The global botanical supplements market is experiencing a surge in growth, with a projected valuation of USD 95.7 billion by 2033. This translates to a CAGR of 3%, indicating a steady and promising growth trajectory for B2B investors seeking to capitalize on the natural health and wellness movement.
A Rich Harvest of Botanical Ingredients
Botanical supplements, derived from plants, herbs, and other botanical sources, are gaining popularity due to their perceived health benefits and taste-enhancing properties. These natural ingredients are finding application across various industries:
- Food & Beverage: Manufacturers are incorporating botanicals to enhance flavor, functionality, and add a natural health boost to their products like teas, flavored waters, and functional beverages.
- Nutraceutical: Botanical supplements are used in dietary supplements and functional foods to address chronic conditions and promote overall well-being.
- Sports Nutrition: Botanical extracts are increasingly used in sports nutrition products due to their potential benefits for performance enhancement and recovery.
- Cosmetics: Botanical ingredients are valued for their skin-soothing, anti-aging, and other cosmetic properties.
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People are taking proactive steps to protect their health and stave off possible illnesses as preventative healthcare receives huge attention. In line with the rising popularity of preventative healthcare, botanical supplements are viewed as a proactive strategy for promoting and improving health.
Several key trends are driving the burgeoning demand for botanical supplements, creating a favorable investment climate:
- Rising Health & Wellness Focus: Consumers are prioritizing healthy and natural ingredients, leading to a preference for botanical supplements over synthetic alternatives.
- Chronic Disease Management: Botanicals hold promise in preventing and managing chronic diseases like heart disease, diabetes, and certain cancers.
- Growing Interest in Traditional Medicine: Traditional healing practices like Ayurveda and Traditional Chinese Medicine often utilize botanical ingredients, influencing consumer preferences.
- Convenience & Online Accessibility: Botanical supplements are available in various forms like capsules, powders, and tinctures, catering to diverse consumer needs. Additionally, the growth of e-commerce platforms facilitates easier access and purchase.
Key Takeaways from Botanical Supplements Market:
- The global botanical supplements market size expanded at a notable CAGR of 7.6% from 2018 to 2022.
- In 2018, the global market size stood at US$ 51,506.0 million.
- The market sales accounted for US$ 68,935.42 million in 2022.
- In 2022, asparagus captured a 14.60% share of the market.
- In 2022, the soft gel segment secured a 24.80% share of the global market.
- In 2022, the store-based segment recorded a 76.80% share of the global market.
- In 2022, the United States captured a 21.9% share of the global market.
- In 2022, the United Kingdom secured a 1.7% share of the global market.
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Recent Developments Observed by FMI:
- Unigen Inc. unveiled two novel botanical compounds in February 2022, one intended to assist the immune system and the other to promote respiratory health. Bioflavonoids are included in attenutin, an ingredient important for respiratory health. It is also reported to improve both innate and adaptive immunity as well as IgA and IgG antibody formation and a normal level of cytokines.
- As part of its continuous botanical expansion, Layn Natural Ingredients expanded its selection of botanical extracts in August 2021 by adding additional Non-GMO Project Verified botanical extracts. Layn Natural Ingredients seek to diversify its botanical range with the introduction of extracts high in polyphenol.
- With ready-to-drink cans filled with hibiscus & French rose seltzer spritz, the Seltzer brand Something & Nothing has started a fashionable botanical trend. With balanced and energizing botanicals, extracts, and juices, the company aspires to produce high-quality spirits and French wines.
Key Takeaways for Investors:
- Market Growth Potential: The botanical supplements market presents significant growth opportunities, driven by increasing consumer demand for natural health solutions and the expanding nutraceutical industry.
- Innovation and Differentiation: Investing in research and development of innovative formulations and botanical ingredients can differentiate brands and capture larger consumer bases.
- Online Retail Expansion: With the growing preference for online retail channels, investors can capitalize on the digital trend by focusing on e-commerce strategies and expanding online presence.
- Health and Wellness Trends: Consumer preferences for healthy and natural products are driving demand for botanical supplements, making them a promising investment in the health and wellness sector.
- Global Market Expansion: Exploring opportunities in emerging markets like Brazil, the United States, and the United Kingdom, where botanical supplements are gaining traction, can lead to further business growth and market penetration.
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Botanical Supplements Market Segmentation
By Source:
- Vegetables & Fruits
- Herbs & Spices
- Flowers
- Seeds & Nuts
- Leaves
- Bulbs & Roots
- Barks & berries
- Others
By Form:
- Powder
- Liquid
- Capsule
- Bars
- Gels
- Granules
- Oils
- Others
By Distribution Channel:
- Offline Stores
- Online Retails
By Application:
- Food & Beverages
- Pharmaceuticals
- Sports Nutrition & Dietary Supplements
- Cosmetics and Personal Care
- Pet Care Industry
- Commercial Households
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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