Herbal Supplements Market— Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2020 to 2026)
According to Univdatos Market Insights — The Global Herbal Supplements market is anticipated to reach a market valuation of US$ 110.26 billion by 2026 expanding at a reasonable CAGR of 6.7% in the course of the forecasted period (2020–2026) from US$ 70.42 billion in 2019.
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Herbal supplements are a type of dietary supplement that contains one or more herbs. These supplements majorly have a strong effect on the body which are consumed in different forms including tea bags, capsules, tablets, liquids and powders. While, common herbal health products and supplements include black cohosh, echinacea, garlic, ginkgo and saw palmetto. Echinacea is consumed to prevent colds; ginkgo is to improve memory while flaxseeds are for reducing cholesterol. Herbal supplements are not a new concept, but plants have been used continuously for medicinal purposes for 1000 years. Herbal supplements are not subjected to the same scientific scrutiny and aren’t as strictly regulated as medications. For instance, although manufacturers of herbal supplements must follow good manufacturing practices with an objective to ensure that supplements are processed consistently and meet quality standards, however, they don’t have to get approval from the Food and Drug Administration (FDA) before putting their products on the market.
Increasing the adoption of herbal products by the aging population and increasing incidence of lifestyle-related diseases have contributed positively to the growth of herbal supplements. In addition, changing lifestyle and standards of living, and unhealthy eating habits such as fast food and meals-on-the-go are some other factors driving the overall growth of the global herbal supplements market. Increasing demand for dietary herbal supplements among working and pregnant women is another factor expected to drive growth of the global herbal supplements market. Growing popularity of multi-herbs and concerns relating to side-effects of allopathic drugs is further fueling growth of the global herbal supplements market. Furthermore, American ginseng may be taken to reduce stress, boost the immune system, improve digestion, and more. German chamomile may be taken to improve sleep quality, reduce anxiety, and help gastrointestinal conditions. Cinnamon may be used to treat gastrointestinal problems, loss of appetite, and diabetes. Based on formulations, the global herbal supplement market is bifurcated into tablets, capsules, liquid and powder & granules. Herbal supplements are majorly consumed in the form of Capsules. The segment is expected to generate revenue of US$ 35.71 billion by 2026. Based on application, the global herbal supplement market is bifurcated into food & beverages, pharmaceuticals and personal care. The pharmaceutical segment generated revenue of US$ 33.74 billion in 2019. In addition, the Personal Care segment is expected to witness the highest CAGR growth of 7.2% during the analyzed period. Based on end-user, the global herbal supplement market is classified into adult women, adult men, pediatric and baby boomers. A growing elderly population would help the Baby Boomers end-user segment to witness the highest CAGR growth of 7.4% during the analyzed period.
Based on the distribution channel, the global herbal supplement market is bifurcated into herbal stores, drug stores, supermarket/hypermarket and online channels. In 2019, herbal supplements were majorly sold through Drug Stores, followed by an online channel. Additionally, for better investigation and penetration of herbal supplements, detailed country-level analysis was conducted for major regions/countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) and Rest of World (Brazil, South Africa, Others). It has been estimated by WHO that 80% of the population of some Asian countries use herbal medicine for some health purposes. Increasing health awareness with respect to diet, growing mental disorders, and surging sedentary lifestyles has tremendously bolstered the Asia Pacific herbal supplements market. Asia-Pacific is expected to generate revenue of US$ 39.54 billion by 2026. The rest of the world region is expected to witness the highest CAGR growth of 7.6% during the forecast period.
Some of the major companies profiled in the Global Herbal Supplements market are Jarrow Formulas, Inc., Solgar Inc., Herbalife International of America, Inc., Ricola AG, Bio-Botanica Inc., Blackmores Ltd, Himalaya Drug Company, Rainbow Light Nutritional Systems, Arizona Natural Products, Willmar Schwabe GmbH & Co. KG. These players consistently aim to focus on various product launches, innovations, energy-efficient products as well as mergers and acquisitions to enhance the consumption of herbal supplements globally thereby strengthening their market position which further offers them growth opportunities as well as the expansion of product innovation and expansion around the world. The industry has witnessed the emergence of several start-ups majorly in the developed region.
