According to a global research solutions specialists firm, the global botanical supplements market was valued at US$54.6 billion in 2013. The market is expected to grow at a CAGR of 7.5% from 2014 to 2020, to reach an estimated value of US$90.2 million in 2020. Considering the market in terms of value, the global botanical supplements market grew from US$45.1 billion in 2010 to US$54.6 billion in 2013.
Overview of Botanical Supplements Market
Botanical supplements are those products that are obtained from medicinal plants. These types of supplements are an admixture of botanical products, as well as various other approved drugs that contains semisynthetic substances, synthetic, and plant materials.
Increasing occurrence of different chronic diseases and an increased usage of botanical supplements as a sheer alternative to synthetic medicine are some of the major growth factors of botanical supplements market. Over the last decade, the market for botanical supplements is witnessing a steady growth due to the growing awareness among global consumers regarding the effects of consuming synthetic supplements. Since, botanical supplements include fresh or dried products found in different forms such as, capsule, powder, tablets, and tea bags, diversity as a main factor is what makes these supplements popular products among consumers. Botanical supplements are obtained either, singly or in mixtures.
Some of the most widely used botanical supplements are ginger, garlic, plantago, santalum, ginseng, red clover extract, rhodiola extract, and soy extract. A broad involvement of all these materials helps in the treatment of various diseases such as infectious diseases, cardiovascular diseases, central nervous system disorders, and respiratory diseases.
Botanical Supplements - Market Drivers
For consumers seeking for a healthy lifestyle and finding ways to reduce the risk of illness is paramount. The desire to stay fit and healthy drives consumers to opt for herbal and botanical supplements. These supplements are considered to be among the best options in the personal care segment. Also, consumers’ interest in eating healthy food is influencing them to shift their dietary preferences in favor of food products rich with potential health benefits.
Some of the other prominent factors driving the growth of botanical supplements in the western countries include prostate for men, menopause for women, and cardiovascular health conditions leading to the use of suitable botanical supplements.
In addition, high-life expectancy resulting in rising incidences of lifestyle diseases (age-related) such as, diabetes, obesity, cholesterol, and high blood pressure is the major growth driver of the global botanical supplements market.
The constant efforts of consumers looking out for healthy lifestyles in order to keep the above mentioned diseases at bay is leading to high consumption of botanical supplements, worldwide.
Botanical Supplements Market, By Application
Considering the botanical supplements market analysis, based on application segment, the global market is bifurcated into applications such as, food and beverages, pharmaceutical, and personal care, along with end users as adult women, adult men, and baby boomers, among others. The usage of botanical supplements and its related products by adult women is estimated to grow and reach a value of US$32.9 billion in 2020, growing at a CAGR of 7.5% becoming the largest end-user segment in 2013.
However, middle-aged women with health and weight related issues are the largest consumers of botanical supplements within the end-users segment. Moreover, owing to increasing health issues with old age, the baby boomers segment is anticipated to rise over the forecast period 2014 to 2020.
Some of the botanical supplements that have been trending in the market over the past few years include turmeric (Curcuma longa), flaxseed (Linum usitatissimum) oil, and concentrated curcumin extracts. Geographically, Europe has emerged as the largest market for all such botanical supplements in the last few years. However, the botanical supplements market in Asia-Pacific is expected to surpass the European region due to rapid economic development and increased urbanization observed in this region.
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