Herbal Supplements Market

Global Herbal Supplements Market Size (2024 to 2032)

The Global Herbal Supplements Market size is expected at USD 82.73 billion in 2024 to reach USD 101.59 billion by 2032 with a CAGR of 2.60%.

MARKET OVERVIEW

Herbal supplements are non-food substances that are sold to improve health. Herbal medicine helps to solve several health-related problems. They generally include herbal medicines, herbal preparations, and finished products. Herbal supplements are a kind of dietary supplement made from natural plants. They are not considered drugs, so they are not regulated by medicinal agencies. It is also a traditional folk remedy that can be available in powder, capsule, and liquid. The demand for herbal supplements is mounting with natural labeling. A large part of the world's population is turning to herbal supplements for additional health benefits. Herbal supplements have been widely used as healing properties and treatments for various diseases for decades. Herbal supplements are natural, non-pharmaceutical, non-food substances used to improve health. Herbal supplements are derived from plant ingredients and have little or no side effects.

Some of the main factors contributing to the growth of the global herbal supplements market are a greater inclination to natural products, a greater awareness of preventive medical care and an increase in spending on health and wellness. Along with the increasing prevalence of chronic diseases, an increase in the elderly population is driving demand for herbal products worldwide.

MARKET DRIVERS

The global herbal supplement market is expected to experience a significant increase in the coming years. The growing demand for natural ingredients primarily drives the global herbal supplement market.

Increasing demand for herbal dietary supplements among working women and pregnant women is another factor driving growth in the global herbal supplement market. Demand for herbal supplements worldwide is assumed to increase as spending on health and wellness increases and disposable income levels rise, especially in emerging countries. Consumers' preferences to buy health and wellness products are increasing over luxury. Herbal supplements maintain cholesterol levels, regulate the digestive system, and reduce stress. Therefore, as awareness of the health benefits of these products increases, market development is expected to accelerate. There is no scientific evidence to support such benefits.

The demand for products continues to increase, thus increasing the growth of the global market. 

Additionally, these products are readily available, increasing demand. The preference of e-commerce platforms over existing distribution channels to buy these products is growing due to profitability and increased convenience. With growing concern about the side effects of homeopathic medicines and the increasing popularity of multiple varieties, the growth of the global herbal supplement business is accelerating. As R&D increases and new product variants are released, it is presumed to create favorable opportunities for key players in the global herbal supplement market, further accelerating the growth of the target market during the prognosis period.

MARKET RESTRAINTS

The main factor hampering the growth of the global herbal supplement market is the high cost of the product. Strict regulatory policies now also apply to herbal supplements and are one of the main factors limiting the market growth. Product availability and acceptance, shipping method, and product price are other factors that can adversely affect the overall size of this industry. Lack of dosage awareness is another factor that is suspected of hindering the growth of the global herbal supplement market. The growth of the Herbal Supplements market is attributed to factors like increasing awareness regarding diet and healthcare as well as increasing healthcare expenditure, increasingly sedentary lifestyle, growing mental and health disorders, and growing demand for functional food. However, the high cost of raw materials stringent regulations, and some side effects caused by herbal supplements are hindering the Herbal Supplements Market growth.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL HERBAL SUPPLEMENTS MARKET INCLUDED IN THIS REPORT

This research report on the global Herbal Supplements Market has been segmented and sub-segmented based on form, function, source, application, and region. 

Global Herbal Supplements Market By Source                    

• Leaves      
• Barks         
• Roots         
• Fruits & Vegetables             
• Others                  

Global Herbal Supplements Market By Application               

• Pharmaceuticals   
• Personal Care        
• Food & Beverage 
• Other Applications               

Global Herbal Supplements Market By Function               

• Medicinal 
• Aroma       
• Other Functions     

Global Herbal Supplements Market By Form                      

• Powder    
• Syrups       
• Oils             
• Capsules & Tablets              
• Other Forms           

REGIONAL ANALYSIS

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East, and Africa

North America has the largest share of the world market. The North America market is expected to grow due to technological advances and increased R&D by the leading players in the region.

The Middle East and Africa area is also foreseen to witness significant growth in the near future. Since this region is a substantial market, it is expected to grow significantly in terms of functionality during the forecast period. The market is the second in Europe due to the acceptance of herbal supplements and favorable government regulations. The Europe Herbal Supplements Market is anticipated to post a profitable CAGR of 8.2%. The main drivers of growth are the adoption of natural products and increased consumption in countries like Germany and France. The growing consumer health market in the region is also contributing to the expansion of the industry.

Herbal supplement markets in the Asia Pacific region are expected to grow to the highest CAGR during the prediction period.

The adoption of traditional medicine for the management of various diseases in the area is one of the reasons for greater participation in the market. Along with increased exports of herbal products, the presence of seniors also promotes market growth. The leading exporters of herbal supplements are China and India. China has the largest share of imports in the Asia-Pacific region and was valued at $ 266 million in 2017. This growth is attributed to increased dependence on traditional medicines, a larger elderly population, and a prevalence of diseases Chronicles. A variety of herbal products are available in this country, which contributes to its development. Westernization's impact on the diet increased consumption of alcohol and tobacco, and increased lifestyle disorders due to reduced physical activity will further lead the local market boom. Latin America is also a potential market followed by the Asia Pacific as a herbal supplement as research and development efficiency increases.

KEY PLAYERS IN THE GLOBAL HERBAL SUPPLEMENTS MARKET

Key market players of Herbal Supplements Market are Archer Daniels Midland Company, Arizona Natural Products, Glanbia plc, Herbalife International of America, Inc, Blackmores, Nutraceutical International Corporation, NBTY Inc, Arizona Natural Products, Ricola, NaturaLife Asia Co., Ltd, Bio-Botanica Inc.

RECENT HAPPENINGS IN THE MARKET

• Herbalife has launched a new herbal green tea that comes in two flavors: Original and Pomegranate. This green tea is low in calories and contains no artificial sweeteners, flavors, and pigments.
• Youngevity Essential Life Sciences is expanding its range of natural supplements by acquiring Good Herbs Inc. Based in San Diego, Youngevity markets a wide range of products and services. The firm already purchased several brands in the nutrition, lifestyle, and food categories, such as foods, Heritage Makers, Biometrics International, etc. Youngevity also launched its activities in Russia and Israel earlier this year.