Botanical Supplements Market By Type (Tablets, Capsules, Liquid, Powder), By Source (Leaves, Roots, Bark, Fruits & Vegetables, Others), By Application (Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics), By Region Forecast to 2032
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The global botanical supplements market has seen remarkable growth in recent years, with the market size reaching USD 73.88 billion in 2022. The market is expected to continue expanding at a rapid pace and reach USD 124.82 billion by 2032, with a projected revenue CAGR of 6% during the forecast period. This growth can be attributed to several factors, one of which is the rising preference among customers for natural and organic products.
As the negative impacts of synthetic products become more evident, consumers are increasingly turning to natural and organic alternatives for their health and wellness needs. This trend has created a high demand for botanical supplements, which are perceived as safe and all-natural substitutes for traditional drugs. This demand is expected to continue driving the growth of the botanical supplements market in the coming years.
In addition to the consumer preference for natural products, the increasing prevalence of chronic illnesses such as diabetes, cancer, and cardiovascular disorders is also contributing to the growth of the botanical supplements market. These supplements are known to provide several health benefits, including reducing inflammation, improving heart health, and controlling blood sugar levels. Moreover, the growing elderly population across the globe, who are more vulnerable to age-related illnesses and require dietary supplements to maintain their health, is also fueling demand for botanical supplements.
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Market Segments: –
The global botanical supplements market is segmented based on type, source, application, and region. The market size was valued at USD 73.88 billion in 2022, with a forecasted CAGR of 6% from 2022 to 2032, reaching a revenue of USD 124.82 billion by 2032.
Based on type, the market is segmented into tablets, capsules, liquid, and powder forms. Based on the source, the market is segmented into leaves, roots, bark, fruits and vegetables, and others. Based on the application, the market is segmented into food and beverages, pharmaceuticals, and personal care and cosmetics.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The report offers historical data and revenue forecasts for each segment and sub-segment from 2019 to 2032. The report also provides analysis of market trends, growth factors, and competitive landscape, along with company rankings in the market.
Strategic developments in the market:
The acquisition of The Bountiful Company by Nestlé S.A. is a strategic move that will allow Nestlé to expand its product portfolio in the health and wellness sector. The Bountiful Company is a leading manufacturer of vitamins, minerals, and supplements, including botanical supplements, in the U.S. market. The acquisition will give Nestlé access to The Bountiful Company’s distribution network, manufacturing capabilities, and expertise in the health and wellness sector.
The acquisition aligns with Nestlé’s long-term strategy of expanding its presence in the health and wellness sector, which has become increasingly important in recent years. The demand for health and wellness products has grown significantly, and the COVID-19 pandemic has further accelerated this trend. Nestlé has been investing heavily in the sector and has already established a strong presence in the market with its brands such as Garden of Life, Persona Nutrition, and Vital Proteins.
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Competitive Landscape:
The dietary supplements industry is highly competitive, with several major players vying for market share. Among the top companies in the industry are Nature’s Bounty Co., Herbalife Nutrition Ltd., Nestlé S.A., Glanbia plc, Blackmores Limited, Bio-Botanica Inc., The Himalaya Drug Company, Botanic Health LLC, The Nature’s Bounty Co., and Arizona Natural Products.
Nature’s Bounty Co. is one of the leading players in the dietary supplements industry, offering a range of vitamins, minerals, and herbal supplements. The company has a global presence, with operations in over 16 countries. With a strong focus on research and development, Nature’s Bounty Co. is continually innovating and introducing new products to the market.
Herbalife Nutrition Ltd. is another major player in the dietary supplements industry, offering a range of nutritional supplements and weight management products. The company has a network of independent distributors who sell its products in over 90 countries worldwide. Herbalife Nutrition is known for its emphasis on science-based nutrition, with a team of scientists and nutrition experts who develop its products.
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