The botanical supplement market is anticipated to grow at a considerable CAGR of 6.5% during the forecast period (2024-2031). The rise in health-conscious individuals corresponds with an increasing awareness regarding the utilization of botanical supplements is the driving factor of the growth of the global market. Dietary, nutraceutical and herbal supplements are used to maintain good health. Botanical dietary supplements, also known as herbal or herb-based dietary supplements, are crafted from plants, various plant components, or extracts derived from plants. Echinacea, green tea extract, garlic, and evening primrose oil are instances of plant-based dietary supplements commonly utilized for health purposes. Increasing botanical supplement product consumption has reduced health problems.
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Factors that Affected the Botanical Supplement Market
- Market players are introducing various liquid products free from artificial colors and flavors making the taste natural. This eliminates the need for intricate brewing processes, powder scooping, or the use of multiple ingredients. For instance, in October 2023, Martin Bauer launched a line of premium tea and botanical syrups. These syrups provide brilliant flavors, enhanced functionalities, and vibrant colors to a wide range of beverages, from lemonades and lattes to cocktails. The collection consists of 6 syrups including Black Tea, Green Tea, Matcha, Butterfly Pea Flower, Hibiscus, and Energy Blend.
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- Market players are introducing their brands in online stores. Simplifies the buying process, allowing consumers to easily pick and choose what they prefer. To cater diverse dietary preferences and free from artificials. For instance, Wellness Brand Lemme introduced botanical supplements in Amazon’s US stores. Their products are vegan, gluten-free, non-GMO, and free of corn syrup, gelatin, artificial sweeteners, synthetic colors, and sugar alcohol.
The major companies serving the global botanical supplement market include Nature’s Bounty Co., Himalaya Drug Company, Amway Corp., GNC Holdings Inc., and Gaia Herbs, LLC among others. The market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and advancement in their cloud offerings to stay competitive in the market. For instance, in April 2023, Seppic entered into a partnership with Botalys, a Belgian start-up working in the cultivation of rare and medicinal plants. The research partnership will focus on the co-development of new ingredients as well as distribution contracts in various markets and geographies for Botalys’ Ginseng-based products.
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