The global botanicals market is anticipated to witness growth over the forecast period. From ages, natural products, extracts & nature-based products have been used as a form of treatment for various acute & chronic ailments. With time, various improvements have been made to the natural products that resulted in proper dosage & properties from crude forms and now are categorized under the name botanicals/herbal supplements/natural supplements.
Botanicals in the market are available in various forms that include oils, tablets, herbs, powders, even in this advanced age, botanicals are being used widely by almost all the population pools ranging from infants, youth & adults. People are adopting botanical products for almost all types of ailments like dietary supplements to chronic treatment for pains & injuries. Increased consumer awareness for preventive healthcare along with the aging population, increasing prevalence of chronic problems such as cardiovascular diseases, diabetes, obesity, the increased belief of assurance of no side effects unlike modern medicine have been the main contributors for the botanicals market growth.
Despite the booming growth of botanicals industry, lack of scientific back up for the claims is hindering the market growth to an extent. Many regulatory bodies have made it mandatory that any natural product up for commercial distribution should have scientific evidence supporting the therapeutic claims. With scientific evidence being a mandate, many governments have been funding for the studies to provide supporting data and to help improve the adoption of these natural products.
Other factors that are propelling the industry growth are the rise of E-commerce, marketing strategies being adopted by the distributors & manufacturers, high competition between the market players. Some of the leading companies in this market space are Dabur, Ricola, Herbalife, Himalaya, Omega Protein Corp., Amway, Bayer AG, Naturalife Asia Co., Himalaya Drug Company NBTY Inc., and Bio-Botanica Inc.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.