Vancouver, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global herbal supplements market size was USD 86.84 billion in 2022 and is expected to register a rapid revenue CAGR of 7.3% during the forecast period. Increasing disposable income of working population and rising consumer interest in natural and holistic health remedies are key factors driving markets revenue growth.
The rising costs for pharmaceutical and nutritional goods and adverse effects of allopathic medications are other key factors driving revenue growth of the market. Increasing number of health-conscious consumers who are interested in enhancing their well-being are drawn to herbal supplements because of their natural labels. Use of health supplements helps to focus on leading a healthy lifestyle, and increasing tendencies toward preventative healthcare.
The World Economic Forum has also emphasized on the need for a robust immune system to combat the virus and has advised leading a healthy lifestyle that includes getting enough sleep, eating a balanced diet, exercising moderately on a regular basis, and managing stress. There has been rising awareness over the past 20 years about unintentional liver damage linked to several prescription drugs as well as herbal and dietary supplements.
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The strict regulatory policies governing these herbal supplements and low level of product acceptability are key factors, which could restrain market revenue growth. The U.S. Food and Drug Administration (FDA's) implementation of Current Good Manufacturing Practices (CGMP) rules provides a chance for industry participants to conduct Research & Development (R&D) activities and create innovative dietary supplement products.
In addition, people's ignorance about right use and dosage of herbal medicines is another factor, which could restrain market revenue growth. Regarding the usage and importation of herbal and natural goods, each nation has its own set of laws.
Segment Insights
Form Insights
On the basis of form, the global herbal supplements market is segmented into tablets and capsules, powders, gel and liquids, and others. The tablets and capsules segment accounted for largest revenue share in the global herbal supplements market in 2022. This is attributed to increasing percentage of prescriptions suggest taking herbal tablets and capsules and quantity of herbal products in the pharmaceutical business.
In addition, easy-to-take form, compact size, and greater quantity of prescription pharmaceuticals in tablet form is increasing use of tablets and capsules. Echinacea is one of the plants that is most frequently used in organic medicine, which lowers the risk of cold infections by 10–15%, according to studies.
Source Insights:
On the basis of source, the global herbal supplement market is segmented into leaves, roots and barks, whole plants, fruits, and others. The leaves segment accounted for largest revenue share in the global herbal supplements market in 2022 due to numerous advantages of dried leaves over fresh leaves. These leaves may be stored and used as needed because these are free of fungi and germs, which are in high demand across numerous industries, including beverage, food, cosmetics, and pharmaceuticals.
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Regional Insights:
Asia Pacific accounted for largest revenue share in the global herbal supplements market in 2022. This is due to rising exports of herbal goods due to increasing geriatric population and popularity of traditional medicine for the treatment of various diseases. The two biggest exporters of herbal dietary supplements are China and India. In addition, rising prevalence of diseases associated with westernized diet and increasing use of alcohol and tobacco are other factors driving market revenue growth of this region during the forecast period.
For instance, Organic India introduced new and exciting tea varieties such as Tulsi Detox Kahwa and infusions including Peppermint Refresh, Moringa hibiscus, and Simply Chamomile on the eve of International Tea Day in May 2022, with a vision to offer genuine organic wellness products and solutions for conscious and healthy living.
North America accounted for second-largest revenue share in the global herbal supplements market in 2022. This is due to rising consumer interest in plant-based medications and financing for studies on medicinal plants. The National Centre for Biotechnology Information reported that in the US, cancer (43.1%), arthritis (43%), and stroke (48.7%) were the most prevalent medical conditions treated using conventional pharmaceuticals. The U.S. has invested heavily in the creation of cutting-edge conventional drugs. Research aimed at identifying novel chemical compounds and potentially therapeutic herbs is expected to double the industry's output by 2026.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 86.84 Billion |
| CAGR (2023–2032) | 7.3% |
| Revenue Forecast To 2032 | USD 172.99 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Source, form, function, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Herb Pharm, Twinlab Consolidated Corporation, NaturaLife Asia Co., Ltd., Rainbow Light Nutritional Systems, Inc. Himalaya Wellness Company., Dr. Willmar Schwabe India Pvt. Ltd., Bio-Botanica Inc., Nature's Bounty, Gaia Herbs, NUTRAMARKS, INC., DSM, Arizona Natural, Blackmores, The Archer Daniels Midland Company, and Herbalife International of America, Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global herbal supplements market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective herbal supplements products in the market. Some of the major companies included in the herbal supplements market report are:
- Herb Pharm
- Twinlab Consolidated Corporation
- NaturaLife Asia Co., Ltd.
- Rainbow Light Nutritional Systems, Inc.
- Himalaya Wellness Company.
- Dr. Willmar Schwabe India Pvt. Ltd.
- Bio-Botanica Inc,
- Nature's Bounty
- Gaia Herbs
- NUTRAMARKS, INC.
- DSM
- Arizona Natural
- Blackmores
- The Archer Daniels Midland Company
- Herbalife International of America, Inc.
Strategic Development
- In June 2023, Kapiva, a direct-to-consumer brand that empowers customers with accessible and contemporary Ayurveda, will grow its footprint in the U.S. due to the smart employment of industry veterans Nicholas Kelley as CEO and Maria N. Lacher as Chief Marketing Officer. With 500,000 satisfied customers, Kapiva wants to improve everyday wellbeing scores and introduce contemporary Ayurveda to homes throughout the world.
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For the purpose of this report, Emergen Research has segmented the global herbal supplements market on the basis of source, form, function, end-use, and region:
- Source Outlook (Revenue, USD Billion; 2019-2032)
-
- Leaves
- Roots and Barks
- Whole Plants
- Fruits
- Others
- Form Outlook (Revenue, USD Billion; 2019-2032)
-
- Tablets and Capsules
- Powders
- Gel and Liquids
- Others
- Function Outlook (Revenue, USD Billion; 2019-2032)
-
- Medicinal
- Aroma
- Other Function
- End-use Outlook (Revenue, USD Billion; 2019-2032)
-
- Pharmaceutical
- Food & Beverages (F&B)
- Personal Care
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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