Herbal Supplements Market to Generate Huge Revenue in Industry by 2026
Global Herbal Supplements Market was valued US$ 5.26 Bn in 2017 and is expected to reach US$ 8.8 Bn by 2026, at a CAGR of 6.64% during a forecast period.
The herbal supplements market is majorly segmented into product, formulation, source, function, application, and region.
Further, herbal supplements market based on product includes moringa, echinacea, flaxseeds, turmeric, ginger, and ginseng. Herbal supplements market in terms of formulation is classified into liquid, powder & oils, soft gels, capsules & tablets, syrups, and others. Based on herbal supplements market, source segment is divided into leaves, fruits &, vegetables, barks, roots, and others. In terms of function segment herbal supplements market is categorized into medicinal, aroma, and others. Further, herbal supplements market based on application includes pharmaceuticals, food & beverages, and personal care.
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Based on regions, the global herbal supplements market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
Global Herbal Supplements Market
In terms of formulation, capsules & tablets segment dominated the market due to the growing pharmaceutical industry and consumer preference for tablets & capsules due to ease in consumption.
Based on application, the pharmaceutical segmented holds the largest market share due to increasing efficiency in research & development initiatives by manufacturers.
Further source segment, leaves segment accounted for the largest market share, herbal supplements are largely made up of plant leaves. Leaves of herbal plants contain medicinal properties, which are extracted for the production of herbal supplements. Ginkgo biloba and Camellia sinensis that is green tea are some of the common leaf extracts used to make herbal supplements.
In terms of function, medicinal segment accounted for the largest share owing to medicinal function of herbal plants have no side effects leading to its increased demand. Growth is also expected in developing regions such as Africa, which offers a considerable opportunity for growth of the herbal supplements market in developing regions due to high consumer acceptability.
The major driving factor of the global herbal supplements market is rising inclination towards natural products, awareness regarding preventive healthcare, growing number of the self-directed or self-diagnose consumers, and surging spending on health and wellness. Additionally, the growing elderly population coupled with the rising prevalence of chronic conditions is also propelling the demand for herbal products across the globe. Herbal supplements support to maintain cholesterol levels, regulate the digestive system, and reduce stress. Thus, increasing awareness about the health benefits offered by herbal products is also expected to boost market growth.
Herbal supplements are less effective and thus results in delayed recovery in many medical conditions are hampering the market growth.
Many medicine manufacturing companies are launching herbal medicine products as these products are less prone to side effects, thus these factors act as a beneficial opportunity for the herbal supplements market during the forecast period.
On the basis of region, Asia Pacific region dominates the global herbal supplements market and is also expected to grow at the highest CAGR during the forecast period due to growing number of health-conscious young people, growing self-diagnosis trend by young couples, increasing consumption of fast-food, which are less nutritional, growing disposable income among middle class family, personal factors, functional factors and social factors.
Key players operating in the global herbal supplements market are Archer Daniels Midland Company, Glanbia PLC, Herbalife International of America, Inc., Blackmores Limited, Nutraceutical International Corporation, Nbty, Inc., Arizona Natural Products, Ricola AG, Naturalife Asia Co., Ltd., and Bio-Botanica Inc.
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Scope of Global Herbal Supplements Market:
Global Herbal Supplements Market, by Product:
Global Herbal Supplements Market, by Formulation:
• Powder & Oils
• Soft gels
• Capsules & Tablets
Global Herbal Supplements Market, by Source:
• Fruits & Vegetables
Global Herbal Supplements Market by Function:
Global Herbal Supplements Market by Application:
• Food & beverages
• Personal care
Global Herbal Supplements Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key players operating in Global Herbal Supplements Market:
• Archer Daniels Midland Company
• Glanbia PLC
• Herbalife International of America, Inc.
• Blackmores Limited
• Nutraceutical International Corporation
• Nbty, Inc.
• Arizona Natural Products
• Ricola AG
• Naturalife Asia Co., Ltd.
• Bio-Botanica Inc.
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