Market Size of United States Botanical Supplements Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.24 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Botanical Supplements Market Analysis
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.
US Botanical Supplements Industry Segmentation
The United States botanical supplements market is segmented by form into powdered supplements, capsules and tablets, and other forms. The market is also segmented by distribution channel into supermarket/hypermarket, pharmacies/ drug stores, online retail stores, and other distribution channels.
| By Form | |
| Powdered Supplements | |
| Capsules and Tablets | |
| Other Forms |
| By Distribution Channel | |
| Supermarket/Hypermarket | |
| Pharmacies/ Drug Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
United States Botanical Supplements Market Size Summary
The United States botanical supplements market is experiencing significant growth, driven by increasing consumer awareness of the benefits and functional properties of botanical variants. This growth is largely attributed to a rising preference for natural products and a heightened awareness of preventive healthcare, supported by increased spending on health and wellness. The expanding geriatric population and the growing prevalence of chronic conditions further contribute to the demand for botanical products. A notable shift in consumer demand from animal-based to plant-based supplements is evident, as more individuals incorporate plant-based foods into their diets for health reasons or as part of a healthy lifestyle. This trend is supported by government initiatives and reflects a broader appeal beyond just vegetarian and vegan diets. The popularity of botanical supplements with organic and non-GMO labeling is on the rise, as consumers become more conscious of ingredient sourcing.
The market for botanical supplements is competitive, with both regional and international players vying for market share. Companies are focusing on strategies such as partnerships, mergers and acquisitions, and new product launches to maintain their competitive edge. Product innovation has become a key strategy, with significant investments in research and development leading to the introduction of new products. The market is dominated by major global players who benefit from high brand awareness and a strong market reputation. Botanical supplements are no longer a niche category; they are widely used for various health benefits, including immune system support, anti-inflammatory effects, depression treatment, skincare, and mental health enhancement. Dried powdered extracts are particularly popular due to their effectiveness and portability, and innovations in delivery formats are further enhancing their appeal.
United States Botanical Supplements Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Form
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2.1.1 Powdered Supplements
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2.1.2 Capsules and Tablets
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2.1.3 Other Forms
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2.2 By Distribution Channel
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2.2.1 Supermarket/Hypermarket
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2.2.2 Pharmacies/ Drug Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channels
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United States Botanical Supplements Market Size FAQs
What is the current United States Botanical Supplements Market size?
The United States Botanical Supplements Market is projected to register a CAGR of 6.24% during the forecast period (2024-2029)
Who are the key players in United States Botanical Supplements Market?
Nature's Bounty Co., Amway Corporation, GNC Holdings Inc., NOW Foods and Herbalife International of America, Inc. are the major companies operating in the United States Botanical Supplements Market.
