Echinacea is a herbal supplement , extremely popular with the masses. The reason behind this massive popularity is partly its benefits – fights flu, lowers blood pressure, controls blood sugar, manages anxiety, etc – and is partly a growing demand for plant-based supplements. Thus it does not come as a surprise that between 2019 and 2029, the segment will contribute the largest revenue.
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It is worth noting here that the particular supplement under the lens – Echinacea – is the most prominent in the region of United States. Besides, it is also the third most popular in the area. And, as clinical studies create proof of efficacy for the same, the popularity will only grow further, adding to growth of the global botanical supplements market.
The statements are confirmed in the latest report by TMR Research, which analyses and delineate how aid the global botanical supplements market is charting a significant growth curve over the forecast period, adding new and lucrative opportunities of growth for the market players marking the global botanical supplements market with their presence.
Some of the factors that are leading to this growth over the forecast period include rise in geriatric population, the quickly catching-up trend of veganism, and a robust performance demonstrated by companies that mark the marketscape.
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It is worth noting that by 2050, 2 billion people will be aged 60 and above, one in every six will be aged 65 and above. One in every four will be aged 65 and above In North America and Europe, painting a dire picture in terms of demand for healthcare products and services, including demand for supplements. It is also worth noting that 2018 has already witnessed a tectonic shift in terms of demographics – history was created as the older populace surpassed the younger ones in terms of numbers. In the stated count, age of former was 65 and above and of latter, it was five and below.
It is pretty significant to note that a large chunk of people across the globe, and particularly in the United States of America, are moving towards veganism. Here, no products whatsoever, are consumed if they are animal-based, even if it is not meat, and even it is just milk. And, as social media influencers endorse it on war scale, the demand for plan-based products will only increase further, adding to the growth trajectory of the global botanical supplements in a big way.
Well Established Companies Grace Competitive Landscape of Global Botanical Supplements Market
Though the competitive landscape is only fairly fragmented, a number of noted players likeGlanbia Nutritionals, Inc., MusclePharm, and Nature’s Bounty Co. (NBTY) mark the marketscape, investing heavilytowards research and development, pushing the market onto a higher growth curve. Some of the pther players that are a part of the fray include Archer Daniels Midland Company (ADM); Glanbia Nutritionals, Inc.; Botanicalife International of America, Inc.; Arizona Natural Products; Naturalife Asia Co., Ltd.; and Blackmores Limited, among others.
Players are focused on deploying a number of strategies to gain market edge over others competitors, based on what particularly fits their bill. Some of the most common strategies include diversifying product portfolio. This, in turn leads to increase in investment towards research and development, as it marks the foundational necessity of improving and developing on products.
In the March of the year 2017, vegan protein supplement was launched by MusclePharm Corporation, as part of its MusclePharm Natural Series. But, it is not the only company focused in towards improving the product portfolio. NBTY too has come up with more flavors for its Pure Protein Super Food – mixed berry, vanilla bean, cocoa, and so on.
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