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 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 botanical supplements market size is expected to grow to $76.4 billion in 2027 at a CAGR of 8.2%.

North America was the largest region in the botanical supplements market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

Botanical Supplements Market Driver
The growing number of health-conscious consumers is propelling the botanical supplements market forward. Botanical supplements contain several health benefits, are non-toxic, and have digestive qualities. According to the International Food Information Council’s (IFIC) 2020 food and health poll, Americans are eager to become more health-conscious, with 43% following a specific diet or eating pattern in 2020, an increase of 38% from 2019. Furthermore, 54% of all customers were more concerned with the healthfulness of their food and beverage selections in 2020 than they were in 2010. As a result, the growing number of health-conscious individuals is likely to drive the expansion of the botanical supplements market over the forecast period.

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Prominent Botanical Supplements Market Trend
Strategic alliances between companies are a hot trend in the botanical supplement sector. Companies that make botanical supplements are forming alliances and collaborating to develop new technologies and products. For example, in July 2021, the American Herbal Pharmacopoeia (AHP), the ABC-AHP-NCNPR Botanical Adulterants Prevention Programme (BAPP), and the American Botanical Council (ABC) will collaborate to offer access to botanical ingredient resources. The collaboration aims to assist the dietary supplement industry in dealing with adulteration by giving access to information and control tools.

Botanical Supplements Market Prominent Players
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.

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Key Botanical Supplements Market Segments
The global botanical supplements market is segmented –
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

The Botanical Supplements Global Market Report 2023  provides a comprehensive overview on the botanical supplements market size, trends and drivers, opportunities, strategies, and companies 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.

View More Related Reports –
Botanical Extracts Global Market Report 2023
Herbal Supplements Global Market Report 2023
Probiotics Dietary Supplements Global Market Report 2023

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