BOTANICAL SUPPLEMENTS MARKET ANALYSIS

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.

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

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

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.