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.
The global botanical supplements market is expected to grow from $48.01 billion in 2021 to $51.48 billion in 2022 at a compound annual growth rate (CAGR) of 7.24%. The growth is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $69.33 billion in 2026 at a CAGR of 7.72%.
The botanical supplement market consists of sales of botanical supplements by entities (organizations, sole traders, and partnerships) that manufacture and sell a wide range of health products made from plants, including their oils, roots, seeds, berries, and flowers.A botanical is a plant or plant part that has medical or therapeutic characteristics, as well as flavour and aroma.
Botanical supplements are made from botanicals that are used to maintain and improve health.
The main volumetric video components include hardware, software, and services. Volumetric video hardware is used to digitise a three-dimensional space by positioning various cameras around a target.such as cameras and processing units is used to capture things that can be digitised and repositioned on the mobile, web, or virtual worlds and viewed in 3D. The different volumetric video content delivery modes include projectors, AR/VR head-mounted displays (HMD), smartphones, and volumetric displays. The various applications of volumetric video include sports and entertainment, medical, signage and advertising, and education and training.
North America was the largest region in the botanical supplements market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing number of health-conscious consumers is significantly driving the growth of the botanical supplements market.Botanical supplements have numerous health benefits, have digestive properties, and are chemical free.
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.
Strategic collaborations between companies are a key trend gaining popularity in the botanical supplement market.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.
Also in 2019, the United Natural Products Alliance (UNPA) and the University of Arkansas for Medical Sciences entered into a Memorandum of Understanding (MOU) partnership to advance projects and botanical identification programs.
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 countries covered in the Botanical Supplements Market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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