The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s botanical supplements market report forecasts the botanical supplements market size to grow to $76.4 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

Learn More On The Botanical Supplements Market Report 2023 – https://www.thebusinessresearchcompany.com/report/botanical-supplements-global-market-report

Botanical Supplements Market Size Forecast
The global botanical supplements market is expected to grow from $51.66 billion in 2022 to $55.77 billion in 2023, at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The botanical supplements market size is expected to grow to $76.4 billion in 2027 at a CAGR of 8.2%.

North America held the largest botanical supplements market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Botanical Supplements Market Driver ­– Increase In Number Of Health-Conscious Consumers
According to the International Food Information Council’s (IFIC) 2020 food and health survey, Americans have a strong interest in becoming more health-conscious, with 43% following a specific diet or eating pattern in 2020, up 38% from 2019. Also, 54% of all consumers cared more about the healthfulness of their food and beverage choices in 2020 than they did in 2010. Hence, the increasing number of health-conscious people is expected to propel the growth of the botanical supplements market in the forecast period.

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Key Botanical Supplements Market Trend – Strategic Collaborations Between Companies
Companies manufacturing botanical supplements are undergoing partnerships and collaborations to develop new technologies and products. For instance, in July 2021, the American Herbal Pharmacopoeia (AHP), the ABC-AHP-NCNPR Botanical Adulterants Prevention Program (BAPP), and the American Botanical Council (ABC) are all involved in the partnership that shares access to resources on botanical ingredients. The partnership is aimed at helping the dietary supplement sector deal with adulteration by providing access to information and control tools.

Botanical Supplements Market Segment
1) By Source: Herbs, Leaves, Spices, Flowers, Other Sources
2) By Form: Powder, Liquid, Tablets, Capsules, Gummies, Other Forms
3) By Application: Energy And Weight Management, Bone And Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Other Applications
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Botanical Supplements Market Major Players and Strategies
Major players in the botanical supplements market are The Himalaya Drug Company, Blackmores Limited, Glanbia Nutritionals, Gaia Herbs LLC, Amway Corporation, Ricola AG, Procter and Gamble, Bio-Botanica Inc., Herbalife Nutrition, The Nature’s Bounty Co., Archer Daniels Midland Company (ADM), MMJ International Holdings, Pharmavite LLC, and Prinova Group.

In July 2021, Bluebird Botanic, a natural supplement company that specialises in hemp and CBD oil based in the United States, acquired Precision Botanicals for an undisclosed amount. The deal enables Bluebird access to Precision’s hemp cultivation and extraction facility in Oregon, as well as its core science, technology, and data-driven consumer insights. Precision Botanicals is a US-based botanical supplement company and is a producer of cannabidiol products.

The Botanical Supplements Global Market Report 2023 covers regional data on botanical supplements market size, botanical supplements market trends and drivers, opportunities, strategies, and botanical supplements market competitor analysis. The countries covered in the botanical supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Botanical supplement refers to items made from plants, plant parts, or plant extracts, sometimes known as herbals or herbal dietary supplements. They have one or more components intended to enhance the diet and are supposed to be taken.

View More Reports Related To The Botanical Supplements Market –
Herbal Supplements Global Market Report 2023
Probiotics Dietary Supplements Global Market Report 2023
Protein Supplements Global Market Report 2023

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