Botanicals are plants or plant extracts that are used in cosmetics, food, and medicine. Botanical extracts offer various health benefits such as anti-inflammatory, antioxidant, anticancer etc. and are used in pharmaceuticals, dietary supplements, functional food and beverages. The growing awareness about the side-effects of allopathic medicines is encouraging people to opt for herbal alternatives. Botanicals help strengthen the immune system and reduce stress and anxiety. The botanical supplements market is growing due to the rising aging population seeking natural remedies for age-related diseases like Alzheimer’s and arthritis. Easy availability of botanical products through e-commerce platforms and health stores is boosting the market demand.
The Global Botanicals Market is estimated to be valued at USD 112.31 Billion in 2024 and is expected to reach USD 174.10 Billion by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Key players operating in the Global Botanicals Market are NutraMarks, Nature's Way Products, Naturex, EuroPharma, Bio-Botanica, and NBTY.
The rising prevalence of lifestyle diseases and growing health-conscious population are the major factors driving the demand for Botanicals Market supplements globally. As per surveys, over 50% of Americans regularly consume botanical supplements to meet their daily nutritional needs.
Technological advancements in botanical extraction methods allow for standardized, concentrated formulations that are more bioavailable and stable than crude plant extracts. Supercritical fluid extraction and other innovative techniques help preserve the active compounds providing improved therapeutic benefits.
Market Trends
The functional food and beverage sector is integrating more botanical extracts into their product formulations to cater to consumers seeking health and wellness products. Innovative delivery formats like botanical-infused coffees, teas, juices are emerging.
Plant-based meat and dairy alternatives enhanced with botanical extracts that provide nutritional and sensory properties are gaining popularity. Players are exploiting opportunities in vegan and flexitarian food markets with botanical-fortified imitation meat and dairy products.
Market Opportunities
The growing demand for natural ingredients in personal care and beauty products provides opportunities for botanical extract manufacturers. Ingredients with anti-aging and skin conditioning properties are in high demand.
The rise of traditional Chinese medicine and Ayurveda globally has opened newer avenues. Developing customized botanical formulations for specific medical conditions can capture unmet needs in alternative medicine sectors.
Impact of COVID-19 on Botanicals Market Growth
The COVID-19 pandemic has significantly impacted the botanicals market globally. In the initial phase of the pandemic, demand from end-use industries declined sharply due to lockdowns and restrictions imposed to curb the spread of the virus. Supply chain disruptions led to non-availability of raw materials for manufacturers. However, the demand witnessed revival in the later part as consumer preferences shifted towards health and wellness products. Herbal formulations gained prominence for their immunity-boosting properties.
In terms of value, North America is currently the largest regional market for botanicals, driven by increasing demand for natural ingredients in food and beverages and pharmaceuticals. Europe follows significantly due to robust herbal supplement industry and progressive regulations. Though impacted initially, recovery has been faster in these developed markets with structured supply chains. The Asia Pacific region excluding Japan is expected to witness the fastest growth in coming years owing to rising health-conscious middle-class population and focus on traditional medicine. Countries like India, China and Southeast Asian nations offer immense opportunities for market expansion.
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