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The global botanical supplements market size is projected to grow at a CAGR of 7.4% between 2024 and 2032. The major market drivers are the increasing prevalence of mental health issues like depression and anxiety.
Global Botanical Supplements Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | XX |
Market Size 2032 | USD Billion | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 7.4% |
CAGR 2024-2032 - Market by Region | Latin America | 8.0% |
CAGR 2024-2032 - Market by Country | India | 8.5% |
CAGR 2024-2032 - Market by Country | China | 7.9% |
CAGR 2024-2032 - Market by Application | Food and Beverages | 7.9% |
CAGR 2024-2032 - Market by Distribution Channel | Supermarket and Hypermarket | 7.8% |
Market Share by Country 2023 | Brazil | 2.6% |
An increase in the prevalence of mental health disorders like anxiety and depression has prompted consumers to switch towards the consumption of botanical supplements. Botanical supplements increase brain functions and help in improving sleep quality among adults and teenagers. Besides, the growing popularity of ayurveda is one of the key botanical supplements market trends. As ayurveda is increasingly associated with an all-in-one solution for various physiological and mental disorders, the demand for botanical supplements is rising.
Apart from herbal formulations and medicines, there has been a significant increase in the consumption of mushroom supplements. This can be attributed to rising health consciousness and increasing focus on boosting immunity. In 2023, multi-mushroom formulas constituted 78.9% of all sales of mushroom supplements in the United States, indicating a significant demand for medicinal mushrooms, which is likely to lead to the global botanical supplements market growth in the coming years.
Rising disposable incomes and an increasing geriatric population are further surging the consumption of botanical supplements. Botanical supplements are also widely consumed by millennials aged between 25-45 years. Well-educated consumers and single-child families represent some of the key targets for key botanical supplements market players. Over the forecast period, technological advancements that enable quicker absorption of botanical supplements by the body are likely to drive the market growth.
Global Botanical Supplements Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Source
Market Breakup by Form
Market Breakup by Application
Market Breakup by Distribution Channel
Market Breakup by Region
CAGR 2024-2032 - Market by | Country |
India | 8.5% |
China | 7.9% |
Mexico | 7.8% |
Canada | 7.8% |
UK | 7.2% |
USA | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Japan | XX% |
Australia | XX% |
Saudi Arabia | 7.1% |
Brazil | XX% |
Key botanical supplements market players are engaged in scaling up their production capacities to design unique botanical supplements that cater to the needs of an ageing population and improve their health and fitness levels.
The key market players are Glanbia plc, NOW Health Group, Inc., The Nature's Bounty Co., Herbalife International of America, Inc., Amway Corp., Dabur India Ltd., Gaia Herbs, Inc., Himalaya Global Holdings Ltd., Pinnacle Health Nutrition Limited, and MartinBauer, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is projected to grow at a CAGR of 7.4% between 2024 and 2032.
The different sources of botanical supplements are herbs, leaves, spices, and flowers, among others.
The major forms of botanical supplements are powder supplements and capsules and tablets, among others.
The major distribution channels for botanical supplements include supermarket and hypermarket, pharmacies and drug stores, and online retail stores, among others.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The key market players are Glanbia plc, NOW Health Group, Inc., The Nature's Bounty Co., Herbalife International of America, Inc., Amway Corp., Dabur India Ltd., Gaia Herbs, Inc., Himalaya Global Holdings Ltd., Pinnacle Health Nutrition Limited, and MartinBauer, among others.
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