Global Botanical Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Botanical Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global botanical supplements market is projected to grow with a CAGR of 7.3% during the forecast period (2020 - 2025).

Key Highlights

• The rise in general acceptance of herbal formulations among consumers under different demographics is expected to shape the future growth of supplements in the favor of botanicals. The awareness about the perceived health benefits of herbal supplements is very well established among millennials across both devloping as well as developed economies. The category is the target population segment for key herbal/botanical supplement companies.
• However, the lack of stringent norms and regulations pertaining to the safety and efficacy of botanical health supplement products is a factor expected to restrain the growth of the market globally. Owing to less emphasis on labeling and safety of these products, incidences of false health claims by manufacturers in order to market their products has increased significantly. For instance in In December 2016, Patanjali Ayurved (an India-based herbal supplement manufacturer) was fined USD 18,000 for misleading product advertisements.

Key Market TrendsIncreasing Preference For Herbal Digestive Supplements and Botanicals

The substantial growth of herbal dietary supplements in the market is an indication of the surge in the popularity of the botanicals. According to NBJ (Nashville Business Journal) estimates in 2017, the retail sales of herbal dietary supplements in United States accounted for signifacnt share in the total dietary supplements sales. This created a great opportunity for the digestive health manufacturers to capture the on-going demand for herbal supplements, by launching new products in the market, and gain competitive advantage.​ The rise in the general acceptance of herbal formulation among consumers under different demographics, with increasing expenditure on preventive healthcare products, is expected to shape the future growth of digestive supplements in favor of botanicals. Furthermore, the greater push for organic, vegan, and non-GMO products drives the sales of herbal supplements in the market.

North America Held a Significant Share In The Market

The usage of dietary supplements has grown significantly in the North American coutries like United States since the past decade or so. Notably, in 2018, 75% of adults in the United States had consumed dietary supplements which is an increase of 10% in the past decade. Thus the increasing consumption of dietary supplements coupled with incresaing awareness regarding supplements infused with botnaical extracts is the major factor driving the market studied in the region. Trend of “alt-medicine” is expected to deliver significant revenue growth for herbal supplement manufacturers, as consumer perspective is anticipated to change, followed by a strong dependency on private label brands, apart from the national brands. Retailers, like Walmart and Costco, are also fueling the trend by continuing to enhance their own private label offerings through new branding and formulations, improved packaging, and in-store consumer education.​ Some of the companies offering herbal digestive health supplements in United States include SCD Probiotics, Flora Inc., Renew Life Formulas Inc., and Now Foods . Innovation in the supplement division is a key factor in enabling the growth of the herbal segment. For instance, Now Foods (United States based company) offers a variety of botanical products, including plant enzyme veg capsules and papaya enzyme lozenges.​

Competitive Landscape

The market studied is competitive, and the companies have adopted product innovation, strategic acquisitions, and expansions as their key strategies in order to expand their geographical presence and customer base. Some of the major companies offering botanical supplements includes Nature's Bounty Co, Himalaya Drug Company, Amway Corporation, GNC Holdings Inc., NOW Foods and others. Companies are mainly focusing on strengthening their presence as key players, by integrating their business operations across the value chain and through implementing marketing strategies such as personalized nutrition, new product launches, and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Nature's Bounty Co
Himalaya Drug Company
Amway Corporation
GNC Holdings Inc.
NOW Foods
Dr. Willmar Schwabe GmbH & Co. KG (Nature's Way Products, LLC )
Gaia Herbs, LLC

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