The global herbal supplements market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the Increasing demand for natural products, increased awareness of preventative healthcare, and increased expenditure on health and wellbeing.
Herbal supplements have been utilized for years for their therapeutic qualities. Plants and/or their oils, roots, seeds, berries, or flowers are used to make herbal supplements. Herbal supplements have been used for years to treat a variety of ailments. They are said to have medicinal qualities. Herbal products can be used internally or externally and come in a variety of forms. Liquid extracts, Teas, Tablets and capsules, Bath salts, Oils, and Ointments are all forms of herbal products. There are a variety of herbal supplements available, each with its own set of benefits. Aloe Vera, Black cohosh, Chamomile, Echinacea, Flaxseed, Ginko, Peppermint oil, Soy, St. John's Wort, and Tea tree oil are some of the most prevalent herbals. In the United States, herbal supplements are extensively utilized. According to the Centers for Disease Control and Prevention, more than half of Americans use a daily herbal supplement. Herbal products and supplements are used to improve or maintain one's health. They are not, however, controlled by the FDA, as previously stated. This is due to the FDA's classification of herbal supplements as food rather than medicines. The label of an herbal supplement can state how it may assist, but it cannot claim to be a cure for a condition or sickness. Though herbs originate from nature, they aren't always safer than the chemicals in over-the-counter (OTC) and prescription medications. Several prescription medications are substances that have been refined from natural sources. Although herbal health supplements and products are labeled as "natural," their components aren't always natural to the human body. They might have a significant impact on your body. They can potentially have negative health consequences (also called adverse effects). Some herbal health items and supplements have been investigated for their advantages and dangers. Others require additional investigation.
Market Trends, Drivers, Restraints, and Opportunities
- Growing the consumer awareness related preventive healthcare and increasing healthcare expenditure are major factors spurring the market growth during the forecast period.
- Increasing geriatric population around the world along with rising lifestyle related diseases such as obesity and diabetes are projected to drive the market growth during the forecast period.
- Growing demand by consumers around the world for organic self-care products and plant-based supplements are anticipated to boost the market growth during the forecast period.
- Growing consumer awareness about the benefits of herbal supplements and increasing disposable income are expected to fuel the market growth in the coming years.
- Stringent regulation rules for manufacturing and product approvals are projected to hamper the market growth during the forecast period.
- High cost of pharma products is expected to restrict the market growth in the coming years.
- Lack of awareness regarding dosage consumption present as main challenges that can hinder the market expansion during the forecast period.
- Increased R&D investments for development of newer and innovative herbal products and technological advancements are expected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the global herbal supplements market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Herbal Supplements Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Moringa, Echinacea, Flaxseeds, Turmeric, Ginger, and Ginseng), Formulations (Tablets, Capsules, Liquid, Powder & granules, soft gels, and Others), Consumers (Pregnant women, Adult, Pediatric, and Geriatric)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Jarrow Formulas, Inc.; Solgar, Inc.; Nature’s Bounty; Ancient GreenFields Pvt. Ltd.; Gaia Herbs; Now Foods
Market Segment Insights
Echinacea segment is expected to account for a key share
Based on products, the herbal supplements market is segmented moringa, echinacea, flaxseeds, turmeric, ginger, and ginseng. The echinacea segment is expected to account for a key share of the market during the forecast period owing to its demonstrated benefits in various clinical studies. Echinacea is the most prominent and third most popular herbal supplement in the mainstream retail distribution network in the United States, according to HerbalGram statistics published in 2017. The combination of elderberry and concentrated Echinacea herb and root extract contained in the Echinaforce hot drink product is as effective as Tamiflu, an antiviral drug.
On the other hand, the turmeric segment is anticipated to expand at a rapid pace during the forecast period due to increasing importance of turmeric backed with various extensive clinical studies demonstrating the efficacy of turmeric supplements. Turmeric can also help with hyperlipidemia, anxiety, metabolic syndrome, as well as inflammatory and oxidative diseases. Major firms are investing more in R&D for the development of turmeric supplements due to the varied medicinal benefits of turmeric.
Capsule segment is expected to hold a key share of the market
Based on formulation, the herbal supplements market is segmented into tablets, capsules, liquid, powder & granules, soft gels, and others. The capsules segment is expected to hold a key share of the market during the forecast period owing to its increased availability of a various of herbal supplements in different sizes based on dosage in this form. Capsules are preferred over tablets by herbal supplement users because they are easier to take and cause less GI tract discomfort. Herbal supplements may also contain real leaves, root powder, or extracts, which can be placed in capsules for convenience.
On the other hand, the powders & granules segment is anticipated to expand at a rapid pace during the forecast period due to rising demand for herbal goods in granule form, such as tea bags.
Adult segment is expected to represent a key share
Based on consumer, the herbal supplements market is segmented into pregnant women, adult, pediatric, and geriatric. The adult segment is expected to represent a key share of the market during the forecast period owing to increased adoption of natural supplements and high purchasing power and spending on the health and wellness products. Furthermore, the majority of herbal product consumers are in this age group, which accounts for the majority of income. Consumers in this age range are at a higher risk of acquiring lifestyle illnesses like diabetes and obesity, therefore they rely on herbal supplements for disease management. Furthermore, these supplements are utilized in illness prevention due to their medicinal qualities, and the continued trend of preventive healthcare among this age group will fuel segment growth.
On the other hand, the pregnant women segment is anticipated to expand at a rapid pace during the forecast period owing to increasing adoption of natural products during pregnancy owing to surge in awareness regarding the therapeutic properties due to increased awareness of these products' medicinal benefits.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the herbal supplements market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to high adoption of traditional medicine. The market is further boosted by the presence of a high geriatric population and rising herbal product exports. Herbal supplements are mostly exported from China and India. In Asia Pacific, China had the highest revenue share. This increase was attributed to a greater reliance on traditional medicines, as well as an increase in the geriatric population and the incidence of chronic diseases. This country's growth is also aided by the availability of a wide range of herbal items. Increased instances of lifestyle illnesses as a result of westernization of diets, increased alcohol and cigarette usage, and decreased physical activity will propel the regional market forward.
On the other hand, Europe is expected to exhibit a rapid growth rate in the coming years owing to increased adoption of natural products in countries, such as Germany and France and increased healthcare spending. The expanding consumer health sector in this region is also helping to propel the business forward.
Segments Covered in the Report
The global herbal supplements market has been segmented on the basis of
- Powder and granules
- Soft gels
- Pregnant women
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Jarrow Formulas, Inc.
- Solgar, Inc.
- Nature’s Bounty
- Ancient GreenFields Pvt. Ltd.
- Gaia Herbs
- Now Foods
Key players competing in the herbal supplements market include/are Jarrow Formulas, Inc.; Solgar, Inc.; Nature’s Bounty; Ancient GreenFields Pvt. Ltd.; Gaia Herbs; and Now Foods.
Some of the key business strategies employed by companies includes mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.