According to the research report titled ‘Global Botanical Supplements Market Size study, by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), Application (Food and beverages, Pharmaceutical, and Personal care) and Regional Forecasts 2021-2027’, available with Market Study Report, global botanical supplements market was assessed at USD 89.64 billion in 2020 and is speculated to be worth USD 147.27 billion by 2027, expanding at an annual rate of 7.35% between 2021-2027.
 

Growing geriatric population, and surging incidences of chronic diseases are key factors spurring global botanical supplements industry expansion. As per the United States Census Bureau, by 2034, geriatric population of the U.S. is projected to reach 77 million.
 

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According to the International Diabetes Federation, in 2019, 463 million people suffered from diabetes across the world. This number is estimated to reach 578 million by 2030.
 

For the unaware, botanical supplements are plant-based dietary supplements. They are available in several forms and used in both traditional and alternative medicine. Extensive consumption of these supplements is adding to market valuation.
 

While development of personalized and customized products, alongside government support for R&D will aid market augmentation, adulteration of raw materials, and no standardization of botanical supplements are poised to act as challenges in this sphere.  
 

Based on distribution channel, worldwide botanical supplements industry is divided into retail pharmacies, hospital pharmacies, and online pharmacies. Moving on to application scope, the market sphere is bifurcated into food & beverage, personal care, and pharmaceutical.
 

Regionally speaking, North America held major industry share in the past year due to growing obesity rates, increasing use of dietary supplements, and popularity of vegetarianism. Meanwhile, Europe market is estimated to expand rapidly between 2021-2027, due to consumer inclination towards healthier products, and rising elderly population.
 

Key players profiled in global botanical supplements report are Archer-Daniels-Midland Company, BASF SE, Integrated BioPharma Inc., Nutraceutical International Corporation, Chromadex Inc., Surya Herbal Limited, NaturaLife Asia Co. Ltd., Herbalife Nutrition, Bio-Botanica Inc., and The Himalaya Drug Company.
 

These companies have undertaken strategic decisions such as mergers & acquisitions, investments in R&D, partnerships, and launch of new products to enlarge profit margins and strengthen their foothold in this business sphere.