Global Botanical Supplements Market Analysis

Global botanical supplements market size is estimated to be valued over USD 20 billion in 2017 and is expected to register a moderate CAGR to create lucrative market opportunity not only for established players but also new entrants.

Long gone are the days when prescription of herbal supplements was thought as old lady’s wisdom or secret Chinese medicine. In the current world scenario of declining immunity and mental acceptance there has been an encouraging receptivity towards botanical supplements on a global level. FDA defines botanical drug as a product consisting of plant materials, algae, macroscopic fungi, or combinations thereof. It may be available as solution, powder, tablet, capsule, elixir, topical, or injection. Botanical drug products often have unique features, for example, complex mixtures, lack of a distinct active ingredient, and substantial prior human use.



Global Botanical Supplements Market Drivers and Challenges

The factors that have aided towards the boom in botanical supplement industry and acted as growth drivers are varied yet closely linked. Some key botanical supplements market drivers are rising consumer awareness levels, sedentary life styles, and stringent regulation by FDA (USA) and MHRA (UK) on allopathic medicines and growing self-medication behavior as preventive medicine amongst the consumers. Botanical supplements market is finding its wide usage among geriatric women. Women who are now becoming a major consumer base with demands for dietary supplements and a growing geriatric population especially in Japan and USA are acting as major growth drivers.

Overall, the Cosmetics segment which significantly uses botanical supplements like holy basil, cranberry, shea butter, and ginseng is projected to witness a relatively high growth rate, with an estimate to register moderate CAGR. The only restrain to this industry would be the lack of stringent norms and regulations pertaining to the safety and efficacy of botanical health supplement products.

Due to less emphasis on labeling and safety of these products, the incidences of false health claims by manufacturers in order to market their products has increased which have impacted consumer outlook towards botanical supplements and this is expected to adversely affect the growth of the botanical supplements market due to decrease in its credibility or backing by any country’s health regulators.

The botanical supplements market scenario is analyzed based on the segments:- by Source (Leaves, Barks, Fruits & vegetables, Roots), based on Function (Medicinal and aromatic), based on Form of preparation (Capsules & tablets, Powder, Syrups and Oils), based on Application or usage (Pharmaceuticals, Food & beverages, Personal care), based on Demography (Adult Women, Adult Men and Baby Boomers).



Global Botanical Supplements Market Regional Analysis

Bekryl Market Analysts has analyzed global botanical supplements market outlook across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East and Africa. Despite the fact that, Europe represents the largest market and is expected to dominate the botanical supplements market throughout the forecast period, Asia Pacific will register the highest growth over the same period. As such, companies need to strengthen their business presence in developing economies to increase their return on investment (ROI) and create sustainable growth over longer phase of time.



Global Botanical Supplements Market Competition Scenario

There are very few companies operating in the market in which Amway corporation, Nutraceutical International Corporation, Blackmores Limited, Naturex SA, The Nature's Bounty Co., Herbalife International, The Himalaya Drug Company, Bio - Botanica, Inc., Dabur India Limited are the significant botanical supplements industry players.

The most recent competitor, Patanjali Ayurved limited (India) is the biggest rival to all of them based on the product range and domain knowledge. However, the company has performed really well with nearly 100% growth between 2014 and 2016. The company is one of the leading FMCG provider in India and is expected to create higher market revenue owing to its ‘Nationalism’ strategy. The company has strong foothold in tier 2 cities of India – potential region where very few leading companies have presence.

The future of this industry looks promising owing to the fact that a lot of formulations, discoveries and innovations are in pipeline.

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