Latin America Herbal Supplements Market was worth USD 8 billion in 2021 and is estimated to be growing at a CAGR of 7.2%, reaching USD 11.32 billion by 2027
Herbal Supplements are non-pharmaceutical, non-food substances that are marketed to improve health. Plants have many nutritional as well as medicinal benefits, and they were used in medicinal treatment since time immemorial. The use of herbal remedies is more prevalent in patients with chronic diseases such as cancer, diabetes, asthma, and end-stage renal disease. Herbal remedies are seen by some as a treatment to be preferred to pure medical compounds that have been industrially produced. There are many forms in which herbs can be administered, the most common of which is in the form of a liquid that is drunk by the patient—either an herbal tea or a plant extract.Factors accountable for driving the market are increasing healthcare expenditure as well as increasing awareness regarding diet and healthcare, increasingly sedentary lifestyle, growing mental and health disorders and growing demand for functional food. On the other hand, high cost of raw materials stringent regulations and some side effects caused by herbal supplements are confining the growth of the market.
based on
Source
Application
Function
Form
Based on Source
Leaves
Barks
Roots
Fruits & Vegetables
Based on Application
Pharmaceuticals
Personal Care,
Food & Beverages
Based on Functions
Medicinal
Aroma
Based on Form
Powder
Syrups
Oils
Capsules & Tablets
Brazil
Argentina
Mexico
Rest of Latin America. Brazil is leading the market. The presence of market leaders as well as increasing individual awareness regarding health have fuelled the dominance of Brazil in the market. Argentina is expected to grow the fastest due to increasing adoption rate as well as increasing consumer awareness regarding the health issues. Capsules and Tablets held the major share in the market in Form segment due to their accessibility and ease of administration. Medicinal herbal supplements hold the major share in the market in terms of functions owing to their efficacy, safety and minimal side effects. Pharmaceutical applications is expected to grow the fastest due to consumers’ reliability in quality and effectiveness of herbal medicines.
Archer Daniels Midland Company
Glanbia plc
Herbalife International of America, Inc.
Blackmores
Nutraceutical International Corporation
NBTY Inc.
Arizona Natural Products
Ricola
NaturaLife Asia Co., Ltd.
Bio-Botanica Inc
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