Global Botanical Supplements Market 2024-2033: Trends, Analysis & Growth Forecast

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.

Market Overview -
Botanical supplement refers to items made from plants, plant parts, or plant extracts, sometimes known as herbals or herbal dietar*y supplement*s. They have one or more components intended to enhance the diet and are supposed to be taken.

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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 .

Competitive Landscape -
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

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.

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Key Segments -
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, Gummi*es, 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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