Meticulous Research® has published its latest report, “Botanical Supplements Market—Global Opportunity Analysis and Industry Forecast (2024–2031),” forecasting that the global botanical supplements market will reach $81.6 billion by 2031, registering a CAGR of 6.9% during the forecast period.
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Key Market Dynamics
The botanical supplements market is thriving, propelled by rising health expenditures, an increasing vegan and vegetarian population, and the growing demand for natural supplements. Product innovation among manufacturers has also played a pivotal role in market expansion. However, challenges such as high product costs and competition from substitutes could impede growth.
Emerging markets and clean-label product trends provide lucrative opportunities for players in the botanical supplements space. Clean-label products, in particular, are gaining traction as consumers increasingly prioritize transparency and natural ingredients.