IMARC Group has recently released a new research study titled “Herbal Supplements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the herbal supplements market?
The global herbal supplements market size reached US$ 37.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 64.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
Global Herbal Supplements Market Trends:
The rise in consumer preference for natural and organic products represents one of the key factors driving the growth of the herbal supplements market across the globe. This is driven by a growing awareness of the health benefits of herbal supplements over synthetic alternatives. This trend is bolstered by the increasing incidence of lifestyle diseases, leading consumers to seek preventive healthcare measures. There's a significant rise in the vegan and vegetarian populations globally, which is fueling the demand for plant-based supplements.
The market is also witnessing a shift towards clean-label products, with consumers demanding transparency in ingredient sourcing and production processes. E-commerce platforms are playing a crucial role in market expansion, offering easy accessibility and a wide range of products. In addition to this, technological advancements in extraction and processing methods are enabling manufacturers to offer more potent and pure forms of herbal supplements. Apart from this, there's a growing interest in personalized nutrition, leading to tailored herbal supplement offerings based on individual health needs and preferences.
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Factors Affecting the Growth of the Herbal Supplements Industry:
- Rise in Health Consciousness:
The surge in health consciousness among consumers worldwide is a critical driver. With the rising prevalence of lifestyle-related diseases such as obesity, diabetes, and cardiovascular disorders, individuals are increasingly turning to preventive healthcare measures. Herbal supplements are perceived as a natural and safer alternative to synthetic drugs, owing to their fewer side effects and holistic approach to health. This shift is further reinforced by a growing awareness of the nutritional benefits of herbal ingredients, underpinned by a vast body of scientific research validating their efficacy. The trend towards organic and natural products is another aspect of this health-conscious shift, with consumers increasingly scrutinizing product labels for clean, sustainable, and ethical ingredients.
- Advancements in the Distribution Channel:
Advancements in distribution channels have significantly contributed to the market's growth. The rise of e-commerce platforms has made herbal supplements more accessible to a wider audience. Online retailing offers convenience, a broader product range, and often, competitive pricing, which appeals to the modern consumer. These platforms also serve as important informational resources, providing detailed product descriptions, reviews, and ratings, which help consumers make informed choices. In addition to this, improvements in supply chain management have facilitated the efficient distribution of herbal supplements, even to remote areas, thus expanding the growth of the market.
- Supportive Regulatory Frameworks and Government Policies:
Supportive government policies and regulatory frameworks play a pivotal role. Many governments worldwide are recognizing the importance of herbal supplements in healthcare and are taking steps to regulate and promote this industry. This includes establishing guidelines for safe use, quality control standards, and labeling requirements. Such regulations not only protect consumer interests but also boost consumer confidence in these products. Furthermore, governments in various countries are investing in research and development in the field of herbal medicine, which is likely to lead to the discovery of new and effective herbal formulations.
Herbal Supplements Market Report Segmentation:
By Product Type:
- Moringa
- Echinacea
- Flaxseeds
- Turmeric
- Ginger
- Ginseng
- Others
Based on product type, the global herbal supplements market has been divided into moringa, echinacea, flaxseeds, turmeric, ginger, ginseng, and others.
By Formulation:
- Tablets
- Capsules
- Liquid
- Powder and Granules
- Soft Gels
- Others
Capsules dominate the formulation segment in the herbal supplements market because of their convenience, precise dosage, and longer shelf life compared to other forms.
By Consumers:
- Pregnant Women
- Adult
- Pediatric
- Geriatric
Adults constitute the largest consumer segment in the herbal supplements market, driven by an increasing focus on health and wellness, particularly among the aging population.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The Asia Pacific region leads the global herbal supplements market, because of its long-standing cultural affinity for herbal medicine, rising health awareness, and growing disposable incomes.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Ancient Greenfields PVT LTD
- A.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.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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