The Business Research Company’s Botanical Supplements Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 12, 2022 /EINPresswire.com/ — Strategic collaborations between companies are one of the key botanical supplements market trends. 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. 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.
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The global botanical supplements market size 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 in the botanical supplements market 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 global botanical supplement market share is expected to reach $69.33 billion in 2026 at a CAGR of 7.72%.
The increasing number of health-conscious consumers is significantly driving the global botanical supplements market growth. 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.
Major players covered in the global 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.
TBRC’s global botanical supplements market research report is segmented by source into herbs, leaves, spices, flowers, others, by form into powder, liquid, tablets, capsules, gummies, others, by application into energy and weight management, bone and joint health, gastrointestinal health, immunity, cardiac health, diabetes, anti-cancer, others, by distribution channel into hospital pharmacies, retail pharmacies, online pharmacies.
Botanical Supplements Global Market Report 2022 – By Source (Herbs, Leaves, Spices, Flowers, Other Sources), By Form (Powder, Liquid, Tablets, Capsules, Gummies, Other Forms), By Application (Energy And Weight Management, Bone And Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Other Applications), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a botanical supplements market overview, forecast botanical supplements market size and growth for the whole market, botanical supplements market segments, geographies, botanical supplements market trends, botanical supplements market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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