Europe Botanical Supplements market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Botanical Supplements market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Botanical Supplements market is projected to register a CAGR of 7.7% during the forecast period, 2022-2027.

Evolving health and wellness trends have promoted the consumer shift toward natural products and flavors which has significantly impacted the market's growth in the region. Consumers are willing to limit their exposure to the harmful chemicals used in conventional products owing to the growing awareness about the health and benefits of botanical products. For instance, According to FIBL(Research Institute of Organic Agriculture), European consumers spent EUR 63.3 on organic food per person in 2020, stating that consumer spending on organic food has doubled in the last decade. In 2020, Switzerland and Danish consumers spent the most on organic food (EUR 418 and EUR 384 per capita, respectively). Additionally, players operating in the market are taking action to make the products readily available to all consumers through different distribution channels. They can be bought over the counter in pharmacies, supermarkets, specialist shops, and via the internet. The presence of branded products and privately labeled products coupled with the growth in retail channels is expected to fuel the growth of botanical supplements in the country.

Moreover, with innovations in health supplements, players are introducing new flavors, and of which the number of consumers is expected to increase during the forecast period. The major players in the market are also successful in promoting the benefits of organic products. However, the availability of substitute products like conventional products which are also pocket friendly has the potential to hinder the growth of the market.

Key Market TrendsEscalating Consumer Investment In Preventive Healthcare Products

Due to tight work schedules and changing lifestyles, the working population in the region is challenged to meet their daily nutrient requirements. While the supplements provide instant nutritional requirements to the body and are hassle-free which is addressing raising health consciousness and concerns over diet among the consumers in the region. Additionally, increased awareness about preventive healthcare has made consumers turn towards health-imparting botanical supplements. This led consumers in the region to adopt a personalized approach to healthcare by investing in preventive products and services to deal with simpler metabolic disorders. According to Europa, European states spent EUR 39.6 billion on preventive health care which accounted for around 0.3 % of GDP in 2019. Italy topped with the expenditure of 0.41% of GDP on preventive healthcare in 2019. Therefore, the producers of botanical supplements are capitalizing on the application, formulation, and therapeutic expansion to other health benefits, apart from the mainstream, to regulate sales in the region.

Tablet Form Botanical Supplements Hold the Largest Market Share

The increased convenience offered by tablets rather than mixing powdered supplements in beverages has led to the high adoption of tablet form botanical supplements. Also, these products feature targeted-release technology and portable packaging formats that may be kept at room temperature for short periods and are ideal for traveling. Additionally, they have a significant demand due to the availability of different dose sizes. Protein pills are considered a better alternative among consumers who are looking for weight reduction as protein tablets offer all nutritional benefits with zero calories compared to protein bars, drinks, and powder (a scoop of whey protein powder has approximately 113 calories). Further, the tablet dissolves quickly in water, infuses active ingredients with delicious flavors, and aims to deliver desirable results with fuzzy taste along with robust convenience. For instance, Bioglan is offering Collagen Effervescent tablets containing 1000mg Hydrolysed Marine Collagen, Biotin, Selenium & Vitamin C. These come in a compact plastic tube with 20 Effervescent tablets available in various flavors

Competitive Landscape

The Europe botanical supplements market is competitive with the presence of both global and regional players trying to establish their footprint in the region. The companies have adopted product innovation, strategic acquisitions, and expansions as their key strategies in order to expand their presence and customer base in the region. For instance, in December 2021, Stada's Nature's Aid launched sustainable botanical supplements range in the United Kingdom. Some of the major companies offering botanical supplements include Himalaya Wellness Latvia SIA., Gaia Herbs Farm, GNC Holdings, LLC, NOW Foods, Zein Pharma, and others.

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