Botanical Supplements Global Market Report 2024

Botanical supplement refers to items made from plants, plant parts, or plant extracts, sometimes known as herbals or herbal dietary supplements. They have one or more components intended to enhance the diet and are supposed to be taken.

The main volumetric video components include hardware, software, and services. Volumetric video hardware is used to digitise a three-dimensional space by positioning various cameras around a target. Such as cameras and processing units, are used to capture things that can be digitised and repositioned on the mobile, web, or virtual worlds and viewed in 3D. The different volumetric video content delivery modes include projectors, AR/VR head-mounted displays (HMD), smartphones, and volumetric displays. The various applications of volumetric video include sports and entertainment, medical, signage and advertising, and education and training.

The botanical supplements market research report is one of a series of new reports that provides botanical supplements market statistics, including botanical supplements industry global market size, regional shares, competitors with a botanical supplements market share, detailed botanical supplements market segments, market trends and opportunities, and any further data you may need to thrive in the botanical supplements industry. This botanical supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

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 gummies or powders.

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 .

The increasing demand for organic food is expected to propel the growth of the botanical supplements market going forward. Organic food refers to food products that are produced using organic farming practices, which prioritize the use of natural and sustainable methods while avoiding the use of synthetic chemicals, and artificial additives. Botanical supplements improve soil health, naturally control pest and disease management, control weeds, enhance nutrition uptake in organic food, and reduce environmental impact. For instance, in May 2023, according to Organic Trade Associations (OTA), a US-based trade organization, in 2022, sales of organic food in the US reached $60 billion for the first time. Therefore, the increasing demand for organic food is driving the growth of the botanical supplements market .

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 dietary supplement sector deal with adulteration by providing access to information and control tools.

Major companies operating in the botanical supplements market are focusing on innovative products such as herbal supplements to drive revenues in their market. Herbal supplements are dietary supplements made from plants or plant extracts that contain various parts of plants and are used for their medicinal or therapeutic properties. For instance, in January 2021, Prorganiq, an India-based natural and organic supplement company launched a new range of herbal supplements. Prorganiq aims to boost people's general health and assist them in building a better physique through natural ways. Prorganiq goods have always been a wellness and health package in a bottle. This line of herbal supplements, which contains only natural herbs and medical substances, is designed to help people overcome ingrained health problems and attain better physical health. These products are healthy and safe, with the goodness of natural herbs to support the body's optimal function .

In July 2021, Bluebird Botanic, a natural supplement company that specializes in hemp and CBD oil based in the United States, acquired Precision Botanicals for an undisclosed amount. The deal enables Bluebird access to Precision's hemp cultivation and extraction facility in Oregon, as well as its core science, technology, and data-driven consumer insights. Precision Botanicals is a US-based botanical supplement company and is a producer of cannabidiol products.

Major companies operating in the 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

North America was the largest region in the botanical supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the botanical supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the botanical supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The botanical supplements market consists of sales of liquid extracts, teas, bath salts, oils, and ointments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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