The global herbal supplements market is set to witness growth at a CAGR of 7.8% and top a valuation of USD 190.2 Bn by 2032.
Consumer awareness regarding the medicinal benefits of herbal supplements, particularly among the elderly population, is expected to be a key driver for market development. The global herbal supplement market has experienced growth fueled by an increase in female herbal supplement consumers and growing usage among the youth demographic.
The pharmaceutical sector within the herbal supplement industry has a substantial volume, with North America and Asia-Pacific anticipated to witness significant growth. The development of the medical industry in these regions is expected to contribute to the herbal supplement market. Major pharmaceutical companies are conducting research on various herbal supplements due to the rising demand for herbal remedies.
Initiatives in places like Latin America and Asia are projected to drive the herbal supplement market. In Asia Pacific, there is a significant demand for alternative medicinal items such as traditional Asian and Ayurvedic therapies. The consumption of herbal remedies has increased as the pharmaceutical sector in emerging countries like India and China has expanded significantly. Continuous demand from European countries is also expected to boost market growth.
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The global increase in the overweight and aging population has led to the rising popularity of herbal supplements for medicinal purposes. Sedentary lifestyles, higher consumption of healthier meals, increased healthcare knowledge, and rising disposable income in emerging countries are major factors driving the herbal products market. Increased awareness of the health benefits of herbal supplements, along with a rise in the occurrence of health issues such as diabetes, heart disease, and cancer, has contributed to the market’s growth.
The surge in health consciousness, changes in lifestyle, and a greater emphasis on health have made people more conscious of their dietary habits, contributing to the growth of the herbal supplement market. Increased awareness of what individuals consume and the benefits of herbal supplements is a key factor driving the market’s expansion.
Key Takeaways from Market Study
- The herbal supplements market is expected to expand at CAGRs of 7.8% and 15% in US and the Middle East & Africa, respectively, through 2032.
- The Asia Pacific Herbal Supplements market rose by 6.6% year over year, defying early predictions about how the business would function in the event of a worldwide pandemic. Natural supplement demand/sales contributed roughly 33% of overall supply in North America in 2022.
- The European herbal supplements market is currently pegged at 32% of the total market share.
- Herbal Supplement components are selling well in worldwide marketplaces, because to rising consumer demand for nutritionally balanced foods.
- In 2022, world consumption for plant-based supplements grew by 10.3% year over year. It has 43% of the herbal supplement marketplace and is predicted to increase at a significant pace of 7.2 percent by 2032.
- During the timeframe of 2017-2022, curcumin ingredient revenue increased by 9.8%.
“Herbal supplement companies might make a lot of money if they targeted the food and beverage industries. Because of the rising need for biomedical products around the world, the nutritional supplements business might be a strong market for herbal supplements,” Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive Landscape
Herbal supplement producers are putting a lot of effort into development and technology to ensure the quality of its product.
- Bio-Botanica: In 2018, the business formed a joint venture with Genomatica to create a new extraction facility. The extracts will be produced according to Genomatica’s methods and will contain the proprietary component Brontide. The extracts are created using a Bio-proprietary Botanica technology that guarantees the extracted substance has as many natural substances as possible.
- Archer Daniels Midland: The firm announced the acquisition of Protix, a probiotics manufacturer in 2019. This will allow the firm to continue to develop and conduct research in the field of natural healthcare supplements for pets and humans.
- Herbalife: The firm introduced its meal replacement line in 2022, which focuses on nutrition and is simple to ingest. Shakes, baked pastries, and munchies are among the products available. The firm introduced digestive health supplements with a fibre compound in the year 2021. Production takes place in the United States and Canada.
- Nuvothera Inc: In the year 2019, the firm announced the beginning of a supplementation project including microparticles Turmeric, which will result in a rise in curcumin-containing drinks. The product is predicted to grow in popularity since it provides certain health advantages and reduces reliance on medications.
- Applied Food Sciences Inc: In the year 2018, the business released CurcuFlow, that is a curcumin extract. This new substance will be used to generate a non-staining turmeric cleaning solution.
Segments Covered in Herbal Supplements Market Analysis
Form:
- Soft Gel/Pills
- Confectionery Products
- Gummies
- Chews
- Others
- Pharmaceutical Products
- Chewable pills
- Gel caps
- Powder
- Liquid
Ingredients:
- Moringa
- Echinacea
- Flaxseeds
- Turmeric
- Ginger
- Ginseng
- Other ingredients (Horehound, Elderberry, etc)
Consumer Orientation:
- Men
- Women
- Senior citizens
- Others (Kids & Toddlers)
Application:
- Weight Loss
- Sports Nutrition
- General Well-being
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Other specific requirements (Supplements, Anti-allergies & Eye-health)
Distribution Channel:
- Store Based Retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Drug Stores and Pharmacies
- Health and Wellness Stores
- Other Retailers
- Online Retailing
Region:
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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