The botanical supplements market is estimated to garner a sizeable revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the rising awareness associated with the health benefits of herbal supplements, increasing healthcare expenditure of developed nations and growing prevalence of chronic diseases around the world. According to Centers for Medicare & Medicaid Services (CMS), the American healthcare spending rose by 4.6% in 2019. The total health budget to $3.8 billion. Increasing consumption of weight loss and energy drinks globally is also expected to boost market growth in the near future. Along with these, intensifying innovation in manufacturing supplements comprising amino acids, fish oils or detoxes is predicted to offer opportunities to the market by the end of 2029.
The market is segmented by form into powdered, drinks & shots, capsules and others, out of which, the capsules segment is anticipated to hold the largest share in the botanical supplements market on account of increasing consumer inclination towards capsules and tablets as a result of their ease of consumption. Furthermore, the segment for powdered supplements is assessed to witness significant growth rate over the forecast period owing to the rise in demand for protein supplement powders among athletes and bodybuilders. Additionally, based on application, the personal care segment is predicted to acquire the largest market share, which can be credited to the escalating trend of taking weight loss programs and growing shift towards a healthy diet in developed and developing economies. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the botanical supplements market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is estimated to grab the largest share over the forecast period on the back of increasing awareness about foods infused with herbal extracts and growing consumption of dietary supplements in the region. In addition, Asia Pacific is also anticipated to occupy a significant market share attributing to the increase in number of exports of botanical supplements, especially in India and China. Apart from these, rising incidences of diseases due to sedentary lifestyle and growing consumption of tobacco are also evaluated to drive growth to the market in this region. According to the World Health Organization (WHO), China is the largest consumer and producer of tobacco. There are more than 300 million smokers in this country. However, Europe’s market is expected to witness the highest growth in the forecast period ascribing to the growing healthcare spending and the increasing adoption of natural products in the region.
The botanical supplements market is further classified on the basis of region as follows:
Our in-depth analysis of the botanical supplements market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing awareness about the health benefits of herbal supplements and increasing healthcare expenditure in developed nations are major growth drivers.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021 – 2029.
Lack of strict norms regarding the safety of botanical supplements estimated to hamper the market growth.
Europe will provide more business growth opportunities on the back of increasing healthcare spending and the growing adoption of natural products
The major players in the market are Himalaya Herbal Healthcare, NOW Health Group, Inc., Amway Corp., The Bountiful Company, GNC Holdings, LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by form, application, distribution channel, and by region.
The capsules segment is anticipated to hold largest market size and is estimated to grow at a significant CAGR over the forecast period and display significant growth opportunities.
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