Major players in the botanical supplements market are The Himalaya Drug Company, Blackmores Limited, Glanbia Nutritionals, Gaia Herbs LLC, Amway Corporation, Ricola AG, Procter and Gamble, Bio-Botanica Inc., Herbalife Nutrition, The Nature’s Bounty Co., Archer Daniels Midland Company (ADM), MMJ International Holdings, Pharmavite LLC, and Prinova Group
The global botanical supplements market grew from $51.66 billion in 2022 to $55.77 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The botanical supplements market is expected to grow to $76.4 billion in 2027 at a CAGR of 8.2%.
The botanical supplement market consists of sales of liquid extracts, teas, bath salts, oils, and ointments.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Botanical supplement refers to items made from plants, plant parts, or plant extracts, sometimes known as herbals or herbal dietary supplements. They have one or more components intended to enhance the diet and are supposed to be taken.
North America was the largest region in the botanical supplements market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the botanical supplement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main volumetric video components include hardware, software, and services. Volumetric video hardware is used to digitise a three-dimensional space by positioning various cameras around a target.Such as cameras and processing units, are used to capture things that can be digitised and repositioned on the mobile, web, or virtual worlds and viewed in 3D. The different volumetric video content delivery modes include projectors, AR/VR head-mounted displays (HMD), smartphones, and volumetric displays. The various applications of volumetric video include sports and entertainment, medical, signage and advertising, and education and training.
The increasing number of health-conscious consumers is significantly driving the growth of the botanical supplements market.Botanical supplements have numerous health benefits, have digestive properties, and are chemical free.
According to the International Food Information Council’s (IFIC) 2020 food and health survey, Americans have a strong interest in becoming more health-conscious, with 43% following a specific diet or eating pattern in 2020, up 38% from 2019.Also, 54% of all consumers cared more about the healthfulness of their food and beverage choices in 2020 than they did in 2010.
Hence, the increasing number of health-conscious people is expected to propel the growth of the botanical supplements market in the forecast period.
Strategic collaborations between companies are a key trend gaining popularity in the botanical supplement market.Companies manufacturing botanical supplements are undergoing partnerships and collaborations to develop new technologies and products.
For instance, in July 2021, the American Herbal Pharmacopoeia (AHP), the ABC-AHP-NCNPR Botanical Adulterants Prevention Program (BAPP), and the American Botanical Council (ABC) are all involved in the partnership that shares access to resources on botanical ingredients. The partnership is aimed at helping the dietary supplement sector deal with adulteration by providing access to information and control tools.
In July 2021, Bluebird Botanic, a natural supplement company that specialises in hemp and CBD oil based in the United States, acquired Precision Botanicals for an undisclosed amount.The deal enables Bluebird access to Precision’s hemp cultivation and extraction facility in Oregon as well as its core science, technology, and data-driven consumer insights.
Precision Botanicals is a US-based botanical supplement company and is a producer of cannabidiol products.
The countries covered in the botanical supplements market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The botanical supplement market research report is one of a series of new reports that provides botanical supplement market statistics, including botanical supplement industry global market size, regional shares, competitors with a botanical supplement market share, detailed botanical supplement market segments, market trends and opportunities, and any further data you may need to thrive in the botanical supplement industry. This botanical supplement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.