Herbal supplements Market - By Source, By Function, By Form & Global Region - Market Value, Growth Factors, Trends, Opportunity, Forecast 2020-2025
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Herbal supplements are extensively used for several diseases for decades. They are beneficial for such conditions due to their medicinal properties. Across the globe, many people are switching toward herbal supplements due to their added health benefits. These supplements are natural non-food substances and non-pharmaceuticals which are used to improve health. They are derived from plant materials and have little or no side effects. Due to their natural label, the demand for herbal supplements increases, which attracts customers who are health conscious and want to improve their health. The global herbal supplements Market size was valued at 5.9 billion USD in 2021. It is expected to grow at a rate of 6.5% in the coming years.
The increased prices of dietary and medicinal products have propelled the global herbal supplements and remedies market. Considerable increase in the aging population, growth in consumption of health supplements, emphasis on healthy living, and a rise in preventive healthcare trends drive the herbal supplements market. Other factors such as the increase in demand for dietary supplements and the side effects of allopathic drugs are also fueling the market's growth.
The geriatric population is expected to reach 2.1 billion in 2050 from 962 million in 2017. With aging, the number of comorbidities increases; thus, the geriatric population is highly prone to comorbid conditions. The people with chronic conditions are more likely to consume herbal supplements, which are projected to boost market growth over the coming years. The rising disposable income levels increase in spending on health and wellness, especially in emerging nations, are expected to globally augment the demand for herbal supplements. Consumers are preferably buying health and wellness products as compared to luxury goods. These supplements help maintain cholesterol levels, regulate the digestive system and reduce stress, thus increasing awareness about these products' health benefits. These factors are also expected to fuel the growth of the herbal supplements market.
However, there is no scientific evidence supporting such benefits. Still, the product demand is continuously rising, thereby augmenting the global market growth. Moreover, the easy availability of these products is also responsible for the rise in demand. Availability on many e-commerce platforms and preference for such platforms over conventional sales channels are on the rise. This can be attributed to cost-effectiveness and better convenience.
The capsule formulation segment in the year 2021 led the herbal supplements market. It accounted for most of the global share due to various herbal supplements in multiple sizes based on dosage of this form. The majority of herbal supplements consumers prefer capsule over tablets due to ease of swallowing and lesser irritation to the GI tract. The herbal supplements may also contain actual leaves, root powder, or extracts that can be conveniently filled in capsules. As a result of this, the capsule is the most preferred formulation, and this may drive the global herbal supplements market.
Key Regional Insights
In 2021, Asia Pacific led the market and was valued at 2.63 billion USD. Due to the high adoption of traditional medicine for managing various diseases in the region, it is one of the key reasons attributed for the largest market share. Also, the presence of large geriatric population and growing exports of herbal products also boost market growth.
The key exporters of herbal supplements are China and India in the Asia Pacific. The largest revenue share in Asia Pacific was held by China and was valued at 752.1 million USD in 2021. The growth is due to higher dependence on traditional medicines, increased geriatric population, and chronic conditions. Another factor that contributes to its development is the availability of a wide variety of herbal products.
The market in Europe is expected to register a reasonable growth rate of 8.2%. And the key factors behind its growth are the adoption of natural products in countries such as Germany and France and increased spending power. Moreover, the growing consumer health market in this region is also contributing to the industry's expansion.
Key Market Players
The key market players are:
- Jarrow Formulas, Inc.
- Solgar, Inc.
- Nature's Bounty
- Ancient GreenFields Pvt. Ltd.
- Gaia Herbs
- Now Foods
- Fruits & vegetables
- Capsules & tablets
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- In 2017, Nutraceutical International Corporation acquired Zhou Nutrition brand from Branson Books, LLC to support and grow other brands sold into other market segments, such as the health food channel.
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