Botanical Supplements Market Size, Share, Forecast, & Trends Analysis by Source (Spices, Herbs, Fruits), Form (Tablets, Powder), Application (Energy, Weight Management, Immunity), Distribution Channel (Pharmacies, Online Retail) - Global Forecast to 2031

The Botanical Supplements Market was valued at $47.9 billion in 2023. It is expected to reach $81.6 billion by 2031 from an estimated $51.1 billion in 2024, at a CAGR of 6.9% during the forecast period from 2024 to 2031.

Botanica Supplements Market Size & Forecast

The growth of this market is driven by several factors, including increased health expenditures, a growing vegan and vegetarian population, rising demand for natural and organic supplements, and enhanced product innovation among botanical supplement manufacturers. Furthermore, the increasing awareness of health & wellness and the emergence of developing countries are anticipated to generate growth opportunities in the market.

Key Findings

• By Source: In 2024, the Spices Segment is Expected to Dominate the Botanical Supplements Market
• By Form: In 2024, the Tablets Segment is Expected to Dominate the Botanical Supplements Market
• By Application: In 2024, the Energy & Weight Management Segment is Expected to Dominate the Botanical Supplements Market
• By Distribution Channel: In 2024, the Drug Stores/Pharmacies Segment is Expected to Account for the Largest Share of the Botanical Supplements Market
• By Geography: North America to Dominate the Botanical Supplements Market in 2024

Botanical Supplements Market Drivers

Rise in Health Expenditure

During the pandemic, consumers became more health-conscious, leading to a preference for nutritious foods and beverages. This shift has resulted in a heightened demand for immunity-boosting supplements. As health concerns rise and chronic diseases such as cancer, heart disease, diabetes, and obesity become more prevalent, healthcare expenses have surged. According to the American Medical Association (AMA), health spending accounted for 17.3% of the country's GDP in 2022. Additionally, healthcare spending in the U.S. increased by 4.1% in 2022, totaling USD 4.5 trillion. As individuals prioritize their health, they are increasingly investing in products that promote well-being. Consequently, this rising healthcare expenditure is expected to drive growth in the botanical supplements market.

Growing Vegan and Vegetarian Population

In recent years, veganism & vegetarianism have seen significant growth, driven by increasing consumer awareness of health, environmental issues, and animal welfare. Additionally, vegan diets are becoming more popular among consumers. According to The Vegan Society, in 2023, approximately 700,000 individuals participated in the Veganuary campaign, which encourages people to eat only vegan foods during January. This marks an increase from 692,000 participants in 2022, 582,000 in 2021, and 400,000 in 2020.

Botanical supplements are gaining popularity among the vegan population due to their sustainable and naturally sourced ingredients. Many traditional supplements are derived from animal products or their byproducts, which raises concerns for vegans, particularly regarding vitamin B12 deficiency, as this vitamin is primarily found in animal sources. Botanical supplements can help fill these nutritional gaps, making them an appealing option for vegans seeking to maintain optimal health. As the number of vegans and vegetarians continues to rise, the demand for botanical supplements is expected to increase, driving growth in this market.

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Botanical Supplements Market Opportunities

Growing Awareness of Health and Wellness 

Consumers are increasingly focused on living longer and healthier lives in response to rising health concerns. Their preferences are shifting towards natural products that are free from additives, preservatives, and synthetic chemicals. Well-being is becoming a global movement, as people aim to maintain their health, especially with increasing average lifespans. Many are turning to healthier foods and supplements as preventive measures to avoid future healthcare costs, favoring those sourced naturally. Several botanical supplements offer benefits such as immune support, improved memory and cognitive function, stress relief, mood enhancement, digestive health, and possess anti-inflammatory and antioxidant properties. Consequently, the growing awareness of health and wellness is expected to create significant growth opportunities for players in the botanical supplements market in the coming years.

Botanical Supplements Market Analysis: Top Market Opportunity:

The Spices Segment is Expected to Dominate the Botanical Supplements Market in 2024

Based on source, the botanical supplements market is segmented into spices, herbs, fruits, vegetables, ornamental flowers, and other sources. In 2024, the spices segment is expected to account for the largest share of the botanical supplements market. The large market share of this segment is attributed to the increasing awareness of the health benefits and potent bioactive compounds found in spices. Many spices exhibit antioxidant, anti-inflammatory, and antimicrobial properties. For example, turmeric is a key spice with extensive applications in various products, as its curcumin content is known for its strong anti-inflammatory effects and potential role in combating several diseases, including cancer.

Additionally, oregano and cloves contain significantly higher levels of antioxidants, which help reduce oxidative stress and protect cellular health. Ginger is known for its effectiveness in treating nausea and digestive issues, while garlic is recognized for its cardiovascular benefits. Moreover, spices enhance the flavor of supplements, making them more palatable, which further contributes to the growth of the market.

Geographical Analysis

North America Dominates the Botanical Supplements Market in 2024

In 2024, North America is estimated to account for the largest share of the botanical supplements market. This large share is primarily attributed to the high awareness regarding health and wellness, the growing prevalence of various chronic diseases, the rising adoption of dietary supplements, rising tendencies towards natural and organic supplements, and advancements in nutrition and technology.

However, Asia-Pacific is slated to register the highest CAGR during the forecast period. This growth is attributed to the increasing number of health-conscious individuals, rising expenditures on health-related products, awareness of supplement consumption, and the growing presence of vegan & vegetarian populations. Additionally, there is an uptick in the production of raw materials and ongoing product development by both local and multinational manufacturers. Moreover, the region's long-standing tradition of using natural remedies has led to a significant adoption of botanical supplements.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years (2021-2024).

The key players profiled in the global Botanical Supplements market report are Dabur India Limited (India), Nature’s Bounty (U.S.), Ricola AG. (Switzerland), Mondelēz International, Inc. (U.S.), The Procter & Gamble Company (U.S.), Nutraceutical International Corporation (U.S.), BASF SE (Germany), The Himalaya Drug Company (India), Glanbia plc (Ireland), Botanicalife International of America, Inc. (U.S.), Blackmores Limited (Australia), Amway Corp. (U.S.), and GNC Holdings Inc. (U.S.), among others.

Botanical Supplements Industry Overview: Latest Developments from Key Industry Players

• In October 2024, PLT Health Solutions (U.S.) introduced cellflo6, a botanical ingredient derived from green tea to global markets. This ingredient is known for its wide range of benefits related to energy, sports performance, and overall health.
• In May 2024, Phytaphix (Ireland) launched the Neuro Phix capsule, featuring a blend of boswellic acid, ellagic acid, curcuminoids, ginger root, silymarin, and vitamins B12 and D3.
• In December 2023, Garden of Life (U.S.) launched a new line of botanical supplements, which includes Liposomal Berberine, Stress Relief Gummies, Brain Health Capsules, Heart Health Capsules, Menopause Hair Growth Softgels, and Eye Health Softgels, all designed to support and enhance overall health.

Botanical Supplements Market Research Summary

Key questions answered in the botanical supplements market report: