Herbal Supplements Global Market
Overview and Scope
Herbal supplements refer to a plant-based substance that is believed to be helpful in maintaining or treating health. It aids in strengthening immunity without causing adverse effects and is more successful in relieving symptoms, particularly when treating allergies.
Sizing and Forecast
The herbal supplements market size has grown strongly in recent years. It will grow from $46.39 billion in 2023 to $50.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing consumer awareness, shift towards preventive healthcare, rise in lifestyle-related health issues, government initiatives and regulations.
The herbal supplements market size is expected to see strong growth in the next few years. It will grow to $66.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to continued consumer education, expanding aging population, global wellness trend, personalization and customization, market innovations and product diversity. Major trends in the forecast period include eco-friendly packaging solutions, cultural and traditional influences, collaborations and partnerships, rising demand for personalized nutrition.
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Segmentation & Regional Insights
The herbal supplements market covered in this report is segmented –
1) By Form: Tablets, Capsules, Liquid, Powder And Granules, Soft Gels
2) By Sources: Leaves, Fruits, Roots, Vegetables, Barks
3) By Application: Food And Beverages, Pharmaceuticals, Personal Care
4) By Distribution: Store Based, Non-Store Based
North America will be the largest region in the herbal supplement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the herbal supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in number of health-conscious consumers is significantly driving the growth of the herbal supplements market. Herbal supplements have numerous health benefits and are chemical-free. They are used to supplement diets and cure common ailments. According to the International Food Information Council’s (IFIC) 2022 food and health survey, Americans have a strong interest in becoming more health-conscious, In 2022, 52% of Americans report that they followed a diet or eating pattern in the past year, a significant increase from the past few years (39% in 2021, 43% in 2020) Hence, the increasing number of health-conscious people is expected to propel the growth of the herbal supplements market in the forecast period.
Key Industry Players
Major companies operating in the herbal supplements market report are Archer Daniels Midland Company, Glanbia plc, Herbalife Nutrition International of America Inc., NBTY Inc., Dabur India Ltd., Blackmores Limited, Swanson Health Products, Weleda AG, Now Health Group, Nutraceutical International Corporation, Ricola AG, DSM Nutritional Products Ltd., Dr. Willmar Schwabe GmbH & Co. KG, Jarrow Formulas Inc., Taiji Group, Gaia Herbs, Arizona Natural Products LLC, Bio-Botanica Inc., Sunfood Nutraceuticals, Solgar Inc., ABCO Laboratories Inc., Nature’s Bounty Co., Wonder Laboratories, Ancient Greenfields Pvt. Ltd., NaturaLife Asia Co. Ltd., Herbochem Sdn. Bhd., Third Coast Herb Co., Wellness Origin Indy, Kunming Pharmaceutical Corporation, Herbal Africa, Rainbow Light Nutritional Systems Inc., MegaFood, Barlean’s Organic Oils LLC, NutriGold Inc., Premier Health Products Ltd., Z Natural Foods
The herbal supplements market report table of contents includes:
1. Executive Summary
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