BOTANICAL SUPPLEMENTS MARKET ANALYSIS

The Global Botanical Supplements Market is estimated to account for US$ 101.9 Bn in 2023 in terms of value and is expected to reach US$ 192.3 Bn by the end of 2030.

Global Botanical Supplements Market- Drivers

• Increasing prevalence of chronic disorder: The increasing prevalence of chronic disorder are expected to propel growth of the Global Botanical Supplements Market over the forecast period. For instance, in October 2020, MMJ International Holdings, the premier medical cannabis research company, announced that received Department of Economic Affairs (DEA) approval to ship Delta-9-tetrahydrocabinol (THC) and Cannabidiol (CBD) from Canada. MMJ International Holdings is oral drugs products from natural whole plant extract derivatives from the marijuana plant containing THC and CBD.
• Elderly People Using Botanical Supplements: Healthcare costs in wealthy nations like the U.S. and Japan. The senior population prefers to use alternative medicines as a preventive health measure because have no side effects. The aging population prefers botanical supplements, which is driving up the market for these products.
• Increasing geriatric population: Moreover, an increasing geriatric population is also expected to aid in the growth of the Global Botanical Supplements Market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.      

Global Botanical Supplements Market- Restraints

• Low adoption in some emerging and developing countries: No standardization of botanical supplements is expected to hinder the growth of the Global Botanical Supplements Market. Adoption of botanical supplements low in Brazil, China, Japan, and Indonesia which hinder the market growth.
• False advertising and a lack of regulation: The market's growth is predicted to be constrained by the absence of strict rules and regulations governing the efficacy and safety of botanical health supplement products. The number of false health claims made in order to promote products has dramatically increased as a result of manufacturers paying less attention to product labeling and safety. These factors have affected how consumers view botanical supplements, which is anticipated to have some negative effects on the market's expansion.
• Counterbalances: The U.S. Food and Drug Administration (FDA) regulates botanical drugs in the same way as other over-the-counter or prescription pharmaceutical drugs. The botanical supplements need to be clinically proven to treat, cure, or prevent a medical condition. Botanical preparations are regulated as dietary supplements.

Global Botanical Supplements Market- Opportunities 

Alternative supplement options: Government funding for Research and Development in botanical supplements is expected to offer lucrative growth opportunities for players in the Global Botanical Supplements Market. For instance, in June 2020, the National Institutes of Health awarded US$6 million to Oregon Health & Science University to establish a research center for botanical dietary supplements.Moreover, the development of personalized botanical supplements is also expected to aid in growth of the market.

Global Botanical Supplements Market- Trends

• The U.S. is witnessing regulations regarding botanical supplements; for instance, in September 2020, the Hemp and Hemp-derived CBD Consumer Protection and Market Stabilization Act of 2020 was introduced in the U.S. House. The act directs the U.S. Food and Drug Administration (FDA) to use its authority and resources to set a clear regulatory framework for hemp and hemp-derived CBD and assure consumer protection.
• Major players in the Global Botanical Supplements Market are focused on launching new products to expand their product portfolio. For instance, in July 2020, Oregon Health and Science University (OHSU) is a U.S. based public research university laid the foundation for a research center dedicated to botanical dietary supplements.

Global Botanical Supplements Market Segmentation

Figure no.1 Global Botanical Supplements Market, by application, 2023

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Pharmaceutical application held a dominant position in the Global Botanical Supplements Market in 2022, accounting for 47.80% share in terms of value, followed by food and beverages and personal care, respectively.

Figure no.2 Global Botanical Supplements Market, By Region, 2023

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North America held a dominant position in the Global Botanical Supplements Market in 2022, accounting for 35% share in terms of value, followed by North America, Latin America Europe, Asia Pacific, Middle East, and Africa respectively.

Global Botanical Supplements Market- Competitive Landscape

ChromaDex, Inc., Nutraceutical International Corporation, NBTY, Inc., Surya Herbal, Ltd., BASF SE, NaturaLife Asia Co., Ltd., Bio-Botanica Inc., HERBALIFE Nutrition, Archer Daniels Midland Company (ADM), Integrated BioPharma, Inc., The Himalaya Drug Company, Ricola AG, MMJ International Holdings, and Pharmavite LLC.

Global Botanical Supplements Market- Key Developments

• In March 2022, Glanbia Nutritionals is science-lead, innovative producer of dairy and non-dairy solution introduced, Bar Pro 100/120 MPCs and Bar Flex 100 WPC protein solutions, offering a less powdery, glassy, chalky texture during extrusion. The new ingredients in the protein solutions were developed to address manufacturing and sensory issues with protein extrusion in the cereal and snack market.
• In November 2021, Glanbia Nutritionals formed a partnership with Ixoreal Biomed, an ingredient supplier. Customers can get a powerful ingredient for their ready-to-mix powders, ready-to-drink beverages, gummies, effervescent, and chewable products by combining a great ashwagandha extract like KSM-66
• In November 2021, Procter & Gamble is a American multinational consumer goods corporation which introduced Vicks Super C dietary, a dietary supplement containing zinc as well as additional herbal and mineral components. Procter&Gamble most well-known Over-the-Counter (OTC) drug brands, Vick's DayQuil and NyQuil cold remedies, would be packaged alongside the products. This is done to draw US consumers' attention to the brand.
• In October 2021, Procter & Gamble (P&G) took over Merck's Consumer Health business, a global pharmaceutical business with its headquarters in Darmstadt, Germany. P&G claimed to have created a healthcare organization as a result of this acquisition with the intention of assisting consumers in leading healthier, longer, and more fulfilling lives. Additionally, P&G would be able to increase sales and profit as a result.

Definition: The botanical supplements are popularly known as herbal medicinal products and are in high demand due to growing consumer awareness about health and wellness. Botanical supplements include fresh or dried products in different forms such as tablets, capsules, powders, and tea bags. Garlic, ginger, santalum, plantago, ginseng, rhodiola extract, red clover extract, and soy extract are some of the widely used botanical supplements across the globe.