Herbal Supplements Market: Introduction
Herbal supplements often referred to as botanicals, are a form of nutritional supplement that is utilized for therapeutic purposes. They are made from plants and are utilized primarily to improve health. Herbal supplements comprise an active ingredient taken from plants. These supplements are offered on the market in the form of capsules, tablets, powder, or liquid that offer health advantages. They are mostly utilized for their medicinal properties to aid in treating a variety of diseases.
Herbal remedies are superior to conventional ones, like being affordable, more effective, with fewer adverse effects; in addition, the process of natural healing that occurs with herbal remedies strengthens your immune system. Growing demand for herbal remedies along with herbal products is expected to significantly propel the market for herbal supplements. The pharmaceutical sub-segment of the applications of the market for herbal supplements is anticipated to grow at an annual growth rate of 10.05% through 2025.
The Global Herbal Supplements Market Forecast:
Herbal Supplements Market size was estimated at USD 76.04 Billion in the year 2020 and is predicted to rise to USD 121.40 Billion by 2028. This will grow at a compound annual growth rate of 6.24% from 2021 to 2028.
The rising geriatric population, coupled with the growing number of chronic illnesses around the world, is driving the growth of the market. The growing aging population as well as the increasing awareness of herbal medicine, is the primary reason for the rising market value of herbal supplements. Moreover, the latest advancements in medical research will drive the growth of the market. Its Global Herbal Supplements Market report offers a comprehensive analysis of the industry. The report provides a thorough analysis of the most important segments as well as trends, drivers and restraints, the competitive landscape, as well as elements that play an important role within the marketplace.
Market Growth Drivers of the Global Herbal Supplements Market:
The Utilization of Herbal Supplements in Animal Feed:
As per the Food and Agricultural Organization (FAO), livestock accounts for 40% of all global revenues generated by the agricultural industry. This is evidently causing an ongoing demand for animal food. However, nutritional disorders impact the quality of meat. The increasing demand for nutritional supplements for livestock could be fulfilled by the rise of the additives for the animal feed market, which is driving the market for herbal supplements.
The Cosmetic Industry Supporting the Herbal Supplements Market:
The cosmetics industry is experiencing an increase in sales due to the growth in disposable personal income as well as the growing trend of male grooming. In addition, the business is also experiencing a tectonic shift because of the emergence of natural cosmetics, which are receiving a lot of attention from consumers. This is due in part to growing awareness of the negative effects of using cosmetics made from inorganic substances due to the possibility of the presence of hazardous chemicals in the same. Furthermore, the affordability of organic cosmetics is drawing a large customer base for products that are natural and is driving up the worldwide market for herbal supplements
Healthcare Regulatory Bodies Has Approved the Herbal Supplements as a Food:
It is important to note that the U.S. Food and Drugs Administration (FDA) recognizes herbal supplements to be food and not as drugs. Therefore, they can be accessible in the form of capsules, tea bags, tablets, as well as liquids and powders. Customers are able to purchase them without a prescription. Therefore, it’s simple for customers to purchase herbal products. Because herbal supplements are regarded as food items that are regulated by agencies is encouraging a lot of companies to explore the herbal supplement market due to the huge client base and convenience of business that will increase the global market for herbal supplements.
Key Market Trends and Restraints of Global Herbal Supplements Market:
It has been estimated the Rise in Demand for Curcumin:-
It has been one of the top profitable natural products for a few years. The sales of this product are expected to grow in the near future due to its scientifically established health benefits, including the protection against certain coronary diseases, Alzheimer’s, and cancer. Furthermore, supplement-grade curcumin has been discovered to possess a distinct advantage over turmeric from food sources.
Condition-specific Turmeric Products:
Turmeric-based products offer no specific health benefits. Today, consumers are looking for turmeric that has particular health benefits. The market for herbal supplements will see market players dipping into products made of turmeric that aid in the treatment of a specific health issue rather than generic products.
Herbal Supplements Market Restraints:
Although regulatory agencies have regarded herbal supplements as food items and not drugs, there is an arduous element to be considered in relation to the manufacturing process and the content of the product, as they are subject to scrutiny. There are strict regulations on the production stage and the approval for the products. Growing consumer awareness is making it hard for vendors on the market for herbal supplements to maintain their customer base since they are concerned regarding the authenticity of products as they could cause adverse effects as well. This has reduced the herbal supplements size. However, the next few years will see an increase, as organic foods have been able to penetrate the food and beverage market, making a more sustainable supplement market for sellers.
The Key Market Segmentation of the Global Herbal Supplements Market:
Global Herbal Supplements can be divided into Product Type, Product Formulation, Applications, Consumers and Geographical landscapes, etc.
Herbal Supplements Market Segmentation By Product Type:
Moringa
Echinacea
Flaxseeds
Turmeric
Ginger
Ginseng
Others
Herbal Supplements Market Segmentation By Product Formulation:
Tablets
Capsules
Liquid
Powder and Granules
Soft Gels
Others
Herbal Supplements Market Segmentation By Application:
Food and Beverages
Pharmaceuticals
Personal Care
Others
Herbal Supplements Market Segmentation By Consumers:
Pregnant Women
Adult
Pediatric
Geriatric
Herbal Supplements Market Segmentation By Geographical Landscape:
North America
Europe
Asia Pacific
South America
The Middle East and Africa
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Major Key Players in the Global Herbal Supplements Market Are:
Arizona Natural Products
The Archer Daniels Midland Company
Twinlab Corporation, Blackmores Ltd.
Glanbia, Plc, Herb Pharm, LLC.
Blackmores Limited
Herbalife International of America, Inc.
Gaia Herbs, DSM Nutritional Products AG
Naturalife Asia Co., Ltd., Nature’s Bounty Co.
Nutraceutical International Corporation
Willmar Schwabe GmbH & Co. KG
Rainbow Light Nutritional Systems, Inc.
Ricola AG
The Himalaya Drug Company
Bio-Botanica Inc.
The Global Herbal Supplements Market Report Highlights:
In May 2018, the Bio-Botanica and Genomatica partner to develop a new extract line. The extracts will include Genomatica’s own proprietary component, Brontide, a butylene glycol produced by the sustainable, renewable sugar fermentation process. It will be made using Bio-Chelation’s Botanica’s Bio-proprietary method to ensure that the extracts are as full of naturally occurring substances as are found in the natural world.
In August, Archer Daniels Midland Company announced the successful conclusion of the acquisition of Probiotics International Limited, also called Protexin, the UK-based manufacturer of cutting-edge research-based, natural, and probiotic products for humans production animals, pets, and pet use.
In January 2021, Herbalife announced a product to convert shakes that replace meals into nutrient-dense baked pastries.
In July 2020, Herbalife Nutrition Introduced Active Fiber Complex Select for Digestive Health in the United States, Puerto Rico, and Canada.
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