Global Herbal Supplements Market

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 News

  • 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.
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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).

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. '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'

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.

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.

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.

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Global Herbal Supplements Market

Report ID: SQMIG35I2351

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