Botanical Supplements Market to Surpass USD 68.73 Billion By 2032, Predicted CAGR of 7.6% | Polaris Market Research
The rising acceptance and consumption of botanical supplements among consumers across various demographics primarily drives the market demand.
New York, USA, Nov. 12, 2024 (GLOBE NEWSWIRE) — Market Overview:
As per the latest analysis by Polaris Market Research, the botanical supplements market size was valued at USD 35.61 billion in 2023 and is anticipated to grow to USD 68.73 billion by 2032. Also, the study reveals that the market is projected to exhibit a robust CAGR of 7.6% from 2024 to 2032.
Market Introduction:
What Are Botanical Supplements?
Botanical supplements, also referred to as herbal or herbal dietary supplements, are products made from plant sources. They are derived from various parts of plants, including their leaves, roots, seeds, berries, or flowers. Botanical supplements find applications in both traditional and complementary medicine. Also, these supplements are available in various forms, including tablets, capsules, soft gels, liquids, and powders. Garlic, green tea extract, valerian, and evening primrose oil are some common examples of botanical supplements used for health.
Botanical supplements have several known benefits. Women use botanicals like red clover and black cohosh to relieve mood swings and other symptoms associated with menopause. Extracts of St John’s wort may be helpful for individuals with depression, anxiety, and insomnia. Depending on the supplement and the individual’s specific needs and preferences, botanical supplements may be consumed orally, applied to the skin, or added to bath water. The development and launch of new products by major players to meet the rising need for botanical supplements boost the botanical supplements market growth.
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What Are Key Report Findings?
- The market for botanical supplements was valued at USD 35.61 billion in 2023 and is projected to grow to USD 68.73 billion by 2032.
- The market is anticipated to register a robust CAGR of 7.6% from 2024 to 2032.
- The botanical supplements market segmentation is primarily based on source, form, distribution channel, application, end use, and region.
- The key regions covered in the research study are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Who Are Market Key Players?
The market for botanical supplements has the presence of both established players and new entrants. The top players focus on R&D and other strategic developments to improve their product offerings and expand their global presence. The botanical supplements market key players are:
- Amway Corporation
- BASF SE
- Blackmores Limited
- Botanicalife International of America, Inc.
- Dabur
- GNC Holdings Inc.
- Himalaya Wellness
- Nature’s Bounty Co
- Nutraceutical International Company
- P&G Health
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Market Dynamics:
Which Factors Are Driving Market Growth?
In recent years, consumers have become more health conscious and now prefer natural products due to their enhanced therapeutic properties as compared to traditional pharmaceuticals, which may have side effects. Besides, the R&D initiatives supporting the safety and efficacy of botanical supplements are driving consumers to shift towards wellness lifestyles and preventive healthcare, thereby boosting the botanical supplements market demand.
Botanical supplements may improve the training and overall performance of athletes. As such, the sports nutrition and health sectors are offering a diverse array of products that improve the various aspects of athletic performance, thereby driving the market revenue.
What Are Top Market Opportunities?
The increased funding for research and development initiatives is supporting improvements in formulation techniques and extraction methods. This, in turn, has led to the introduction of higher-quality products with standardized doses and improved bioavailability.
Which Region Leads Market Demand?
- North America: North America accounted for the largest botanical supplements market share in 2023. The region’s robust growth is primarily attributed to the increased awareness among consumers about the health and immunity-boosting properties of botanical supplements to manage health risks.
- Asia Pacific: Asia Pacific is anticipated to grow at the fastest CAGR from 2024 to 2032. This is due to the strong preference for herbs and botanical products in Asian countries such as China, Japan, and India. Besides, the region is a major hub for herb production and exportation across the globe.
What Are Recent Market Progresses?
- In May 2024, botanical supplements market key player Phytaphix announced the launch of Neuro Phix, a capsule containing ellagic acid, boswellic acid, silymarin, curcuminoids, and vitamins B12 and D3. The new capsule aims to address inflammation, fatigue, and other symptoms in individuals with multiple sclerosis (MS).
- In December 2023, Garden of Life unveiled its six botanical supplement products to maintain or enhance health. These supplement products include Stress Relief Gummies, Liposomal Berberine, Menopause Hair Growth Softgels, Heart Health Capsules, Brain Health Capsules, and Eye Health Softgels.
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How Is Market Segmentation Done?
By Source Outlook:
- Herbs
- Leaves
- Spices
- Flowers
- Others
By Form Outlook:
- Powder
- Liquid
- Tablets
- Capsules
- Gummies
- Others
By Distribution Channel Outlook:
- Hypermarket/ Supermarket
- Online Retail Stores
- Drug Stores/Pharmacies
- Health Stores
By End-Use Outlook:
- OTC
- Prescribed
By Application Outlook:
- Energy & Weight Management
- General Health
- Bone & Joint Health
- Gastrointestinal Health
- Immunity
- Cardiac Health
- Diabetes
- Anti-cancer
- Others
By Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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