Revenue from the global botanical supplements market is estimated to be valued at more than US$ 40 Bn in the year 2017. By 2025 end, the global botanical supplements market is expected to reach a market valuation in excess of US$ 65 Bn, registering a CAGR of 6.9% over the forecast period (2017–2025).
Increasing health awareness and self-medication behavior among consumers aiding the global botanical supplements market
Rising awareness among consumers regarding the health benefits associated with consumption of botanical supplements such as holy basil extract, which helps in reduction of anxiety is a major factor expected to drive growth in demand for botanical supplements. Owing to increasing advertisements and easy availability of botanical supplements over the counter, demand for these supplements is increasing. Currently, consumers are more inclined towards self-medication due to rising penetration of internet and social media. These factors are expected to drive growth of the market for botanical supplements globally over the forecast period.
Increasing lifestyle diseases boosting the global botanical supplements market
Due to hectic schedules and changing lifestyle patterns, there is a steady increase in the incidence of lifestyle diseases such as diabetes, obesity, and high blood pressure. Thus, consumers are taking preventive measures for reducing the effects of lifestyle diseases. Owing to the inherent disease preventing properties such as slowing down digestion and absorption of carbohydrates, botanical supplements are a healthy alternative to prevent and reduce the effects of lifestyle diseases and this is supplementing revenue growth of the global botanical supplements market.
Lack of regulatory checks lead to false health claims, which in turn restricts the market growth of botanical supplements
Lack of stringent norms and regulations pertaining to the safety and efficacy of botanical health supplement products is a factor expected to affect the growth of this market globally. Owing to less emphasis on labeling and safety of these products, incidences of false health claims by manufacturers in order to market their products has increased significantly. These factors have impacted consumer outlook towards botanical supplements and this is expected to adversely affect the growth of the botanical supplements market to a certain extent. In December 2016, Patanjali Ayurved (an India-based herbal supplement manufacturer) was fined US$ 18,000 for misleading product advertisements.
Strengthening of safety norms presents a significant opportunity for players in the botanical supplements market
Major players in the health supplements market could focus on collaboration with regulatory bodies to strengthen safety norms for health supplements. Regulatory bodies are focusing on imposing various safety norms for manufacturing and marketing of botanical supplements. The European Food Safety Authority has passed a regulation regarding certain nutritional claims for some botanical substances and this list of botanical substances was issued in December 2012. Key players can focus on offering labeled and safe products. Several manufacturers have started adopting GMP (Good Manufacturing Practice), which could help in changing the outlook of consumers towards botanical supplements.
Global Botanical Supplements Market Analysis by Application
The Drugs segment by application is estimated to account for a value share of 47.0% and be valued at nearly US$ 19 Bn by the end of 2017. The Cosmetics segment is projected to witness a relatively high growth rate, registering a CAGR of 7.2% in terms of value and is expected to gain 46 BPS in 2025 over 2017.
Increasing adoption of botanical supplements by the geriatric population bodes well for the botanical supplements market
Increasing geriatric population in developed countries such as U.S. and Japan has led to significant expenditure on healthcare services. As a preventive health measure, the geriatric population is inclined towards using alternative medicines due to little or no side-effects. Botanical supplements are preferred by the ageing population, thereby driving botanical supplements market growth. In 2014, according to a population survey in the U.S., about 65.2 million people have reached 65 years of age and are inclined towards using personal healthcare products. This offers lucrative opportunities to botanical supplements manufacturers to offer botanical extracts based products in the personal healthcare segment.
Persistence Market Research presents a comprehensive and insightful report on the global botanical supplements market titled ‘Botanical Supplements Market: Global Industry Analysis and Forecast, 2017–2025’. The report begins with an executive summary that presents the important market numbers related to the global botanical supplements market such as the market values for the year 2017 and 2025 and the most attractive segment, region and demographic group in this market. The executive summary also gives a concise list of drivers, restraints and trends operating in the global botanical supplements market, which are dealt in detail in another exclusive section of this report. The executive summary also has a list of prominent players operating in the botanical supplements market. In another part of the executive summary, the global botanical supplements market share for the year 2016 by application, by region and by demography are stated. There is also a concise and yet informative Persistence Market Research analysis on the overall market approach of the leading players operating in the global botanical supplements market and information is also given on the target application and the target region that are most lucrative in this market. The differentiating strategies of the leading market players are also mentioned here. At the end of the executive summary, there is a diagrammatic representation of the various stages of the global botanical supplements market – the introduction stage, growth stage, maturity stage and stagnancy stage. After the executive summary, there is a section on the market introduction that gives a detailed market taxonomy of the global botanical supplements market.
A section of the report is devoted to the global botanical supplements market definitions and product introduction. After this, global botanical supplements market value chain analysis is given. This is followed by a detailed section on the market dynamics of the global botanical supplements market. This exhaustive section talks about the macro-economic factors that play a part in shaping up the global botanical supplements market. Along with this, there is an exhaustive explanation about the drivers, restraints and trends applicable in the global botanical supplements market. This is an important section of the report as it contains a detailed explanation about the factors that encourage the growth of this market and as well as the factors that hamper the growth of this market. Besides this, weightage of impact of the forecast factors is also given in this section. After the market dynamics section, the regional subsections of this report contain important market information in the form of global botanical supplements market size (US$ Mn) forecast by country, by application and by demography. Also, these important sub-sections of the report contain important figures in the form of BPS analysis, year-on-year growth rates, absolute dollar opportunity and market attractiveness analysis. At the end of these sub sections, a list of regional botanical supplements market participants is given.
An entire section of the report focuses on the competition landscape of the global botanical supplements market. This competition landscape gives a dashboard view of the key companies operating in the global botanical supplements market along with their important information and broad strategy adopted to stay as leaders in the global botanical supplements market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented. This competition landscape is the most important section of the report as it imparts a deep understanding of the top companies operating in the global botanical supplements market and is valuable for new entrants in the field to get a learning about how the companies are leading this lucrative market and also for established market players in order to get a better understanding about their competitors. Last but not the least, important information is given in the form of global market analysis forecast 2017-2025 of the botanical supplements market by region, by application and by demography.
Overall market size has been analyzed through historical data, primary responses, and public domain data. Revenue of companies in the botanical supplements market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to estimate the market size over the forecast period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated using the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the global botanical supplements market.