North America Botanical Supplements Market is projected at USD xx.xx million in 2021 and is predicted to amount to USD xx. xx million by the end of the assessment period. The North America Botanical Supplements Market is projected to knowledge reasonable growth to record the highest CAGR of xx.xx% through the estimated period (2022 - 2027).
Botanical supplements are also called herbal or herbal dietary supplements. Botanical supplements belong to complementary and traditional medicine and are available in different forms such as capsules, liquids, tablets, powders, and capsules. Botanical supplements act as a natural alternative for hormone replacement therapy treatment. These supplements provide natural means for proper brain and heart function and help maintain healthy joint and connective tissue.
Recent Developments
Bluebird Botanicals, a leading manufacturer and distributor of high-quality CBD hemp products, today announced the acquisition of Precision Botanical. This science-driven CBD brand is committed to providing purity, precision, and transparency for all of its CBD products. The combined company will have the resources and expertise to continue to produce and provide customers with the safest, highest quality, and most effective botanical supplements that nature can provide.
The Martin Bauer Group is pleased to announce the acquisition of BI Nutraceuticals, one of the leading manufacturers and full-service providers of herbal ingredients in the United States.
Market Drivers and Restraints:
Growing health awareness and growing concern about diet are the main factors that are expected to drive the growth of the North America Botanical Supplements Market over the anticipated years. In addition, the growing awareness of the benefits of botanical supplements, changing dietary habits, the growth of the urban population are some of the other factors that are expected to increase the demand for various North America Botanical Supplements in the coming years. In addition, an increasing number of obesity cases are due to inconsistent eating habits and a sedentary lifestyle, which leads consumers to pay more and more attention to weight control. Manufacturers are launching a new product with innovative ingredients to meet the growing demand for various botanical supplements. In addition, companies are rapidly adopting growth strategies to expand their geographic presence.
The items mentioned above are among the top trends observed in the target market and are expected to drive the growth of the market to a great extent. The standardization of botanical supplements is not expected to hamper the growth of the North America Botanical Supplements Market. Federal law does not require botanical supplements to be tested for safety and efficacy before they are marketed. Furthermore, adulteration of botanical ingredients is also expected to limit North America Botanical Supplements Market growth.
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REPORT STATISTICS |
INSIGHTS |
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Market Size Available |
2020 – 2026 |
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Base Year |
2020 |
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Forecast Period |
2022 - 2027 |
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CAGR |
xx% |
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Segments Covered |
By Source, By Product, and By Application
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities, Company Profiles, Primary and Secondary Analysis, Company's Revenue Analysis, and etc. |
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Counties Covered |
The United States, and Canada |
Source
Botanical ingredients, which include herbs, roots, leaves, and flowers, are considered safe to consume because they have fewer side effects than their synthetic counterparts. Herbs, such as echinacea, ginkgo, garlic, and St. John's wort, are among the most widely used functional ingredients in dietary supplements.
Product
The capsule and tablet segment is expected to be one of the most favorable product segments in the market. On the other hand, the powders segment will account for more than 15% of the market share by the end of 2025.
Application
However, the food and beverages segment is expected to offer many growth opportunities with the increasing demand for baby food and formulas.
The coronavirus pandemic has disrupted the supply of the food chain, causing huge losses in demand. Social distancing and home support orders are further shutting down restaurants and food chains, negatively impacting the food and beverage market. However, COVID-19 is believed to work positively for botanical supplements. Its use has increased in recent times along with consumers' preference for herbal supplements to boost their immune system and resistance to drug diseases.
Regional Analysis:
Geographically the North America Botanical Supplements Market is segmented into US, Canada, Mexico and Rest of North America.
North American botanical supplements market is leading with the dominant shares of the market. The use of dietary supplements has increased dramatically in North American countries, such as the United States, over the past decade. Notably, in 2018, 75% of adults in the United States had taken dietary supplements, representing a 10% increase over the past decade. Thus, the growing consumption of food supplements together with the growing awareness of supplements infused with botanical extracts is the main factor driving the market studied in the region. The “alternative medicine” trend is expected to generate significant revenue growth for herbal supplement manufacturers, as consumer outlook is expected to shift, followed by heavy reliance on private labels, away from national brands. Retailers, such as Walmart and Costco are also driving the trend by continuing to improve their own private label offerings through new brands and formulations, improved packaging, and in-store consumer education. Some of the companies that offer herbal supplements for digestive health in the United States include SCD Probiotics, Flora Inc., Renew Life Formulas Inc., and Now Foods. For example, Now Foods (a US-based company) offers a variety of botanicals, including plant enzyme capsules and papaya enzyme pills.
Leading Company
Amway Corporation had the largest share of the North America Botanical Supplements Market in terms of sales revenue in 2021.
Key Players
The North America Botanical Supplements Market is concentrated with well-established players. Key players in the North America Botanical Supplements Market include
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