The global Herbal Supplements market size is expected to be worth around US$ 9.5 billion by 2030, according to a new report by Vision Research Reports.
The global Herbal Supplements market size was valued at US$ 6.26 billion in 2020 and is anticipated to grow at a CAGR of 7.2% during forecast period 2021 to 2030.
Growing geriatric population and awareness regarding preventive healthcare are expected to be the key factors driving the market. Rising healthcare expenditure is also likely to augment the market growth. Easy availability of herbal supplements owing to various strategies, such as direct selling and bundled offerings, adopted by companies will also support market growth.
Increasing awareness regarding the benefits associated with the consumption of herbal supplements is also likely to have a positive impact on the product demand. Manufacturers are focusing on product placement strategies to increase their sale across all consumer groups. For instance, the advertisements targeting children segment are focused on endorsing the use of supplements for nutritional values for healthy growth. According to the article cited by NCBI in 2013, nearly 80% of the global population relies on herbal supplements as part of primary healthcare. Thus, increasing acceptance of natural therapies and products is also propelling the market growth.
Echinacea segment accounted for the largest revenue share of 34.9% of the global market. According to the HerbalGram data published in 2020, Echinacea is the most prominent and third most popular herbal supplement in the mainstream retail distribution network in U.S. Rise in the number of clinical studies demonstrating the health benefits of Echinacea also fueled their demand, which, in turn, contributed to the segment’s highest revenue share.
According to the data published by William Reed Business Media Ltd., the largest study demonstrating the benefits of Echinacea purpurea was published in 2012, which indicated that Echinacea can reduce the number of recurrent colds by 60% and can also decrease the duration of common cold by 26%. This study was further followed by Bioforce in 2015, using Echinaforce hot drink product that contained a combination of elderberry and concentrated Echinacea herb and root extract. It was concluded that for the early flu treatment, this combination is as effective as Tamiflu, an antiviral medication.
However, turmeric supplement segment is expected to register the fastest CAGR of 8.1% over the forecast period. Rising importanceof turmeric for therapeutic purposes along with extensive clinical studies demonstrating the efficacy of turmeric supplements are the key factors driving the segment growth. Turmeric can also be used for the management of hyperlipidemia, anxiety, metabolic syndrome, and inflammatory and oxidative conditions. Owing to the diverse therapeutic properties of turmeric, major companies are investing more in R&D for the development of turmeric supplements.
the capsule formulation segment led the herbal supplements market and accounted for 28.6% of the global share due to the availability of a variety of herbal supplements in various sizes based on dosage in this form. According to Informa, more than 74% consumers of herbal supplements prefer capsules over tablets owing to ease of swallowing and lesser irritation to the GI tract. Moreover, herbal supplements may also contain actual leaves, root powder, or extracts, which can be conveniently filled in capsules. Thus, capsule is the most preferred formulation, as of 2017.
Powders and granules is another important formulation in terms of market size. Powder formulations are available in higher concentrations and have a higher rate of absorption as compared to pills and other forms. Increasing demand for herbal products, such as tea bags, in the granule form is also one of the key factors for the segment growth. Thus, the powder and granules formulation segment is expected to register a lucrative CAGR of 7.0% over the forecast period.
Adults consumer segment led the global market in 2020 and accounted for 42.2% of the total revenue. Some of the factors responsible for this largest revenue share include inclination towards natural supplements and high purchasing power and spending onthe health and wellness products. Moreover, largest consumer base of herbal products belongs to this age group and thus is accountable for its highest revenue share.
The risk of developing lifestyle diseases, such as diabetes and obesity, is higher among the consumers of this age group, owing to which they rely on herbal supplements for the disease management. Moreover, owing to their medicinal properties, these supplements are used in disease prevention and ongoing trend of preventive healthcare among this age group will drive the segment growth.
However, the demand for herbal supplements among pregnant women is expected to increase in the coming years. Growing preference for natural products during pregnancy owing to surge in awareness regarding the therapeutic properties of these products is one of the key factors expected to boost the segment growth. This segment is expected to witness lucrative CAGR of 7.0% over the forecast period.
Asia Pacific led the market in 2020 and was valued at USD 2.13 billion in 2017. High adoption of traditional medicine for the management of various diseases in this region is one of the key reasons attributed for its largest market share. Presence of large geriatric population base along with growing exports of herbal products also boosts the market growth. China and India are the key exporters of herbal supplements.
China accounted for the largest revenue share in Asia Pacific and was valued at USD 602.1 million in 2020. This growth was attributed to the higher dependence on traditional medicines, increased geriatric population, and prevalence of chronic conditions. Availability of a wide variety of herbal products in this country also contributes to its development. Increasing cases of lifestyle diseases due to westernization of diets, rise in consumption of alcohol and tobacco, and reduced physical activities will further drive the regional market.
The Europe market is expected to register a lucrative CAGR of 8.2%. Key factors behind its growth include adoption of natural products in countries, such as Germany and France and increased spending power. The growing consumer health market in this region is also contributing to the industry expansion.
Jarrow Formulas, Inc.; Solgar, Inc.; Nature’s Bounty; Ancient GreenFields Pvt. Ltd.; Gaia Herbs; Now Foods
Powder and granules
The Herbal Supplements market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Herbal Supplements market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Herbal Supplements market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Herbal Supplements market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Herbal Supplements market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Herbal Supplements capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Herbal Supplements by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Herbal Supplements market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Herbal Supplements market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Herbal Supplements market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Herbal Supplements industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Herbal Supplements market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Herbal Supplements market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Herbal Supplements market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Herbal Supplements market. These factors have benefited the growth of the global market for Herbal Supplements. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Herbal Supplements. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Herbal Supplements are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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