The Global Botanical Supplements Market is expected to grow at a CAGR during the forecasting period (2021-2028).
CLEVELAND, OHIO, UNITED STATE AMERICA, October 20, 2021 /EINPresswire.com/ —
Botanical supplements are dietary supplements made from plants or parts of plants for medical and therapeutic purposes. Products made up of botanicals are used to prevent and manage various diseases and ailments and are called photomedicine. Botanical supplements work as natural alternatives for hormone replacement therapy, as plants have been used for medicinal purposes for thousands of years.
The botanical supplements offer natural ways to improve prostate health, cognitive function and brain health, and connective and joint tissue health. Rising health-consciousness enhanced care towards preventive healthcare, and increased concern towards diet have made people turn towards health-impacting botanical supplements.
Rising awareness among consumers regarding the health benefits of botanical supplements is driving the market growth
Rising awareness among consumers regarding the health benefits associated with the consumption of botanical supplements such as holy basil extract, which helps in the reduction of anxiety is a major factor expected to drive growth in demand for botanical supplements. People are turning to botanical supplements for their wellbeing because of improved health awareness, more medication for preventive care, and an increased interest in the diet.
The manufacturers of several botanical supplements offer alternative therapies to relieve women of common problems such as insomnia, hot flashes, and menopause. Middle-aged women and older consumers are the main end-users of botanical supplements and therapies. Awareness of the health benefits of botanical supplements is very well established across millennials in developed and developing countries. The market is expected to see significant growth during the forecast period due to rapid urbanization, health awareness, lifestyle change, and rising per capita income.
Moreover, the increasing prevalence of chronic disorder is expected to propel the global botanical supplements market’s growth over the forecast period. According to a report published in the journal Diabetes Research and Clinical Practice titled “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition,” 463 million people were estimated to have diabetes in September 2019, and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Funding for R&D by the government in botanical supplements is expected to provide lucrative growth opportunities for players in the global botanical supplements market. The National Institutes of Health, for example, awarded Oregon Health & Science University USD 6 million in June 2020 to create a botanical dietary supplement research center.
Lack of stringent regulations and norms pertaining to the safety and efficacy of botanical health supplement products is a factor expected to affect the growth of this 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 have increased significantly. These factors have impacted consumer outlook towards botanical supplements, and this is expected to adversely affect the growth of the botanical supplements market to a certain extent.
• Energy & Weight Management
• General Health
• Bone & Joint Health
• Gastrointestinal Health
• Cardiac Health
By Distribution Channel
• Supermarket/ Hypermarket
• Pharmacies/Drug Stores
• Online Retail Stores
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Increasing usage of dietary supplements across North America, to drive the market growth
Dietary supplements use increased dramatically in North American countries such as the United States over the last decade or so. Notably, 75 percent of adults in the United States consumed dietary supplements in 2018, a 10% improvement over the previous decade. Thus, the increasing consumption of dietary supplements coupled with increasing awareness regarding supplements infused with botanical extracts is the primary factor driving the region’s market.
The trend of “alt-medicine” is expected to deliver significant revenue growth for herbal supplement manufacturers, as the consumer perspective is anticipated to change, followed by a strong dependency on private label brands, apart from the national brands. Like Walmart and Costco, retailers are also fueling the trend by continuing to enhance their private label offerings through new branding and formulations, improved packaging, and in-store consumer education.
Flora Inc., SCD Probiotics, Renew Life Formulas Inc., and Now Foods are some of the key companies in the United States offering herbal digestive health supplements. A key factor in enabling the growth of the herbal segment is innovation in the supplement division. For example, Now Foods (a company based in the United States) offers a number of botanical products, such as plant enzyme veg capsules and papaya enzyme lozenges.
The market studied is fragmented and highly competitive, with key players adopting strategies such as product innovation, strategic acquisitions, and expansions to expand their geographical presence and customer base. Some of the major companies offering botanical supplements include Himalaya Drug Company, Nature’s Bounty Co, Amway Corporation, NOW Foods, and GNC Holdings Inc. Companies are primarily concentrating on bolstering their position as key players by integrating their business activities around the value chain and introducing marketing strategies such as personalized nutrition, new product launches, and other initiatives.