Meticulous Research®, a leading global market research company, has released a comprehensive report titled “ Botanical Supplements Market —Global Opportunity Analysis and Industry Forecast (2024–2031).” According to the report, the botanical supplements market is poised to grow significantly, reaching a valuation of $81.6 billion by 2031 at a CAGR of 6.9% during the forecast period.
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Market Growth and Key Drivers
The rising awareness of health and wellness, an increasing vegan and vegetarian population, and growing demand for natural or organic supplements are some of the primary factors driving market growth. Furthermore, product innovation among botanical supplement manufacturers is accelerating this trend.
However, the market also faces challenges, including high product costs, competition from substitutes, and strict regulatory requirements. Additionally, fluctuations in raw material availability remain a concern for manufacturers. Despite these hurdles, emerging opportunities in developing economies and the growing trend of clean-label products are expected to bolster the market.
Segment Highlights
•    Source: Spices are projected to dominate the market in 2024 due to their numerous health benefits. For instance, turmeric, rich in curcumin, offers anti-inflammatory properties and potential therapeutic effects for diseases like cancer.
•    Form: Tablets are expected to hold the largest market share in 2024. Their popularity stems from convenience, ease of consumption, and advancements in tablet production technologies.
•    Application: The energy & weight management segment is anticipated to lead the market, driven by the increasing prevalence of cardiovascular diseases, diabetes, and obesity. Supplements such as green tea extract and garcinia cambogia are gaining popularity for their weight management and energy-boosting properties.
•    Distribution Channel: Drug stores and pharmacies are predicted to dominate, offering professional advice and easy access to reputable brands that meet safety standards.
Regional Insights
North America is forecasted to dominate the botanical supplements market, followed by Asia-Pacific and Europe. Factors contributing to North America’s large market share include growing awareness of health benefits, increasing prevalence of chronic conditions, and a rising preference for natural dietary solutions.
Key Players
Prominent players in the market include Dabur India Limited (India), Nature’s Bounty (U.S.), Ricola AG (Switzerland), BASF SE (Germany), The Himalaya Drug Company (India), and GNC Holdings Inc. (U.S.), among others. These companies are leveraging innovation to develop new products and cater to the growing consumer demand for botanical supplements.
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