Botanical Supplements Market - Forecasts from 2022 to 2027

The Botanical Supplements market is expected to grow at a compound annual growth rate of 6.38% over the forecast period to reach a market size of US$39.767 billion in 2027, from US$25.799 billion in 2020.

Botanical supplements are the plant's extracts; they are often used as dietary supplements in the form of tea extracts, garlic, or evening snacks for health purposes. Since it's consumable and can affect the health of individuals, manufacturers of such supplements are required to undergo strenuous checks, investigations, and inspections before rolling the products onto the floors. Botanical supplements are set to witness an uptrend globally. In the nutraceutical industry, naturally and freshly extracted herb supplies will be capturing the maximum market share as it is being considered first-hand disease prevention and people have discovered health benefits linked to such supplements. With the increase in demand, there are many producers across the globe entering the market to meet the supply and reduce the cost by generating volumes.

The market has been segmented based on source as leaves, trunks, fruits, roots, etc. To cover the global market prospects, the product forms are powder, tablets, online/offline distribution, pharmaceuticals, food and beverage, and personal care, and geography is divided into North America, South America, Europe, MENA, and Asia-Pacific pacific regions.

Under the health crisis of COVID-19, the demand for botanical supplements has increased tremendously at the global level, with the manufacturers processing the orders round the clock. Consumers have been seen taking supplements as medicine to stay healthy under the unforeseen COVID-19 scenario.

Botanical supplements have proved to be a cost-efficient and safe choice for ailments and treatments

Botanical supplements have drastically cut the cost of healthcare and received positive feedback from consumers. Natural botanical supplements have proved their mettle for general ailments and have negligible side effects on the patient. As per data by WHO, almost 24 million people die from cardiovascular diseases, which can be counted as avoidable deaths and well prevented with such natural and cost-effective supplements. Most of the supplement ingredients are also used in home kitchens, especially in India, and have been in use for many generations, which shows the credibility of the effectiveness of supplements.

Lack of knowledge and distrust among consumers regarding botanical supplements remains a concern

There are myths and distrust among the consumers of botanical supplements. Consumers have often expressed hesitance towards botanical supplements manufactured by China and India, which seems to be contradictory as both nations provide the highest quality supplements at value for money.

The root cause of such behavior seems to be a lack of knowledge and distrust. The manufacturer's associations have come up with consumer education programs such as the Natural Products Expo in California. The concerns such as adulteration of herbs and other plant extracts have been raised evidently,

Regional Analysis

Botanical supplements have stable demand in the US market considering issues such as obesity, cardiovascular diseases are prevalent among Americans. The supplements are often seen as immunity boosters to improve inflammation, adrenaline, and stress and provide a soothing effect. Botanical supplements are being used by consumers for brain and joint issues (arthritis), weight loss, and anti-aging. Brazil’s emerging markets are abundant in natural resources, but factors are prevalent such as corruption and delays in testing and compliance policies that delay the process. In India, Ayurveda is of utmost importance to the botanical supplement industry and can contribute tangibly to it. China could emerge as the largest producer of supplements with its manufacturing advancements leading to economies of scale.

Key Developments in the Market:

• In January 2021, Flume, a sports supplements provider, launched its first-ever botanical supplements series to aid athletes in maintaining their mental state and performing their best. The series is comprised of three products: Bask, Drift and Flow. These science-backed botanicals, including nootropics and adaptogens, enhance pre-workout state and energy while also boosting post-workout recovery.
• In July 2021, a hemp CBD products manufacturer and supplier, Bluebird Botanicals, announced its acquisition of another CBD products provider, Precision Botanical. The acquisition was completed by August of the same year. Following the merger, the duo is expected to have plentiful expertise and resources to develop and offer efficacious, high-quality, and safe botanical supplements and products.

Covid-19 Impact

Covid-19 had a significant impact on the Botanical Supplements market. Amid the global pandemic, there was a paradigm shift in diet and hygiene among the people, thereby increasing the demand for nutritional food. Consequently, the demand for botanical supplements. Furthermore, the campaigns initiated by the government and public organizations to bring awareness among the citizens about preventive healthcare further boosted the market. However, the mandated lockdown, rising infected cases, and social distancing measures led to partial or complete closure of production facilities and reduced staffing. This resulted in the supply and demand chain gap, thereby slowing the market growth.

Competitive Insights

The players in the botanical supplements market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the botanical supplements market.

Market Segmentation:

By Source

• Leaves
• Herbs
• Flowers
• Roots

By Product Form

• Powder
• Liquid
• Tablets

By Distribution Channel

• Online
• Offline
• Supermarket/Hypermarket
• Pharmacies/ Drug Stores

By Application

• Pharmaceuticals
• Food and Beverages
• Personal Care

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• United Kingdom
• France
• Spain
• Italy
• Middle East and Africa
• Saudi Arabia
• Israel
• Asia Pacific
• Australia
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Malaysia