New York City, New York, Oct 28, 2015: As per the latest market report published by Persistence Market Research, titled “Global Market Study on Botanical Supplements: Personal Care Segment to Witness Highest Growth by 2020”, the global botanical supplements market stood at US$54.6 billion in 2013, and is predicted to expand at a 7.5% CAGR between 2013 and 2020, to reach US$90.2 billion by 2020.
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The global botanical supplements market is fuelled by the increase in preference for food and food products that provide distinct health benefits. These supplements are excellent for consumers who aspire to adopt a healthy lifestyle and are excellent for the prevention of diseases. The most widely utilized botanical products are garlic, plantago, ginger, ginseng, red clover, extracts of soy, and rhodiola.
The rise in the global geriatric population, the low cost of botanical supplements in comparison to other traditional supplements, and the none-to-minimal side effects of these supplements are projected to stimulate the demand from the botanical supplements market. Recently, the advancement in sales media, in the shape of internet sites, television, and radio direct sales outlets, added to the supplements sold directly by health professionals from their offices, has materialized as the key opportunity area for the botanical supplements industry.
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Nonetheless, the current regulations on botanical products imposed by the Medicines and Healthcare products Regulatory Agency in the European Union and the U.S. Food and Drug Administration have emerged as a major challenge for suppliers of botanical supplements, which has impeded the growth of this market.
As per this report, the global botanical supplements market is categorized in terms of end users, applications, and geography.
The report states that on the basis of application, the botanical supplements market is segmented into pharmaceuticals, beverages, and personal care. In terms of end users, the global botanical supplements market is segmented into adult men, adult women, baby boomers, and others. Amongst these, female middle-aged users with weight issues are the biggest consumers of herbal supplements. The segment of baby boomers is projected to display the highest growth in the coming years owing to the increase in the number of health issues that usually arise in the aging population.
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On the basis of geography, the botanical supplements market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The market for botanical supplements has been dominated by Europe in the past few years, trailed by Asia Pacific. China and India are undergoing expeditious urbanization and industrialization and are anticipated to maintain the same in the forthcoming future, primarily because of the progressing economies of these countries.
The botanical supplements market in Asia Pacific is fuelled by increased urbanization, the recent economic development, and the consistent norm of utilizing botanical medicine. However, the global market for botanical supplements is highly fragmented. The major companies in the global botanical supplements market include Procter & Gamble, Bayer AG, Surya Herbal, Ltd., ChromaDex, Inc., Ricola, Nutraceutical International Corporation, NBTY, Inc., NaturaLife Asia Co., Ltd, BASF SE, Blackmores Limited, The Himalaya Drug Company, Integrated BioPharma, Inc., and Pharmavite LLC.
Key points covered in the report
1) Report segments the market on the basis of types, application, products, technology, etc (as applicable)
2) The report covers geographic segmentation
3) The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
4) The report provides company profiles of some of the leading companies operating in the market
5) The report also provides porters five forces analysis of the market.
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