Botanical supplements, or herbal supplements, are today sold as solid or liquid extracts and are believed to be a safe and more natural alternative to conventional medications. While this might not necessarily be true, the market for the same has grown in recent times owing to the many benefits associated with botanical supplements.
Demand for Botanical Supplements Fueled by Rise in Geriatric Population
One of the most significant factors responsible for the growth of the botanical supplements market, is the consistent rise in the global aging population. The population wing of the United Nations Department of Economic and Social Affairs states that in 1950, there were an estimated 205 million people of the age of 60 and above. While this number grew to 841 million in 2013, it is anticipated to cross the two billion mark by 2050.
Another key factor driving the demand for botanical supplements is the rising awareness among consumers regarding healthy eating and the functional benefits of these supplements. A significant shift in dietary preferences indicates the increasing demand for food and food ingredients that have functional advantages. Botanical supplements, consumed in the form of capsules, tablets, tea bags, and powders, help in reducing the risk of illnesses and have almost no or very few side effects.
The downside is the wave of bad publicity that has hit the botanical supplements market and the changing regulatory situation that is anticipated to inhibit the growth of the global market.
Europe Dominates Global Botanical Supplements Market
The global botanical supplements market covers four main regions: North America, Asia Pacific, Europe, and Rest of the World. Presently, Europe holds the largest share of the overall market, driven by many favorable factors. However, analysts predict that by 2020, Europe is expected to be surpassed by Asia Pacific. Factors such as current economic development, ongoing tradition of using botanical medicine, and rapid urbanization are likely to be the main forces contributing toward the growth of the Asia Pacific botanical supplements market.
Global Botanical Supplements Market: Outlook of the Industrial and Competitive Landscape
A report published by Persistence Market Research indicates that developing at a strong 7.50% CAGR from 2014 to 2020, the value of the global botanical supplements market is likely to grow from US$54.6 bn in 2013 to US$90.2 bn by 2020. In 2010, the overall market for botanical supplements was pegged at a value of US$45.1 bn.
A look at the competitive landscape reveals that the botanical supplements market is immensely fragmented, at both a global and regional level. Even though there are several leading players vying for the spotlight, the top eight account for less than 40% of the market. Globally, companies such as Procter & Gamble and Ricola are well known. At a more regional level, Dabur has made its presence felt in numerous European and North American countries, after establishing itself in India.
Other prominent players operating in the botanical supplements market include Nutraceutical International Corporation, Pharmavite LLC, ChromaDex, Inc., NBTY, Inc., Bayer AG, Blackmores Limited, Surya Herbal, Ltd., and The Himalaya Drug Company.
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