USD 7.11 Billion
Herbal Supplements Market Size, Share, Growth Analysis, By Product (Moringa, Echinacea), By Formulation (Tablets, Capsules), By Function (Medicinal, Aroma), By Consumer (Pregnant Women, Adults), By Distribution Channel, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2351 |
Region:
Global |
Published Date: November, 2024
Pages:
185
|Tables:
97
|Figures:
71
Herbal Supplements Market Insights
Global Herbal Supplements Market size was valued at around USD 85.1 billion in 2022 and is expected to rise from USD 91.7 billion in 2023 to reach a value of USD 167.3 billion by 2031, at a CAGR of 7.8% over the forecast period (2024–2031).
As the name suggests, herbal supplements are phytomedicines or botanicals products made with plants that help maintain good health and treat diseases. The herbal supplements market is witnessing substantial growth, impacted by the growing consumer awareness about natural health solutions and increasing preferences for alternative medications. The market comprises an exclusive range of products like minerals, vitamins, and plant-based extracts. The growing trend towards self-care and wellness, increasing healthcare costs, and high focus on preventive health measures are a few key drivers of the market. Nonetheless, there are a few limitations to the market growth, including quality and safety issues due to the lack of consistent clinical evidence backing the efficacy of a few supplements and regulatory and compliance concerns. Despite these restraints, the market is opportune to the growing demand for preventive health solutions and expanding market for personalized supplements due to increasing consumer focus on leading a healthy lifestyle.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Tablets
Fastest Growth
Flaxseeds
Growth Rate
6.2%
Global Herbal Supplements Market ($ Bn)
Country Share for North America Region (%)
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Herbal Supplements Market Segmental Analysis
Global Herbal Supplements Market is segmented by Product, Formulation, Function, Consumer, Distribution Channel, and Region. Based on Product, the market is segmented into Moringa, Echinacea, Flaxseeds, Turmeric, Ginger, Ginseng, and Others. Based on Formulation, the market is segmented into Tablets, Capsules, Liquid, Powder, Soft Gels, and Others. Based on Function, the market is segmented into Medicinal, Aroma, and Other Functions. Based on Consumer, the market is segmented into Pregnant Women, Adults, Pediatric, and Geriatric. Based on Distribution Channel, the market is segmented into Online, and Offline (Pharmacies & Drug Stores, Hypermarkets/Supermarkets, and Others). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Based on product, the herbal supplements market is segmented as moringa, echinacea, flaxseeds, turmeric, ginger, ginseng. The Echinacea segment held a notable market share in the previous year and is expected to lead over the forecast period due to its best immune system support. It is prominently known for its ability to improve immune function, which is a leading attraction for users to enhance their health and prevent diseases. Moreover, rigorous promotion and marketing has increased awareness among a large population for the advantages of Echinacea, thus fueling its demand and the segment growth. Well-established use of echinacea in traditional medicine is also driving the segment’s growth.
On the other hand, the turmeric segment is expected to be the fastest-growing segment owing to its widespread applications in products like beverages, functional foods, supplements, improving its market presence. Moreover, turmeric, essentially its active curcumin compound is prominent for its antioxidant and anti-inflammatory effects, which appeal consumers to opt for natural remedies for different health illnesses, thus impacting its demand and the segment’s growth.
Analysis by Formulation Outlook
Based on formulation outlook, the market is segmented into tablets, capsules, liquid, powder and granules, soft gels, and others. The tablets segment held a majority market share in 2023 and is anticipated to lead over the forecast period owing to its convenience and long-shelf-life. Tablets offer accurate dosage and easy usage for consumers, increasing their preference. They hold a comparatively longer shelf-life and do not spoil easily like other forms. Moreover, the production of tablets is highly cost-effective, which can convert to reduced retail price for users. These factors are expected to spur the segment’s growth remarkably over the forecast period.
On the other hand, the capsules segment is expected to grow considerably over the forecast period owing to easy consumption and flexible formulation. Capsules are relatively easier to consumer than tablets. Moreover, capsules can avoid the unpleasant odor and taste of herbal ingredients, thus improving user experience. In addition, portability and convenience of capsules and their capability to offer accurate dose is fueling the segment growth.
Global Herbal Supplements Market Size By Product
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Herbal Supplements Market Regional Insights
Geographically, Asia-Pacific dominated the market in the past years and is expected to lead over the forecast as well owing to its history of herbal medicines. The region holds deep-rooted tradition of herbal remedies like Ayurveda, (TCM) Traditional Chinese Medicine and more, which is still impacting consumer choices. The market in the region is also impacted by growing awareness of health and increasing disposable income of consumers. The region has witnessed a notable shift towards preventive and natural healthcare, which contributes to market growth. The key players operating in the region include Amway, Herbalife Nutrition, Blackmores, Dabur India Ltd., Shahnaz Husain Group, Eisai Co., Ltd., and more.
