Global botanicals market is expected to show a lucrative growth over the forecast periods owing to the rising awareness of the people towards botanical drugs and plant derived supplements as an alternative to the synthetic drugs. Growing prevalence of chronic diseases such as cardiovascular problems, arthritis, diabetes and advantages associated with botanical drugs over synthetic drugs such as being safer and economic are the factors driving the growth of this market. Additionally, technological advancements and the introduction of innovative products are supposed to surge the growth of the botanicals market. The market is anticipated to show a significant growth owing to the growing number of ageing population, increasing usage of botanicals and plant derived product for healthy lifestyle and to reduce the risk of being ill. The growth of the market may be hampered by strict regulations and concerns over raw materials.
On the basis of application, the botanicals market is segmented into foods and functional foods, dietary supplements, over the counter botanical drugs and natural cosmetic products. Dietary supplement market captured largest market share in 2013. Increasing demand of the products such as traditional medicine products, vitamins and minerals, probiotics and essential fatty acids coupled with increasing geriatric population and their preferences towards plant derived products are the factor attributing for its large share. Food and functional food segment of the market held the significant market share in 2013 owing to the increasing popularity of energy drinks and products especially in youngsters. Over the counter botanical drugs is expected to be the fastest growing segment owing to the increasing popularity of herbs and spices such as green tea and increasing prevalence of diseases like cardiovascular diseases, respiratory diseases, infectious and central nervous disorders coupled with efficacy and availability of cost effective botanical medicines. Product development of plant derived drugs in combination with other plant drugs, semi synthetic or synthetic drugs is anticipated to increase the popularity and thus the demand of the segment. Owing to the increasing concerns of people towards their health as well as beauty the natural and advantages associated with natural cosmetics such as fewer side effects and cost effective as compared to the synthetic cosmetics, organic cosmetics segment of the market is also expected to show a fruitful growth during the forecast period.
Geographically, the botanicals market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA (Middle East and Africa). North America segment dominated the botanicals market in 2013 in terms of revenue owing to the increasing awareness of people, growing population geriatric population, increasing R&D activities pertaining to the development of botanical drugs. In North America, presence of strict regulations by the U.S. FDA for the approval of new botanical drugs is expected to hamper the growth of this market. For instance, only 2 botanical drugs got a FDA approval for cardiovascular drugs.. Asia Pacific segment is expected to show a lucrative growth rate over the forecast period owing to the rising demand and usage of plant derived products such as medicine, food, and nutritional supplement and beauty products. Increasing traditional practices in the countries such as India, China and rising usage of botanicals such as turmeric, neem (Azadirachta indica), Holy basil, ashwagandha, ginger and several other plants with multiple uses such as in food, medicine and cosmetics are expected to fuel the growth of botanicals market in Asia Pacific region. Economical development, growing population and urbanization are the factors predicted to provide the great scope for the botanicals market.
Current key players of the botanicals market are Ricola, Dabur, Himalaya, HerbaLife, Amway, Omega Protein Corp. Naturalife Asia Co., Bayer AG, Bio-Botanica nc, Himalaya Drug company NBTY Inc. Companies such as Herbalife and Amway are focusing more into increasing awareness by efficient supply chain. Himalaya captures almost each segment of the botanicals market. Omega Protein Corp focuses mainly on products related to protein products. Dabur, being one of the big players in India has started to expand its business in North American and European nations recently with names with acquisition of Namaste Laboratories in 2011.
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