Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Botanical Supplements Market size is expected to reach $55.7 billion by 2028, rising at a Market growth of 8.9% CAGR during the forecast period.
The Leaves segment acquired maximum revenue share in the Global Botanical Supplements Market by Source in 2021, thereby, achieving a Market value of $16.9 billion by 2028. The growing interest in numerous herbal plants for their immune-boosting and other health advantages. Among other botanical ingredients, the most commonly utilized ingredient in herbal leaves. Rising consumer awareness and interest in Ayurveda, India's traditional medicinal system, has supported the increasing use of herbal leaves. In addition to being widely used as a food element (for example, in curries), basil has been consumed medicinally in Ayurveda to treat a number of ailments, including joint discomfort, inflammation, ulcers, kidney, liver, and respiratory diseases, among others.
The Powder segment is showcasing a CAGR of 8.7% during (2022 - 2028). The increased demand for energy-mix powders among athletes and bodybuilders is credited with the expansion of the powder industry. Furthermore, dietary supplement manufacturers such as Amway have added powder for products such as NUTRILITE that may be mixed with beverages and milk products. Since gummies are more appealing than other typical tablets, they create a significant growth opportunity for producers.
The Energy & Weight Management segment is leading the Global Botanical Supplements Market by Application in 2021, thereby, achieving a Market value of $12.9 billion by 2028. This is attributable to the increased popularity of online diet plans and government initiatives aimed at encouraging people to eat healthier. In industrialized economies, the prevalence of health issues such as cardiovascular illnesses, cancer, and diabetes has increased dramatically in recent years. People thus are relying on botanical supplements to get their nutrients while abstaining from eating excessive high-calorie foods.
The Online segment has shown growth rate of 9.6% during (2022 - 2028). This is due to the rising popularity of e-commerce platforms due to their ease of use. Also, many countries were in government-mandated lockdowns during some parts of the 2021 year. Hence, online retail stores were preferred by consumers to get their botanical supplements.
The North America is the fastest growing region in the Global Botanical Supplements Market by Region in 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $19.1 billion by 2028, growing at a CAGR of 7.6 % during the forecast period. The Europe Market is estimated to witness a CAGR of 8.2% during (2022 - 2028). Additionally, The Asia Pacific Market would experience a CAGR of 9.8% during (2022 - 2028).
The Market research report has exhaustive quantitative insights providing a clear picture of the Market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the Market have been discussed in the report with the elaborated company profiles of Ricola Group Ltd., Nutraceutical Corporation, Blackmores Limited, Dabur India Ltd., Mondelez International, Inc., The Procter and Gamble Company, Glanbia PLC, BASF SE, The Bountiful Company (Nestlé SA), and The Himalaya Drug Company (Himalaya Global Holdings Ltd.)
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