Shift from Pharmaceutical Towards Natural Nutrition to Bode Well for the Botanical Supplements Market
Botanical sector has gained momentum since the past couple of years and is a dynamic and an evolving industry. Natural vegetable source being the backbone of botanical supplements, they offer higher effectiveness against lifestyle diseases with reduced or minimal side effects. Consumer awareness regarding health enhancing products coupled with collaboration of scientific discovery in botany has resulted in increased acceptance of botanical supplements among individuals. Their effectiveness against fighting chronic diseases, improving life expectancy and anti-aging abilities have triggered their consumption worldwide. That said, the shift towards botanical supplements from their pharmaceutical counterparts is expected to augur well for the botanical supplements market on the global front.
According to research, the global botanical supplements market stood at around US$27 Bn in 2020 and is poised to cross US$55 Bn in the next six years growing at a rate of over 9%.
Increased demand for herbal nutrition has paved potential opportunities for botanical supplements market. Studies suggest that sales of herbal supplements in the U.S. increased at a momentous rate in the recent past. This opened new opportunities for manufacturers to focus on developing high quality botanical supplements to cope with the growing demand for herbal nutrition. Additionally, rising awareness among consumers apropos to botanical formulations and their benefits, increasing veganism trend and demand for non-GMO products continues to influence consumption of botanical supplements, in turn giving an impetus to their market growth.
Botanical Supplement Tablets Poised to Gain Momentum
Botanical supplements in the form of tablets are gaining high ground owing to convenience in consumption, ease in storing and cost effectiveness. Moreover, botanical supplements in tablet form can gain higher shelf life as compared to other intake forms and manufacturers can include optimum amounts of supplements in tablets. Also, excipients in botanical supplements allow faster disintegration and absorption of nutrients in tablet form resulting in quick and enhanced effectiveness. On the other hand, supplements in powder form accounted for a significant share in the botanical supplements market. Powdered botanical supplements can be consumed by mixing in milk products, fruit shakes and juices or even water, depending on the consumer’s choice of flavor. However, the number of powdered supplements to be consumed depends on the consumer which may not have optimum results as compared to those obtained from tablets. That said, albeit powdered supplements held a significant share, the demand for supplement tablets is expected to increase, contributing towards the growth of the botanical supplements market.
North America Likely to Account for a Significant Share in Botanical Supplements Market
Consumption of botanical supplements across developed economies in North America is bound to increase at a considerable pace on the back of growing concerns regarding obesity levels. Moreover, diseases related to lifestyle changes and poor dietary habits have pushed the demand for dietary supplements in the region. For instance, according to Centers for Disease Control and Prevention (CDC), obesity is a common lifestyle disease in the United States. Obesity conditions often lead to chronic heart disorders, strokes and type 2 diabetes even premature death and are a costly affair. National Health and Nutrition Examination Survey (NHANES) observations show that 1 in 3 adults are overweight in the U.S. and 1 in 11 individuals suffer from severe obesity. According to Behavioral Risk Factor Surveillance System (BRFSS) data, in 2020, adult obesity rate grew significantly across California, Iowa, and Alabama and there has been a rising trend in this disorder since 2015.
Growing obesity concerns has become a subject of concern among individuals, which has translated into an increased consumption dietary supplements, in turn complementing the demand for their botanical counterparts. Specialty carbohydrates and fibers are also gaining high traction owing to their associated benefits such as weight management, increased resistance and immunity. In addition, they also promote easy bowel movement, cleansing of internal organs, increased absorption of minerals and nutrients in cells and improved blood flow circulation. This factor continues to remain instrumental in driving sales of botanical supplements in the region, consequently bolstering their market growth in North America.
Botanical Supplements Market: Competitive Landscape
Companies in the botanical supplements market are focused on new product launches and other growth strategies such as collaborations, partnerships, and acquisitions to gain market position. For instance, in 2021, Gaia Herbs LLC introduced new botanical supplement in capsule form to address systemic imbalance. Likewise, same year, Organic India launched a new portfolio of wellness tea addressing body balance and immunity. Similarly, in January 2021, Prorganiq introduced new botanical supplements focusing on body empowerment and enhancing immunity.
Few of the key players in the botanical supplements market include Gaia Herbs LLC, Nature’s Bounty Co, Amway Corporation, Himalaya Drug Company, NOW Foods, GNC Holdings Inc., and BASF SE.
Global Botanical Supplements Market is Segmented as below:
By Distribution Channel
Key Elements Included In The Study: Global Botanical Supplements Market
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