Herbal Supplements Industry
Summary:
- The global herbal supplements market size reached US$ 37.0 Billion in 2023.
- The market is expected to reach US$ 64.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest herbal supplements market share.
- Based on the product type, the market has been segmented into moringa, echinacea, flaxseeds, turmeric, ginger, ginseng, and others.
- Capsules holds the largest share in the herbal supplements industry as they allow for better dosage control and stability.
- Adults remain a dominant consumer segment in the market, owing to their purchasing power and awareness of health benefits.
- The heightened focus of consumers on health and wellness is a primary driver of the herbal supplements market.
- The growing prevalence of chronic conditions is reshaping the herbal supplements market.
Industry Trends and Drivers:
- Rising Awareness of Health and Wellness:
The growing consumer awareness of health and wellness is one of the major factors boosting the market growth. Moreover, the increasing number of people focusing on maintaining a healthy lifestyle, creating the demand for natural and organic products is favoring the market growth. Besides this, the rising focus on consumer education about the potential benefits of herbal remedies, which are perceived as safer alternatives to synthetic medications and supplements, is fueling the market growth. Additionally, the rise in health-conscious individuals, fueling the interest in products that promote immunity, mental well-being, digestive health, and overall vitality, is enhancing the market growth.
- Increasing Prevalence of Chronic Diseases:
The rising prevalence of chronic diseases, including heart disease, diabetes, and obesity, is positively impacting the market growth. Moreover, the growing adoption of herbal supplements to manage the symptoms of chronic conditions or improve their quality of life is catalyzing the market growth. Besides this, the increasing utilization of herbal products such as garlic, ginger, and cinnamon to aid heart health and blood sugar regulation is acting as a growth-inducing factor. Apart from this, the heightened focus of individuals on seeking complementary or alternative treatments that provide natural support, as conventional medicine sometimes carries unwanted side effects, is boosting the market growth.
- Growing Demand for Clean Label Products:
The rising demand for clean-label products as consumers become more vigilant about the products they consume is stimulating the market growth. Moreover, the heightened focus on products that prioritizes natural, simple, and recognizable ingredients over synthetic additives, preservatives, and fillers is enhancing the market growth. Besides this, the rising willingness among shoppers to pay a premium for herbal supplements that are sustainably sourced, non-genetically modified organism (GMO), gluten-free, and free from artificial colors or flavors is fostering the market growth. Furthermore, the rapid shift towards clean eating and natural remedies, encouraging brands to emphasize ethical sourcing, transparency, and environmental responsibility, are stimulating the market growth.
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Herbal Supplements Market Report Segmentation:
Breakup By Product Type:
- Moringa
- Echinacea
- Flaxseeds
- Turmeric
- Ginger
- Ginseng
- Others
Based on the product type, the market has been segmented into moringa, echinacea, flaxseeds, turmeric, ginger, ginseng, and others.
Breakup By Formulation:
- Tablets
- Capsules
- Liquid
- Powder and Granules
- Soft Gels
- Others
Capsules dominate the market due to their ease of consumption and ability to mask the taste of herbal ingredients.
Breakup By Consumer:
- Pregnant Women
- Adult
- Pediatric
- Geriatric
Adults represent the majority of shares as they are more likely to seek supplements for maintaining overall health, managing chronic conditions, or boosting immunity.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific holds the leading position owing to a large market for herbal supplements driven by their long history of traditional herbal medicine use, large population, and increasing disposable income and health awareness.
Top Herbal Supplements Market Leaders:
The herbal supplements market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- Ancient Greenfields PVT LTD
- N.P. Inc.
- Bio-Botanica, Inc.
- Gaia Herbs B.V.
- Herb-Pharm, LLC
- Jarrow Formulas, Inc.
- Now Health Group, Inc.
- Nutraceutical Corporation
- Rainbow Light Nutritional Systems, Inc.
- Solgar Inc.
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