by The Herbal Nutraceuticals Market is estimated to be valued at Us$ 36.28 Bn or in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Herbal nutraceuticals refer to dietary supplements derived from plants and herbs. They are available in various forms such as tablets, capsules, powders, and liquids. Common herbal nutraceuticals include ginkgo biloba, echinacea, garlic, ginseng, devil’s claw, green tea, turmeric, St. John’s wort, etc. These products provide various health benefits such as improved immune function, antioxidant effects, antibacterial, anti-inflammatory properties. They are often used for conditions like arthritis, depression, anxiety, memory problems, fatigue, and general well-being.
Market Dynamics:
Increasing health consciousness among consumers regarding the benefits of herbal supplements and rising preference for a healthy lifestyle are major factors driving the growth of the herbal nutraceuticals market. According to data by Natural Marketing Institute, in 2018, around 68% of U.S adults consumed dietary supplements in some form. Additionally, growing geriatric population prone to chronic disease and conditions is augmenting the demand for nutraceuticals derived from natural sources. Furthermore, the development of innovative delivery formats like gummies, chewable tablets to improve compliance is fueling the sales of herbal supplements. However, lack of scientific evidence and standardization regarding the dosage, quality, and efficacy of herbal ingredients sometimes challenge conventional pharmaceutical drugs. Stringent government regulations could also act as a barrier.
Segment Analysis
The herbal nutraceuticals market can be segmented into dietary supplements and functional foods and beverages. Within dietary supplements, the probiotics sub-segment dominates due to increasing gut health awareness among consumers. Probiotics help maintain a healthy digestive system.
PEST Analysis
Political: Regulations regarding herbal supplements are getting stronger to ensure safety. Some herbal ingredients require approval.
Economic: The herbal nutraceuticals market is expected to grow at a high rate due to rising income levels and better healthcare accessibility in developing regions.
Social: People are increasingly preferring herbal remedies and preventive healthcare owing to growing health consciousness.
Technological: New delivery systems like gummy, gel, and capsule forms enhance product experiences. Scientific research is validating traditional medicine claims.
Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health consciousness among consumers. North America dominates the market due to strong distribution networks and adoption of herbal supplements. Europe remains the second largest market owing to supportive regulations. Asia Pacific is expected to be the fastest growing market with rising disposable incomes in China and India leading to greater affordability of herbal nutraceuticals products.
Key players operating in the herbal nutraceuticals market include Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature’s Bounty, NUTRAMARKS, INC., Now foods, OREGON’S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. Regional analysis of the North America herbal nutraceuticals market will continue to remain positive due to growing health-conscious population and successful promotion of herbal supplements by manufacturers compared to other regions.
The US market for herbal nutraceuticals is projected to reach US$ 21.63 Bn by 2023. Some of the key players in US herbal nutraceuticals market are Herbochem, Nature’s Bounty, Pharmaca, and Pure Encapsulations. These players are focusing on product innovation and use of clinically researched ingredients to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
