Los Angeles, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global herbal nutraceuticals market size was valued at USD 64.18 billion in 2022. Herbal nutraceuticals are produced from natural sources with no added artificial components. These products are highly potent and safe and more sustainable than regularly used products seen in the current market. It helps in sustaining once health and fights towards nutritionally induced acute and chronic disorders, which enhances optimal health, quality of life and sustainability.
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Regional Snapshots
The market is evaluated across North America, European nations of Germany, France, Italy, Asia-Pacific regions of China, India, Japan and rest of Asia-Pacific and LAMEA. The increased urbanization and health awareness amongst people has boosted the demand for herbal products. As per the market size Europe has the largest contribution and is forecasted to rule the market by 2030.
Report highlights
- On the basis of the product type, the turmeric supplement segment is expected to have the fastest growth in the forecast period. There shall be an increased use of turmeric in therapeutics, the market for the turmeric segment is expected to grow during the future as it provides many benefits. The increased awareness about the effectiveness of turmeric supplements which could be used for treating anxiety, metabolic syndrome, inflammatory and oxidative conditions shall help in the growth of the market.
- The capsule and tablet segment is expected to have the largest market share and it shall grow well as there is a preference for capsules over the tablets as they provide the ease of swallowing.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 64.18 Billion |
| Revenue Forecast by 2030 | USD 110 Billion |
| CAGR | 6.97% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Pure Encapsulations, LLC, Sydler India Pvt, Herb Pharma AG, Nature’s Bounty, Now foods, Oregon's Wild Harvest, Pharmaca, Archer Daniels Midland Company, Solaray, The Nature’s Bounty, Bio Thrive Sciences and Others |
Market dynamics
Drivers
By sales channel, the online shopping market is considered to be the fastest growing market, in terms of value returns. Owing to the increased use of online services or e-commerce for purchase of herbal nutraceuticals by the customers a potential growth is expected during the forecast period. Rise in the health awareness of the consumers along with rise in consumer consciousness regarding health benefits associated with the use of organic herbal nutraceuticals are the important factors that drive the growth of the organic herbal nutraceuticals market. The green tea segment is expected to grow at a tremendous rate during the forecast period. The result of the rise in awareness regarding health benefits related with consumption of green tea and its presence in various formats in the market has helped the growth of the herbal nutraceuticals market.
Restraint
The process of obtaining the ingredients that are essential to make the nutraceuticals are extremely difficult and the result after obtaining the raw material is a very minimal amount of the ingredient thus imposing a very high cost. The nutraceuticals market is hindered by the obstacles that manufacturers face during the making process. Storage processes and arrangements put an additional load on the entire manufacturing chain as there are increasing risks of disintegration of the substances due to climatic and chemical changes.
Opportunities
The increase in the number of people belonging to the geriatric age group has led to the increasing demand for herbal products owing to the minimum complications and negligible side effects. Herbal products are also preferable for the pediatrics age group due to their safe results. The increasing demand of herbal products in the western nations provides a great opportunity to the Asia Pacific market due to the large availability of resources in this region. Shift to herbal based products over modern day chemical steroidal applications and supplements has provided an excellent opportunity to the herbal nutraceuticals market worldwide. These factors together will help to achieve the market growth targets during the forecast period.
Challenges
The high cost associated with the extraction of these essential products from the natural resources proves to be a challenge for the growth of the market. Further, the manufacturing of the various products from these raw materials also costs a great amount of economy. Also, the storage processes is very tedious as it involves the risk of perishing under extreme climatic conditions.
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Recent developments.
- In January 2021, Herbalife had introduced a new product of combinational meal which can be thought to be a substitute for the shakes as pastries loaded with nutrients. The company promises that the pastries are less sugared as compared to the regular bakery items. They are also low in terms of calories. This product is expected to show a significant market growth during the forecast period.
- In October 2021, Taiyo joined hands with NutriSciences to produce certified organic and conventional elderberry under the name of ‘ElderMune’ to the food and beverages sector in America. The product is foreseen to show digestive and immune benefits in the consumers. ElderMune comprises of TRU-ID certified elderberry juice, prebiotic Sunfiber being it's main content. This collaboration is expected to boost the market of the Taiyo company.
Market Segmentation
By Product Type
- Ginger
- Garlic
- Turmeric
- Aloe Vera
- Green Tea
- Others
By Form
- Capsules & Tablets
- Powder
- Liquid
- Others
By Nature
- Conventional
- Organic
By Distribution Channel
- Pharmacy
- Online store
- Supermarket/Hypermarket
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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