BOTANICAL SUPPLEMENTS MARKET ANALYSIS (2020-2027)
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, capsule, powder 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.
Statistics:
The global botanical supplements market is estimated to account for US$ 90.2 Bn in 2020 in terms of value and is expected to reach US$ 150.1 Bn by the end of 2027.
Global Botanical Supplements Market: Drivers
Increasing prevalence of chronic disorder is expected to propel growth of the global botanical supplements market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Moreover, increasing geriatric population is also expected to aid in 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.
Statistics:
Pharmaceutical application held dominant position in the global botanical supplements market in 2019, accounting for 47.8% share in terms of value, followed by Food and beverages and Personal care, respectively.
Figure 1. Global Botanical Supplements Market Share (%), by Value, by Application, 2019
Global Botanical Supplements Market: Restraints
No standardization of botanical supplements is expected to hinder growth of the global botanical supplements market. Botanical supplements are not required by federal law to be tested for safety and effectiveness before they are marketed.
Moreover, adulteration of botanical ingredients is also expected to limit growth of the market.
Global Botanical Supplements Market: Opportunities
Government funding for R&D 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, development of personalized botanical supplements is also expected to aid in growth of the market.
The global botanical supplements market was valued at US$ 83.5 Bn in 2019 and is forecast to reach a value of US$ 150.1 Bn by 2027 at a CAGR of 7.5% between 2020 and 2027.
Figure 2. Global Botanical Supplements Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
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 November 2018, Archer Daniels Midland Company (ADM) launched Onavita algal DHA powder to its line of omega-3 product solutions.
Global Botanical Supplements Market: Competitive Landscape
Major players operating in the global botanical supplements market include, 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
Major players in the global botanical supplements market are focused on approval and launch of new products to expand their product portfolio. For instance, in October 2020, MMJ International Holdings, the premier medical cannabis research company, announced that it has received DEA approval to ship THC and CBD from Canada. MMJ International Holdings is developing oral drug products from natural whole plant extract derivatives from the marijuana plant containing THC and CBD.
Request sample report here:https://www.coherentmarketinsights.com/insight/request-sample/4229
Download PDF brochure here:https://www.coherentmarketinsights.com/press-release/botanical-supplements-market-3501
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions.
What we provide:
Customized Market Research Services
Industry Analysis Services
Business Consulting Services
Market Intelligence Services
Long term Engagement Model
Country Specific Analysis
Mr. Shah
Coherent Market Insights Pvt. Ltd.
Address: 1001 4th ave, #3200 Seattle, WA 98154, U.S.
Phone: +1-206-701-6702
Email: [email protected]
Source: https://www.coherentmarketinsights.com/market-insight/botanical-supplements-market-4229