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The Analyst's Take: Herbs and Botanicals
In 2022 the overall supplement industry experienced the lowest ever recorded growth in NBJ history at 1.9%, an obvious market correction from the 2020 COVID boost but also from an unstable economic climate. A lot of supplement categories suffered in 2022, one of those being the herbs and botanicals market, which saw also saw a historic low at negative 1.9%. Before COVID, herbs and botanicals market growth hovered around high single digits, but with a significant more amount of dollars added to the industry, that future growth will look slightly different.
In 2023, NBJ estimates herb and botanical supplement growth to increase to 3.2% and to be above total supplement industry growth into 2026, creating more of a gap as the years go on. Some growth drivers within this category include giants like ashwagandha, mushrooms, and even smaller players like kava kava. For 2023, Ashwagandha is estimated to grow at 13.9%, mushrooms is slightly above at 16.9% and kava kava coming in at 7.5%.
While 2022 showed a setback for the herb and botanical category and lowered NBJ pre-COVID predictions, growth is estimated to regain strength and increase to 5.9% in 2024. It will be interesting to see if trending ingredients that have provided such strong growth the past few years will maintain that momentum, or if a different ingredient will take the limelight and win consumer’s attention. NBJ will keep a close eye on this category to see which key players will bring the category back into the game.
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| | Erika Craft
Erika Craft, Market Research Analyst for NBJ, is responsible for tracking supplement industry trends and managing market report data. She implements quantitative consumer survey research that helps inform NBJ reports, as well as provides general consumer insights for the industry. She is passionate about consumer health and wellness and aims to help both individuals and brands with a deeper understanding of the supplement industry. |
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| | | Tracking Ayurveda, Hemp/CBD, Mushrooms, and More |
| | The 2023 Herbs and Botanicals report dives into the world of natural remedies both new and ancient. This report looks at the market from a consumer perspective, surveying 1,000 herbal supplement users, and a commerce perspective by analyzing sales data and each ingredients’ share of the supplement market. This report is packed with 60 data charts, a Top 50 Herbs list by sales, and forecasting for each individual ingredient through 2026. We supply the data that makes it easier for you to build connections between headlines, behaviors, and sales. |
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