Botanical Supplements Market Highlights 2020 – 2029
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
Major Macro-Economic Indicators Impacting the Market Growth
Source: W.H.O.
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.
Global Botanical Supplements Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the botanical supplements market includes the following segments:
By Form
- Powdered
- Drinks & Shots
- Capsules
- Others
By Application
- Pharmaceutical
- Food & Beverages
- Personal Care
By Distribution Channel
- Drug Stores
- Online Retail Stores
- Supermarkets
- Others
Growth Drivers
- Growing Awareness about the Health Benefits of Herbal Supplements
- Increasing Healthcare Expenditure in Developed Nations
Challenges
- Lack of Strict Norms Regarding the Safety of Botanical Supplements
Top Featured Companies Dominating the Market
- Himalaya Herbal Healthcare
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- NOW Health Group, Inc.
- Amway Corp.
- The Bountiful Company
- GNC Holdings, LLC
- Nature's Way Products, LLC
- Gaia Herbs, Inc.
- Jarrow Formulas, Incx
- Solgar Inc.
- Ricola Group AG
