Europe Botanical Supplements Market Size

Europe Botanical Supplements market Analysis

Europe Botanical Supplements market is projected to register a CAGR of 7.7% during the forecast period, 2022-2027.

Evolving health and wellness trends have promoted the consumer shift toward natural products and flavors which has significantly impacted the market's growth in the region. Consumers are willing to limit their exposure to the harmful chemicals used in conventional products owing to the growing awareness about the health and benefits of botanical products. For instance, According to FIBL(Research Institute of Organic Agriculture), European consumers spent EUR 63.3 on organic food per person in 2020, stating that consumer spending on organic food has doubled in the last decade. In 2020, Switzerland and Danish consumers spent the most on organic food (EUR 418 and EUR 384 per capita, respectively). Additionally, players operating in the market are taking action to make the products readily available to all consumers through different distribution channels. They can be bought over the counter in pharmacies, supermarkets, specialist shops, and via the internet. The presence of branded products and privately labeled products coupled with the growth in retail channels is expected to fuel the growth of botanical supplements in the country.

Moreover, with innovations in health supplements, players are introducing new flavors, and of which the number of consumers is expected to increase during the forecast period. The major players in the market are also successful in promoting the benefits of organic products. However, the availability of substitute products like conventional products which are also pocket friendly has the potential to hinder the growth of the market.