The global herbal supplements and remedies market exhibited robust growth over the past decade, with no significant decline on account of the worldwide recession, and could exceed $93 billion by 2015, according to a new report from Global Industry Analysts, Inc.

In fact, the world market exhibited steady growth for the crisis-ridden period of 2008-2009 and beyond. The importance of a healthy diet and lifestyle was not dampened by the financial meltdown witnessed in almost every other product segment worldwide. The recession may have actually increased a preference for dietary supplements, the report stated.

Escalating prices, tighter budgets and high healthcare costs have actually driven consumers toward the more economical, healthier and safer option of alternative medicine and dietary supplements for relief from physical and mental disorders. In the U.S. alone, the sales of vitamins and supplements at the retail level recorded a significant increase of more than 10% in 2008, as compared to the previous year.

While demand for healthy foods and drinks has created a significant opportunity for botanicals to act as functional ingredients, the adoption of new health claims legislation in Europe has forced manufacturers to reevaluate their approach to new product development, according to a new report from Business Insights titled “Targeted Botanical and Herbal Food and Drinks in Europe.”

Among various claims made on new product launches through August 2010, 49% were targeted at the metabolic/endocrinology therapeutic area, with weight management being the main area of focus. Other than probiotics, botanicals and herbs have been least successful in securing positive approvals from the European Food Safety Authority (EFSA). Of the 67 opinions published pertaining to botanicals and herbs in the first two batches, 66 have been rejected. In fact, botanicals have temporarily been removed from EFSA’s assessment process creating uncertainty over the future regulatory environment. However, with the European Commission contemplating the adoption of an alternative assessment procedure, it could still be possible for previously rejected health claims to successfully reach the market via an updated evaluation process.