Overview of the Global Botanical Extracts Market Under Today Economic Model

The global botanical extracts market reached $23.7 billion in 2019 and is expected to reach $59.4 billion by 2025, growing at a CAGR of 16.5% from 2019 to 2025.

The average growth rate of global phytoextract development over the past decade or so is around 5%, and the demand for phytoextracts in the food and beverage industry is growing with the concerns about the side effects of synthetic additives, growing awareness about the health benefits of plant medicines and herbal extracts, and the growth of R&D activities in the phytoextract market and the popularity of convenience foods.

Thus, the plant extracts market is expected to grow at a high rate in the future.

The global dietary supplements market size was USD 147.8 billion in 2019 and is expected to reach USD 228.19 billion by 2027, growing at a CAGR of 5.5%. The dietary supplements market in the U.S. is expected to be on an upward trend. By 2024, the U.S. dietary supplements market size is expected to reach USD 56.7 billion.

What changes would be brought to us under this economic model?

1) First, protectionist trade policies, trade wars will be the norm for quite some time.

2) People will be less and less inclined to go on vacations abroad, less and less to attend international exhibitions and conferences , and the concept of the global village will be forgotten for quite a long time.

3) The bailout policies and flooding monetary issuance that had to be adopted will have a great uncertain impact on the economic trend after the epidemic.

4) The overdevelopment of the Internet spawned by home working and the epidemic will change people's behavioral habits.

However, for the dietary supplement industry, the impact of the epidemic has shown counter-trend growth. In the U.S, for example, at the beginning of the epidemic, visits to mainstream media sites such as Twitter and Reddit increased 4.4 times for immune boosting products, 2.8 times for anti-inflammatory products, 16.6 times for the corresponding elderberry products, 9.4 times for echinacea, and more than three times for both vitamins C and D.

With this volume of visits, sales of products such as vitamins and minerals, amino acids, digestive enzymes, and food supplements in the United States increased substantially in March.