Botanical Supplements Market

Botanical Supplements Market Growth and Forecast (20021-2026):

The Global Botanical Supplements Market size was worth US$ xx million in 2020, and it is believed to reach a valuation of US$ xx million, progressing with an annual expansion rate of xx% between 2021 and 2026.

Market Overview:

Botanical Supplements are parts of plants that are evaluated for their therapeutic or medical properties, taste and fragrance. Botanical supplements are recognized to be rich in nutrients, vitamins and minerals derived from the bark of plants and trees, fruits and vegetables, which are the key factors driving the growth of the botanical supplement market. Products made from plants are used for the prevention and treatment of various diseases and are called optical medicine. Plants have been used medicinally for thousands of years, which is why botanical supplements work as a natural alternative to hormone replacement therapy. Herbal supplements provide a natural way to improve cognitive function, prostate health, brain health, and connective tissue health. Herbal supplements are available as complementary and traditional medicine and come in a variety of forms, such as gels, capsules, tablets, powders, liquids, and softgels. Herbal supplements act as a natural alternative for hormone replacement therapy treatment. This supplement provides a natural way for the proper functioning of the heart, brain and helps to maintain the health of the joint and connective tissue.

Botanical Supplements Market Growth:

The future growth of botanical supplements is expected to be shaped as the general acceptance of plant-based products increases among consumers across diverse demographics.

REPORT COVERAGE:

Drivers:

Growing consumer awareness of the health benefits associated with consuming herbal supplements like holy basil extract, which can help reduce anxiety, is a major factor expected to drive the growing demand for botanical supplements. With increased health awareness, more treatment for preventive care, and an increased interest in diet, people are turning to providing botanical supplements for their health. The producers of several herbal supplements offer alternative therapies to relieve women of common problems such as hot flashes, menopause, and insomnia. Older consumers and middle-aged women are the main end users of herbal supplements and therapies. Natural products such as antidote and probiotic drinks, fish oil, blueberries, and other supplements are emerging as the most widely used botanical supplements. Food supplements, including omega-3s, multivitamins, chondroitin, and herbal extracts, have seen profitable growth, as many consumers view herbal supplements as a protest drug, a low-cost option for a healthy and disease-free lifestyle. Today, consumers are paying more attention to self-treatment as Internet and social media penetration increases. The demand for these supplements is on the rise because advertising is increasing, and over-the-counter plant supplements are readily available. Awareness of the health benefits of botanical supplements is very well established among millennials in developed and developing countries. The market is foreseen to see significant growth during the forecast period due to rapid urbanization, increased health awareness, lifestyle changes, and rising per capita income. Additionally, lifestyle-related illnesses such as malnutrition, being overweight, and high blood pressure, along with high medical expenses, are expected to increase consumer health awareness and promote demand for products. Some of the key factors driving the growth of the global botanical supplement market are the efficient benefits of these products, the absence of side effects, and awareness of the popularity of herbal supplements for maintaining a healthy lifestyle among aging populations. The transition from single component pharmaceuticals to multi-component-based pharmaceuticals, and the lack of approval or regulation by the Food and Drug Administration (FDA) prior to commercialization of the product further supports the growth of the global market for plant supplements.

In addition, the growing demand for plant products in the functional food and beverage industry is opening up new market opportunities for the global plant supplement market. Publicizing the benefits of products is a key market driver as a result of branding campaigns and various research studies on electronic media. Inconsistent eating habits and sedentary lifestyles are leading to an increase in obesity and increased consumer interest in weight control. As this trend is ideal for weight management, the demand for botanical supplements is expected to increase. Consumer interest in weight management has increased with the rise in obesity due to sedentary lifestyles and inconsistent diet patterns. This trend is expected to increase the demand for herbal supplements as they are ideal for weight management. For many, work-oriented work has disrupted the standard work-life balance, leading to a variety of defects and illnesses. This fact drives the demand for vegetable supplements in the market. Growing awareness of health among people and awareness of the side effects of other products of chemical origin offers a wide range of opportunities for all companies in this sector.

Restraints:

Product recalls due to some types of contamination from long-term storage of plant supplements are factors that are foreseen to hamper the growth of the target market to some extent.

Botanical Supplements Market Segmentation Analysis:

By origin, the market is segmented into barks, fruits and vegetables, leaves and roots. Leaves led the market and accounted for 28.84% of world sales in 2020. Herbs and leaves have been used since ancient times to produce botanical medicines. Spices took the second largest share in 2020. Demand for spices has increased with lifestyle changes and the growing trend to explore and experiment with new foods. The flowering part is estimated to show significant growth in the coming years as it is widely used in plant supplements for coughs, colds, upper respiratory infections, and some inflammatory diseases.

By product type, the market is segmented into tablets, powders, and others. Tablets led the market and accounted for 31.35% of global sales in 2020. The segment has grown as consumer preferences for tablets and capsules have increased due to the convenience of their consumption. Powdered botanical supplements are expected to remain one of the key product segments, as nutraceutical companies are investing in the production of energy blend products for health and wellness applications. Softgel capsules and product forms are expected to find applications due to prepositions of convenience in retail stores.

By application, the market is segmented into Food and Beverage, Personal Care, Pharmaceutical and Others. The personal care application is projected to grow at a CAGR 23.60% during the prediction period. This is due to the growing trend of online weight loss programs and government initiatives to promote a healthy diet. In addition, the increasing propensity of consumers to consume herbal supplements has led to steady growth in recent years due to increased disposable income in emerging countries. As the workforce grows and the prevalence of chronic diseases increases, consumers in the Asia Pacific region want to spend more on heart-healthy plant supplements.

Impact of COVID-19 on the Botanical Supplements Market:

The coronavirus pandemic has disrupted the global food chain supply, which caused huge loss in terms of demand. The food and beverages industry is also facing many challenges majorly due to implementation of lockdown and restrictions on transportation. Social distancing and home maintenance orders are further closing restaurants and food chains, negatively impacting the F&B market. However, COVID-19 is touted to act positively for botanical supplements as their usage increased lately with consumer preference for plant-based supplements to strengthen their immune system and disease resistivity.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Asia Pacific is considered to have the most profitable market compared to other emerging regions due to its long tradition of favoring naturally derived therapeutic products. Also, due to availability, the market shows profitable growth. Markets for botanical supplements in other regions, such as North America and Europe, have also emerged in the long term due to the population's orientation towards personal care. Europe is expected to have the highest returns in the target market and dominate in terms of consumption and production. This is because disposable income increases, people's awareness of the benefits of plant supplements increases, and population increases. Regions such as Latin America or the Middle East and Africa have seen significant growth in this market due to lifestyle changes and the adoption of modern cultures. One of the reasons is the increased awareness of people, which is likely to grow at a higher rate in the future.

Key Players in the Market:

Major Key Players in the Global Botanical Supplements Market are

• Procter & Gamble
• Natures Sunshine Products Incorporated
• Imperial Ginseng Products Ltd
• NaturaLife Asia Co., Ltd
• Pharmaton Natural Health Products
• Nutraceutical International Corporation
• The Himalaya Drug Company
• International Vitamin Corp
• Arizona Natural Resources, Inc