Europe is the fastest-growing region in the global herbal supplements market due to strong regulatory frameworks. The region holds proper standards for herbal supplements that guarantee product quality, safety, and efficacy, improving user’s trust. Moreover, the growing awareness of wellness and health among a large population in the region is fueling the demand for preventive and natural health medicines. Also, the strong tradition of consuming herbal remedies along with the rising interest in natural medicinal products is aiding the market growth in the region.
Global Herbal Supplements Market Size By Geography
- Largest
- Fastest
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Herbal Supplements Market Dynamics
Drivers
Growing Popularity of Organic Products
- Consumers are gaining awareness about the natural ingredients and hence, they are increasingly preferring organic, natural, and non-GMO ingredients that prevent pharmaceuticals and synthetic additives. They also prefer products and medicines that hold clean labels. This trend is also notably impacting the growth of the market. The need for transparency in ingredient formulation and sourcing contributed to the market growth.
Growth of E-Commerce Models
- The growth of multiple e-commerce platforms is simplifying access to a broader range of herbal supplements enabling consumers to compare and buy their desired product for better health. Also, there are various subscription services available in the market today, which help consumers with convenience and guarantee a steady supply of herbal supplements. This helps consumers to opt for hassle-free health treatments.
Restraints
Lack of Education to Restrict Market Growth
- Most consumers are not completely aware about the herbal supplements, which may lead to ineffective or misuse of products. This may also let consumers consume extra or less amount of medicine, affecting their health negatively. Hence, insufficient education on possible ill-effects with supplements or prescription medicines may be risky for users.
Misinformation and Consumer Misconceptions
- Misleading claims regarding the advantages of herbal supplements may result in consumer hesitation and regulatory inspection. This could vary trust among consumers for the purchase of these supplements. Moreover, for a few herbs, lack of strong clinical study may result in concerns regarding safety and efficacy of herbal supplements among consumers.
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Herbal Supplements Market Competitive Landscape
The global herbal supplements market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
- Amway
- Herbalife Nutrition
- Nestlé Health Science
- Blackmores
- Pharmavite
- NOW Foods
- Gaia Herbs
- Himalaya Herbal Healthcare
- Pukka Herbs
- Biostime International
- Harbin Pharmaceutical Group
- Jamieson Wellness
- MegaFood
- New Chapter
- Traditional Medicinals
- Herb Pharm
- Ricola
- Banyan Botanicals
- Life Extension
Recent Developments
- In October 2023, Solgar, a leader in scientific nutritional and vitamin supplements for over 70 years, launched its Solgar® Cellular Nutrition product line of dietary supplements, that promotes cell health and fights cellular decline.
- In June 2024, Nature’s Bounty unveiled its novel exclusive campaign named, ‘It’s in Your Nature’ to revive the positioning of the brand in the category of nutritional supplement and ground messaging in an emotional and positive connection.
- In April 2024, Glanbia plc announced that it partnered with Aroma Holding Company, LLC’s shareholders and associated entities Flavor Producers LLC to obtain the business for primary consideration of USD 300 million including deferred consideration.
Herbal Supplements Key Market Trends
- Focus on Mental Health: In recent years, there has been an increased focus on mental health, giving rise to adaptogens. Herbs, such as Holy Basil, Rhodiola, and ashwagandha are gaining traction for their professed capability to assist the human body improve mental resilience and adapt to stress. The focus has also helped shift interest in mood enhancers. These supplements are currently being explored for their impact on anxiety and mood.
- Combination with Modern Medicine: Health supplements are actively used with traditional treatments with integrative medicine practitioners and healthcare providers providing supervision on effective and safe use. Also, alliance between medical research and herbalists is increasing on the global scale, resulting in a highly exhaustive understanding of how these supplements can be integrated in modern health routines.
Herbal Supplements Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the herbal supplements market is witnessing substantial growth due to the growing health consciousness among a large consumer base, the rising popularity of organic and natural products, and the growing number of research and evident benefits. However, the market is restrained by compliance and regulatory issues and safety and quality concerns. Asia-Pacific is projected to dominate the market owing to its rising disposable income of consumers, cultural acceptance, and growing awareness of health. Nonetheless, a few opportunities for the growth of the herbal supplements market include the growing demand for preventive health solutions, focus on sustainability, and integration with digital health solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 85.1 billion |
| Market size value in 2031 | USD 167.3 billion |
| Growth Rate | 7.8% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Herbal Supplements Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Herbal Supplements Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Herbal Supplements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Herbal Supplements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Herbal Supplements Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Herbal Supplements Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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