Global Botanical Supplement Market 2023-2030

Global Botanical Supplement Market 2023-2030

Global Botanical Supplement Market Size, Share & Trends Analysis Report by Form (Powder, Capsule & Gummies, and Drinks & Shots), and by Distribution Channel (Supermarket/Hypermarket, Pharmacies/Drug Stores, and Online), Forecast Period (2024-2031)

The global botanical supplement market is anticipated to grow at a considerable CAGR of 6.5% during the forecast period. The growing awareness related to the usage of botanical supplements to decrease the increasing rate of health problems among people owing to their offered benefits is a key factor driving the growth of the global market. Looking towards the market growth opportunities key players are enhancing their operations in different regions to gain huge market share. For instance, in October 2023, SuanNutra, the nutraceutical business arm of SuanFarma, S.A., established earlier this year, is pleased to announce the formation of its subsidiary in the US, SuanNutra, Inc. to serve the North American nutraceutical ingredient market.

The botanical supplement is subjected to several laws related to specific regions or countries. Therefore, the manufacturers of these products are pre-obliged to get permission for the launch of any product in the global market. The existence of such rules and regulations promotes the launch of genuine products in the market. The high cost of these products is a major restraint to its market growth. However, the growing inclination of people towards the adoption of such supplements to maintain good health is anticipated to offer lucrative opportunities for global market growth.

Segmental Outlook

The global botanical supplement market is segmented based on form and sales channel. Based on form, the market is segmented into powder, capsule & gummies, and drinks & shots. Based on sales channels, the market is segmented into supermarkets/hypermarkets, pharmacies/drug stores, and online.

Online Sales Channel is Anticipated to Exhibit Considerable CAGR in the Global Botanical Supplement Market

The segmental market growth is driven by the growing inclination of consumers towards online platforms for the purchase of dietary supplements such as botanical supplements. The lucrative discount offers and easy availability of a diverse range of products in a single place have promoted users to adopt online shopping platforms. This trend is anticipated to continue further during the forecast period. Looking towards, the growth aspect of this sales channel key players are launching their products over this sales channel. For instance, in August 2022, Lemme, Kourtney Kardashian Barker’s line of vitamin and botanical supplements was launched in Amazon’s US stores, making the retail giant the first to team up with the new supplement brand.

Regional Outlooks

The global botanical supplement market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit significant growth in the global botanical supplement market. The regional market growth is driven by the growing adoption of botanical supplements among the millennial population owing to their health benefits is a key factor contributing to the regional market growth.

North America Held Considerable Share in the Global Market

Growing consumer awareness of health and safety is a key factor driving the adoption of botanical supplements among individuals across the region. Products like Ginkgo Biloba, ginseng, echinacea, and garlic are the major selling botanical products in the US. Ginkgo biloba became popular for its anti-inflammatory and anti-infective properties in the US. Ginseng is known for its high content of phenolic compounds, ginsenosides, and saponins, such as carotenoids and carbohydrates, and is used for various uses such as Anti-oxidant, and control blood sugar among others.

The World Health Organization (WHO) has recognized the role of botanicals in traditional herbal medicines and published a series of monographs on selected medicinal plants. Such activities are anticipated to create awareness of the benefits of consuming botanical supplements across the region. In the US, the Dietary Supplement Health and Education Act (DSHEA) of 1994 regulates dietary supplements, including botanical food supplements. The FDA does not require approval before marketing dietary supplements in the US. The favorable regulation regarding the approval of advanced botanical supplements across the region is further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global botanical supplement market include Nature's Bounty Co., Himalaya Drug Company, Amway Corp., GNC Holdings Inc., NOW Foods, Dr. Willmar Schwabe GmbH & Co. KG (Nature's Way Products, LLC), and Gaia Herbs, LLC among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and advancement in their cloud offerings to stay competitive in the market. M&A activity in the botanical supplement market is driven by the increasing demand for natural and organic products among different end-users and the increasing trend of vertical integration. For instance, in April 2023, Seppic entered into a partnership with Botalys, a Belgian start-up working in the cultivation of rare and medicinal plants. The research partnership will focus on the co-development of new ingredients as well as distribution contracts in various markets and geographies for Botalys’ Ginseng-based products.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global botanical supplement market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.