United States botanical supplements market is expected to grow with a CAGR of 6.24% during the forecast period (2020 - 2025).
- The consumer awareness about botanical variants and their functional properties have been a key driver for the market prosperity.
- The growth rate of botanical supplements is primarily driven by factors, such as rising inclination toward natural products and growing awareness of preventive healthcare supported by increasing spending on health and wellness.
- The increasing geriatric population, coupled with the rising prevalence of chronic conditions, is anticipated to drive the growth of botanical products across the country.
Key Market Trends
The Growing Popularity of Plant Sourced Products
The supplement market has been witnessing a shift in consumer demand from animal-based products to plant-based products. An increasing number of consumers have been demanding these products, either for medical reasons or as a healthy lifestyle; as a result, the current generation of vegetarian food products continues to expand. The consumers have been actively trying to incorporate more plant-based foods into their diets. This suggests that plant-based options appeal to significantly more people than just those who follow vegetarian diets and those who follow vegan diets. Studies depict around 40% of the population in the United States have started incorporating plant-based foods in their diets, owing to the rising consumer inclination toward healthy lifestyles, along with various initiatives taken by the government bodies. The Herb Market Report published by the American Botanical Council states that, in 2017, the US retail sales of herbal supplements grew by 8.5%, and this represents the strongest US sales growth for herbal supplements in more than 15 years. Botanical supplements with organic and non-GMO labeling have been gaining more popularity, as consumers are becoming more conscious about the sourcing of ingredients.
Powdered Supplements are the Fastest Growing Market Segment in the Country
Dried powdered extracts are the most effective botanical preparation. The botanical powder manufacturing process preserves all active components of the base material. They are also easy to take and portable, thereby, making them the most adaptable format of botanical products. The commonly used botanical raw materials in the United States include black cohosh, echinacea, garlic, ginkgo, saw palmetto, and St. John’s wort. Botanical supplements are no longer a niche category and are supplemented for various health benefits, such as improve the immune system, anti-inflammatory power, depression treatment, skincare benefits, and to boost mental health. Dried powdered extracts are the most effective botanical preparation. The botanical powder manufacturing process preserves all active components of the base material. They are also easy to take and portable, thereby, making them the most adaptable format of botanical products. Innovations are being made in botanical supplement delivery formats. The new delivery technologies that protect strains and deliver them with greater accuracy has become an important part of the various types of supplements category. Direct dose powders are among the new and interesting formats, which have been becoming popular.
The botanical supplements market is competitive and comprises of regional and international competitors. Partnerships, mergers and acquisitions, new product launches, and innovations are the major strategies adopted by companies. Expansion and new product launches are the other major strategies adopted. The giants of the market have been progressively relying on product innovation as the most adopted strategy among others. The extensive investment in R&D had been witnessed in the past years, which has led to the introduction of numerous new products to hit the market. The leading players have an upper edge and continue to dominate the market. The major global players have an easy reach due to high brand awareness among consumers, which promotes their market reputation.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1.1 Powdered Supplements
5.1.2 Capsules and Tablets
5.1.3 Other Forms
5.2 By Distribution Channel
5.2.2 Pharmacies/ Drug Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Nature's Bounty Co.
6.4.2 Amway Corporation
6.4.3 GNC Holdings Inc.
6.4.4 NOW Foods
6.4.5 Herbalife International of America, Inc.
6.4.6 Dr. Willmar Schwabe GmbH & Co. KG
6.4.7 Gaia Herbs LLC
A selection of companies mentioned in this report includes:
- Nature's Bounty Co.
- Amway Corporation
- GNC Holdings Inc.
- NOW Foods
- Herbalife International of America, Inc.
- Dr. Willmar Schwabe GmbH & Co. KG
- Gaia Herbs LLC