Botanicals Market: Rising awareness about the benefits of botanicals to drive the market
Medical preparation derived from plants or natural sources is called botanicals. Botanicals are also called herbal or natural supplements. They are available in various dosage forms, such as, oils, tablets, powders, etc. Botanicals have wide applications, ranging from dietary supplements to therapeutic agents. They are widely used in the treatment of various acute and chronic diseases. These preparations can be used on all age groups (infants, pediatrics, as well as adults). Growing incidence and prevalence of diseases such as cardiovascular diseases, obesity, diabetes, etc., along with rising geriatric patient pool, drives the growth of the global botanicals market. Morover, these preparations have minimal or zero side-effects which further boost their adoption among the users. However, despite the booming growth of the botanicals market across the globe, unavailability of scientific data for the claim of botanicals is hampering the growth of the market. Thus, many regulatory bodies have now made it compulsary that any natural product should provide scientific evidence supporting its therapeutic claims prior to commercialization. Furthermore, several governments and regulatory institutes are now funding research studies to secure supporting scientific data which is likely to further boost the adoption of these medical preparations. Other important drivers of the botanicals market are the promotional strategies adopted by the major players, rising awareness of the products, and rise in penetration of e-commerce.
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The global botanicals market can be segmented based on type, intervention, distribution channel, and geography. In terms of type, the market can be divided into powders, tablets, oils, extracts, and others. Based on intervention, the botanicals market can be segregated into Homeopathy, Ayurveda, and Naturopathy. Benefits such as minimal or zero side-effects and improved efficacy of botanicals have led to rapid adoption of these preparations in the treatment of various chronic and acute diseases. Based on distribution channel, the botanicals market can be classified into direct sales and e-commerce. The e-commerce segment is expected to expand at a significant CAGR during the forecast period (2018-2026) due to increase in awareness about botanicals, rise in number of internet users, and ease of use of these preparations.
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Based on geography, the global botanicals market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to hold significant share of the global botanicals market. Key drivers of the market in these regions are rising research & development expenditure, presence of key market players, growing patient pool with chronic diseases, such as diabetes, requiring prolong treatment, and surging demand for botanicals or herbal supplements. The botanicals market in Asia Pacific is expected to grow rapidly during the forecast period due to huge population base, growing geriatric population, and rising awareness about the benefits of botanicals in the region. Moreover, increasing focus of key players for business expansion due to low manufacturing cost propels the growth of the botanicals market in Asia Pacific.
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Major players operating in the global botanicals market include Ricola, Dabur, Omega Protein Corp., Amway, Herbalife, Himalaya Drug Company, Nature's Bounty Co., Naturalife Asia Co., Bio-Botanica Inc., and Bayer AG.
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