Botanical Supplements Market: Current Analysis and Forecast (2022-2028)

Report Description

The botanical supplements market is expected to register a CAGR of approx. 8% over the period of 2022-2028. Botanical supplements are food or supplements derived from natural sources. They consist of dietary, nutraceutical, and herbal supplements used to maintain good health. Herbal supplements are products derived from plants and/or their oils, roots, seeds, berries, or flowers. For centuries, herbal supplements have been used. They are thought to have medicinal properties. The growing demand for botanical supplements can be attributed to the rise in the demand for nutritional and herbal supplements such as fish oils, detoxes, probiotic drinks, etc. across the globe. The increasing focus of the market players on the development of herbal health supplements with different compositions is likely to aid the growth of the market. For instance, In January 2021, Prorganiq launched a range of premium herbal and botanical supplements. This novel launch of pure and effective Prorganiq herbal supplements focuses on empowering people’s total health and supporting them to build a better body through all-natural means. Owing to the glaring statistics due to the shift in lifestyles and the growing trend of exploring and experiencing novel foods across the globe is leading to the growing demand for botanical supplements and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the botanical supplements market is anticipated to grow on account of the increase in awareness regarding micronutrient deficiencies and growing awareness regarding preventive health and immunity-boosting products among the population. However, some of the restraints in the market including the high cost of these healthy ingredients and availability of substitutes and complexity are impeding the growth of this market all over the world.

Dabur India Ltd, The Bountiful Company, Ricola AG., Mondelēz International, Procter & Gamble Co, NUTRAMARKS INC, BASF SE, The Himalaya Drug Company, Botanicalife International of America Inc, Glanbia Nutritionals are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst sources, the leaves category accounted for the significant share in the market in 2020”

Based on the source, the botanical supplements market is segmented into herbs, leaves, spices, flowers, and others. The leaves segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The shift in lifestyles and the growing trend of exploring and experiencing novel foods have led to the growth in the demand for leave-based botanical supplements. Increasing research and developments for various herbal plants for their immunity-boosting and other health benefits.

“Amongst forms, the tablets category is expected to witness considerable CAGR during the forecast period”

Based on the forms, the market is fragmented into powder, liquid, tablets, capsules, and others. The tablets segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. growing consumers’ inclination towards tablets and capsules owing to the ease of consumption has led to market growth.

“Amongst application, the energy & weight management category is expected to witness considerable CAGR during the forecast period”

Based on the application, the market is fragmented into energy & weight management, general health, bone & joint health, gastrointestinal health, immunity, and anti-cancer. The energy & weight management segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the growing trend of online weight loss programs and government initiatives for promoting a healthy diet. Sedentary lifestyles, rising disposable income, and changes in food habits in Western Europe and North America increase people’s inclination to develop health problems, such as cancer and diabetes.

“Amongst end-users, the offline category is expected to witness considerable CAGR during the forecast period”

Based on the end-users, the market is fragmented into offline and online. The offline segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. owing to the growing prevalence of self-medication for the treatment of significant health conditions and the rising demand for herbal supplements in daily consumption has offered momentum to the growth of the offline segment. the rising awareness regarding general health concerns and the growth of the pharmaceutical industry is likely to boost the growth of the market.

“North America to witness significant growth during the forecast period”

For a better understanding of the market dynamics of the botanical supplements market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the botanical supplements industry owing to the increasing awareness regarding supplements infused with botanical ingredients, coupled with the growing consumption of dietary supplements.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Global Botanical Supplement Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global botanical supplements market were the three major steps undertaken to create and analyze the adoption of botanical supplements in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global botanical supplements market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the botanical supplements market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the botanical supplements market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the source, form, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the botanical supplements market. Further, we conducted factor analysis using dependent and independent variables such as a rise in the demand for nutritional and herbal supplements globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the botanical supplements market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global botanical supplements market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the botanical supplements market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global botanical supplements market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global botanical supplements market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of source, form, application, and end-users in the global botanical supplements market.

The main objective of the Global Botanical supplements Market Study

The current & future market trends of the global botanical supplements market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the botanical supplements market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of source, form, application, and end-users.
• Define and analysis of the regulatory framework for the botanical supplements market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the botanical supplements market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the botanical supplements market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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