Overview:
The global market for herbal supplements to experience an impressive growth during the forecast period (2017-2023), reports Market Research Future (MRFR). The herbal supplement has proven itself as a boon for individuals who are concerned about their health. Regular diet often fails to meet the expected nutrition requirements. Intake of herbal supplements is a perfect way to fill in that gap left by unbalanced food consumption.
Drivers and Restraints:
Rapid urbanization has led to a sedentary life resulting in various diseases that have forced a many to regard their health with great concern. Unbalanced diet coupled with lack of nutritional knowledge often fail to provide the required nourishment that an individual requires to lead a healthy life. This has resulted in herbal supplements gaining traction, and the market can expand substantially in the foreseeable future.
High healthcare cost, increasing prices of medicinal and dietary components and stringent government healthcare budget have also proved beneficial for the herbal supplements. In addition, nutritional supplements have proved their mettle in providing a lasting impact on an individual’s physical and mental condition, thus, reducing further health-related costs. These factors have given herbal supplements market a much-needed momentum.
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However, strict measures, taken by governments, regarding the raw components of herbal supplements could deter the global growth. Brand’s reliability is also proving detrimental as many are blending artificial substances with herbal ingredients which could give rise to side-effects.
Industry Trend:
The Swiss brand Ricola has come up with Herbal Immunity Gummies that are exclusively made from components that are not genetically modified or infused with artificial colors or flavors. The product promises to boost immunity and help in lowering stress level.
National Institute of Health (NIH) has recently launched an app HerbList to take information related to herbal supplements straightaway to the consumer to create awareness.
Segmentation:
The global herbal supplements market can be segmented by ingredients, delivery format, and function.
Based on ingredients, the market includes stevia, ginseng, ginkgo, epimedium, green tea, hawthorn, aloe vera and others.
Delivery format wise segmentation includes capsule, liquid, tablet, powder, and others. Capsule style of packaging is expected to grow with the fastest CAGR during the prognosis period.
Function-wise segmentation comprises beauty products, antioxidant digestive system, weight loss, memory improvement, regulation of blood system, anti-aging and others. Weight loss segment is expected to grow faster than the rest during the forecast period.
Regional Analysis:
Geographically the market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (ROW).
The APAC is expected to expand the scope for the market extensively owing to a cultural affinity for herbal products in countries such as India and China. The region is also experiencing a rising demand for herbal supplements with focus directed on antioxidants, anti-aging, and beauty products. The region also fetches much revenue from export. For instance, China is one of the leading global exporters of herbal supplements.
North America has also taken up this trend, and the market has peaked significantly. Dietary supplements in the region incorporate herbal supplements profusely in the compositions due to which herbal supplement market is burgeoning.
Europe is also contributing considerably owing to a rising acceptance of herbal products among consumers. Also, government policies are welcoming this new sector. In addition, established pharmaceutical companies are acquiring small nutraceutical companies, thus, helping in the expansion of the market.
Market Competition:
The global market is competitive and is getting driven by big companies investing heavily in research and development to stay abreast in the market. For instance, Archer-Daniels-Midland Co. (ADM) has recently introduced “Say Cheese!” Tea, Purple Power-Up, Plant Rinds, and Blue Grotto Granita keeping in sync with popular demand for taste and health benefits in herbal supplements.
The key players profiled in the global herbal supplements market are Ricola (Switzerland), Archer-Daniels-Midland Co. (U.S.), Glanbia PLC (Ireland), Herbalife International of America, Inc. (U.S.), Blackmores Limited (Australia), NBTY (U.S.), and Naturalife Asia Co., Ltd. (Seoul, Korea).
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