters on the premise of which this study is designed. Botanical supplements market is expected to growth at a rate 3.1% in terms of value over the forecast period (2023-33), demand for botanical supplements has increased significantly in the recent past. This is attributed to consumers inclination towards purchasing such supplements over-the-counter as it is safe to use and does not have any severe side-effects. Moreover, the availability of botanical supplements has increases through online pharmacy such as Humana Pharmacy, which offers health products including botanical supplements in its over-the-counter product catalog. Thus, botanical supplement manufactures could focus on developing and offering supplements that can be sold over-the-counter.

The global market for botanical supplements is estimated to reach an approximate valuation of US$ 81,062.2 Mn in the forecast period i.e. 2033.

What are the Key Trends in the Market for Botanical Supplements?

“Rising demand for botanicals in personal care products”

Increasing preference of consumers towards herbal supplements has prompted relatively small-scale manufacturers to offer herbal, traditional, and botanical products. Several large-scale companies have lost their market share to small scale companies that are offering such products.

For Instance: the growing popularity of Patanjali Ayurved (an India-based herbal products manufacturer), which has a significant share of the toothpaste market in India. In the recent past, toothpaste market of India was dominated by The Colgate-Palmolive Company; however due to increasing demand for herbal products, the sales of Patanjali’s Ayurvedic/herbal toothpaste, which is popularized as a botanical product has gained significant traction in the personal care segment.

“Increasing lifestyle diseases boosting the global botanical supplements market”

Due to hectic schedules and changing lifestyle patterns, there is a steady increase in the incidence of lifestyle diseases such as diabetes, obesity, and high blood pressure. Thus, consumers are taking preventive measures for reducing the effects of lifestyle diseases.

Owing to the inherent disease preventing properties such as slowing down digestion and absorption of carbohydrates, botanical supplements are a healthy alternative to prevent and reduce the effects of lifestyle diseases and this is supplementing revenue growth of the global botanical supplements market.

“Lack of regulatory checks lead to false health claims, which in turn restricts the market growth of botanical supplements”

Lack of stringent norms and regulations pertaining to the safety and efficacy of botanical health supplement products is a factor expected to affect the growth of this market globally. Owing to less emphasis on labeling and safety of these products, incidences of false health claims by manufacturers in order to market their products has increased significantly. These factors have impacted consumer outlook towards botanical supplements and this is expected to adversely affect the growth of the botanical supplements market to a certain extent.

• In December 2016, Patanjali Ayurved (an India-based herbal supplement manufacturer) was fined US$ 18,000 for misleading product advertisements.

“Increasing Health Awareness and Self-medication Behaviour among Consumers”

Rising awareness among consumers about health benefits associated with consumption of botanical supplements such as holy basil extract, which helps in reduction of anxiety, is a major factor expected to drive growth of global botanical supplements. Owing to increasing advertisements and easy availability of botanical supplements over the counter, demand for these supplements is increasing. Currently, consumers are more inclined towards self-medication due to rising penetration of Internet and social media. These factors are expected to drive growth of the market for botanical supplements globally over the forecast period.

• For Instance: According to U.K. Food Standard Agency, in 2008 nearly one third of people in U.K take vitamins or dietary supplements or herbal supplements.

“Holistic Benefits Associated with Consumption of Botanical Supplements”

Manufacturers are offering and developing various ingredient specific botanical products due to which, consumers are unable to choose an appropriate health supplement. This has prompted manufactures to offer products which offer holistic benefits when consumed rather than specific benefits. This is thus, expected to increase demand for botanical supplements to a certain extent. Manufacturers are also focused on offerings customized products to its clients.

• For Instance: Vancouver Holistic Health (Naturopathy healthcare service) offers customized health supplements according to individual needs. Consumers can choose required supplements from a selection list and health supplements are then customized according to the requirements.

“Strengthening of safety norms presents a significant opportunity for players in the botanical supplements market”

Major players in the health supplements market could focus on collaboration with regulatory bodies to strengthen safety norms for health supplements. Regulatory bodies are focusing on imposing various safety norms for manufacturing and marketing of botanical supplements.

The European Food Safety Authority has passed a regulation regarding certain nutritional claims for some botanical substances and this list of botanical substances was issued in December 2012. Key players can focus on offering labelled and safe products. Several manufacturers have started adopting GMP (Good Manufacturing Practice), which could help in changing the outlook of consumers towards botanical supplements.

Country-wise insights

What is the value share held by U.S. for the botanical supplements market?

The region is currently experiencing significant demand botanical supplements in the drug manufacturing application. The U.S. currently holds a value share of 19.0% in the global market and a valuation of US$ 9,425.4 Mn. The prominent reason for the momentous rise in consumption can be due to online distribution channel as health supplement manufacturers are using online platforms for selling and promoting their products, which in turn has lead to increased demand for botanical supplements.

How is the European Botanical Supplements Market Faring?

The European region holds 31.0% of the current market share and is valued at US$ 51,929.7 Mn in 2023.

The increasing benefits of supplements with age in order to fulfil the nutritional requirements has prompted people to focus on consuming botanical supplements which has subsequently caused arise in the global as well as regional sales.

Category-wise insights

Which Demography of Botanical Supplements Accounts for High Revenue Generation?

The adult women of botanical supplements holds the maximum value of US$ 19,417.0 Mn in 2023 and 34.9% of the value share. The botanical supplements offers holistic benefits which help the consumer to absorb all the necessary nutrients required by the human body.

Which Application of Botanical Supplements is seen more across the Globe?

The prominent application of botanical supplements is in its drug application where the global drug application holds a value of US$ 24,466.4 Mn and is expected to grow at CAGR of 7.0% during the forecasted period. The demand is prominent in drug application is due to rising awareness among the consumer for plant-based supplements, moreover, botanical supplements are easily available and help the consumer in the reduction of anxiety, depression and various other aspect related to human health.

Competitive Dashboard

The major manufacturers of the supplements market are emphasizing on acquiring the label claims and necessary certifications to increase the acceptance of their supplements across major consuming markets such as Europe and North America.

• Aayuritz Phytonutrients Pvt. Ltd. has acquired various accreditations and certifications such as Good Manufacturing Practice (GMP), National Program for Organic Production, USDA organic, and others.
• All the 400+ products offered by Herbal Hills have received prior approval from Government Certifications. The certificates are comprised of Good Manufacturing Practices (GMP), ISO 22000: 2018, HALAL, EU Certificate, Organic certification from USDA, National Programme for Organic Production (NPOP), Food Safety & Standards Authority of India (FSSAI) and many others.
• MotherTree Nutra Pvt. Ltd.’s products are labelled Halal and meet the standards prescribed by ISO, HACCP, and FSSAI. Through this the company to attract customers looking for high-quality products.
• Herbal Hills provides its products for private labeling and contract manufacturing, i.e., any company can ask it to brand the products in their name. Through this, the company provides a wide variety of herbal and Ayurvedic products for worldwide supply.

Botanical Supplements Industry Report Scope

Botanical Supplements Industry Research by Category

By Application:

• Drugs
• Cosmetics
• Food & Beverage

By Demography:

• Adult Women
• Adult Men
• Baby Boomers 
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

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