Herbal Supplements Market

Herbal Supplements Market Size & Growth (2019 – 2026)

As per our report published the size of the Global Herbal Supplements Market projected to grow at a CAGR of 10.8% from 2019 to 2026.

Herbs and plants have been commonly used mostly for their medicinal properties from time immemorial. Due to their additional health benefits, a huge section of the global population is transitioning to herbal supplements. Herbal supplements or botanicals are biological non-pharmaceutical and non-food substances that have been marketed to promote health.

Owing to their ' natural ' tag, the demand for herbal supplements is rising. Consumers choose herbal supplements to improve their lives. Eventually, higher prices for medicinal and dietary products have resulted in an increase in the global market for herbal supplements and remedies.

Some of the major factors contributing to the growth of the market are increasing inclination toward using natural products, the consciousness of preventive health care, and growing health and wellness spending. The growing geriatric population, combined with an increasing prevalence of chronic conditions, is also going to fuel global demand for herbal products.

The strict regulatory policy is now also acceptable to herbal supplements and is among the main factors restricting the market growth. Product accessibility and recognition, forms of delivery and pricing of products are several other factors that could negatively contribute to the overall size of this sector.

Although there is no research to support these benefits, demand for products is steadily increasing and is also propelling the growth of the market extensively. In addition, the ease of availability of these goods is also accountable for their increasing demand. Preference for e-commerce networks over conventional distribution channels to purchase these products is increasing as a result of cost-effectiveness.

This report segmented & sub-segmented the Global Herbal Supplements Market into the below categories:

Herbal Supplements Market Analysis - By Source:

• Leaves
• Roots
• Bark
• Fruits & Vegetables
• Others

Herbal Supplements Market Analysis - By Functionality:

• Medicinal
• Aromatic
• Others

Herbal Supplements Market Analysis - By Application:

• Food and Beverage
• Pharmaceuticals
• Personal Care
• Others

Herbal Supplements Market Analysis - By Distribution Channel:

• Offline Stores
• Online Channels

Herbal Supplements Market Analysis - By Region:

• North America - US, Canada, Mexico and Rest of North America
• Europe - UK, France, Spain, Germany, Italy,  Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe
• APAC - India, China, Japan, South Korea,  Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC
• Latin America - Brazil, Argentina, Chile and Rest of Latin America
• Middle East and Africa -  KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA

Asia Pacific has been the market leader in the last few years and was valued at USD 2.13 billion at the end of the previous year. The high level of adoption of conventional medicine for the management of different diseases in this region is among the important reasons attributed to its greatest share of the market. The presence of a large geriatric population base together with increasing exports of herbal products also enhances the market growth.

China contributed to the largest share of revenue in the Asia Pacific and was estimated at USD 602.1 million last year. This rise was due to increased reliance on traditional medicines, increased geriatric population as well as the proliferation of chronic conditions. The availability of a wide variety of herbal supplements in this nation also contributes to its development. Increasing instances of lifestyle diseases owing to the westernization of diets increased alcohol consumption and tobacco and decreased physical activity will further push the regional market.

A lucrative CAGR of 8.2% is anticipated to be registered on the European market. Major factors for its growth include the adoption of natural products in European countries like France and Germany as well as increased spending power. The rising consumer health market in this area is also leading to the expansion of the industry.

Key industry participants leading the Global Herbal Supplements Market profiled in this report are Herbalife International of America, Inc., Ricola AG, Archer Daniels Midland Company, Nutraceutical International Corporation, Bio-Botanica Inc., Arizona Natural Products, Blackmores Ltd., The Himalaya Drug Company, Dr. Willmar Schwabe GmbH & Co. KG and Rainbow Light Nutritional Systems.