Rockville, MD, July 17, 2024 (GLOBE NEWSWIRE) -- As per a newly published study released by Fact.MR, a leading market research and competitive analysis provider, the global botanical supplement market is estimated to reach a valuation of US$ 19.2 billion in 2024 and advance at a CAGR of 5.9% from 2024 to 2034.
Growing trend of customers looking for natural solutions for their health and well-being has led to a surge in demand for botanical supplements. These plant-based goods are becoming more and more well-liked in a variety of industries, including nutrition, cosmetics, and medicine.
The potential of botanical supplements to boost immune function and stress management is gaining traction in the healthcare industry. To capitalize on their inherent qualities, the beauty industry is adding plant extracts to skincare and haircare products. Certain botanical supplements are advised by nutritionists and dietitians to support well-balanced meals and treat particular health issues.
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Need for additional natural product alternatives and a move toward holistic health practices are what is driving this increased interest. The industry is growing to accommodate a range of customer demands as research into the effectiveness of different botanical compounds continues.
There are drawbacks to the consumption of botanical supplements as well, such as making sure the product is of a high caliber and teaching customers how to consume them properly. Notwithstanding these obstacles, the adaptability and possible advantages of botanical supplements keep propelling their rising acceptance in a variety of industries.
Key Takeaways from Market Study
- The global botanical supplement market is analyzed to reach a value of US$ 34.2 billion by the end of 2034.
- The South Korea market is evaluated to expand at a CAGR of 8.2% from 2024 to 2034.
- The North American market is forecasted to expand at a CAGR of 1.9% through 2034.
- East Asia is forecasted to hold a global market share of 27% by 2034.
- The United States is projected to occupy a share of 75.6% in North America by 2034. The market has been analyzed to reach a valuation of US$ 4.88 billion by the end of 2034.
- Based on demography, the baby boomers segment is projected to expand at a CAGR of 5.9% and hold a market share of 34.8% by 2034.
“Incorporation of botanical supplements into functional foods and beverages meets consumer demand for health-promoting products beyond basic nutrition,” highlights a Fact.MR analyst.
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Improvements in Bio-Engineering Benefitting Botanical Supplement Manufacturers
Sustainability advancements like bio-engineering and vertical farming are enhancing the quality of botanical supplements. Blockchain technology is also being used to enhance supply chain transparency and traceability. Globally, people are becoming interested in these innovations, especially in areas where traditional medicine is widely practiced.
Pharmaceutical companies are becoming more interested in the market for botanical supplements, and conventional healthcare is beginning to accept them, thus driving market growth.
Key Market Players Driving Innovation in the Botanical Supplement Market
The market boasts established players like Nature's Bounty Co., Himalaya Drug Company, and Amway Corporation leading the charge. These industry giants contribute significantly to the overall market landscape through their diverse product offerings and established distribution networks.
The growing trend sees smaller, niche players entering the fray with a focus on specific botanical ingredients or targeted wellness solutions. This influx of innovation and specialization caters to the evolving needs of health-conscious consumers, further propelling the botanical supplement market's dynamism.
Botanical Supplement Industry News
Leading players in the botanical supplement market are prioritizing regulatory compliance and adapting to evolving consumer preferences in key markets like Europe and North America. This strategic shift involves securing necessary label claims and certifications, while also embracing trends such as botanical extracts and functional beverages infused with botanicals.
- Unigen Inc.'s Innovation: Highlighting this specific example, Unigen Inc.'s launch of two new botanical compounds in February 2022 demonstrates the industry's focus on targeted health benefits. One compound targets immune system support, while the other promotes respiratory health.
- Herbalife's Nutritional Approach: Another noteworthy example is Herbalife's 2022 introduction of a nutrition-focused, easy-to-consume meal replacement line. This initiative reflects the growing consumer demand for convenient and health-conscious options.
Key Market Players
List of the prominent players in the global market are Nature’s Bounty Co.; Himalaya Drug Company; Amway Corporation; GNC Holdings Inc.; NOW Foods; Dr Willmar Schwabe GmbH; Herbalife International; Bio-Botanica Inc.; Dominate Industries; Moringa Agro; DRP Herbal; Green Era Foods & Nutraceutics; MotherTree Nutra Pvt. Ltd.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the botanical supplement market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on form (powder, liquid, capsules, bars, gels, granules, oil), application (drugs, cosmetics, food & beverages), and demography (adult women, adult men, baby boomers, others), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Fuel Your Research, Discover Additional Market Insights from Fact.MR
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, they deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes.
Renowned for its commitment to accuracy and reliability, they empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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