Published: April 1, 2023
In a detailed exploration of the burgeoning botanicals market, industry experts highlight its record-breaking growth, with U.S. herbal supplement sales reaching $12.35 billion in 2021, marking the highest annual spending ever. The global market is expected to soar to $133-$151.9 billion by 2024, fueled by a compound annual growth rate of 5.6-8.9%. This expansion is paralleled by a significant shift towards sustainable production methods, emphasizing the ecological and ethical procurement of herbs. Key figures in the dietary supplement industry, including Denis Alimonti of Maypro and Josef A. Brinckmann of Traditional Medicinals, discuss the state of the market, the efficacy of botanicals, and the innovative strides in sustainable sourcing and product development. The insights reveal a sector at the forefront of health and wellness, driven by consumer demand for natural and environmentally conscious products.
