The Global Herbal Supplements Market was valued at US$ 10.86 billion in 2020 and is predictable to reach US$ 20.10 billion by 2030 which is projected to reach a CAGR of 6.3 % during the forecast period from 2021- 2030.
Herbal supplements are referred to as a type of dietary supplement which are the products derived from roots, berries, plants, and their oils, flowers, or seeds. Herbal supplements are expected to have healing properties that derive in different forms such as tablets, bath salts, oil, ointments, teas or tablets, and capsules and can be used externally or internally.
Rising cases of geriatric population accompanied by increasing pervasiveness of chronic conditions are the prime reasons for the consumption of herbal supplements in the global market thus augmenting the market revenue to expand. Moreover, consumer awareness towards herbal supplements medicines and the latest technological developments in the medical sciences is expected to foster market growth. In addition, the usage of herbal products among the young population is rising at rapid growth. Also, female customers prefer to purchase herbal supplements, their effectiveness and side effects from the allopathic drugs are projected for the demand for herbal supplements thus propelling the herbal supplements market during the forecast period.
Furthermore, the regulatory impact and higher cost associated with the raw materials are the major restraints that will hamper the global herbal supplements market. Additionally, the absence of skilled professionals and equipment for manufacturing will hinder the overall market growth during the forecast period.
The Global Herbal Supplements Market is segmented by source, function, form, application, distribution channel, and region. Based on the source, it is classified into ginseng, turmeric, moringa, ginger, flaxseeds, echinacea, leaves, barks, roots, fruits & vegetables, and others. By function, it bifurcates into aroma and medicinal. Form segment is categorized into powder, oils, capsules & tablets, and syrups. Based on application, it is categorized into food & beverages, personal care, and pharmaceuticals. By distribution channel, herbal supplements segment into store-based distribution channel and non-store-based distribution channel. The store-based distribution channel is further bifurcated into hypermarkets, specialty stores, supermarkets, and others. Based on regional insights, the global herbal supplements market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Prominent players inducing the Global Herbal Supplements Market are GlanbiaPlc, Blackmores, NBTY Inc., Ricola, Bio- Botanica Inc., Archer Daniels Midland Company, Herbalife International of America Inc., Nutraceutical International Corporation, Arizona Natural Products, and NaturalLife Asia Co. Ltd. among others.
Segmentation and Scope of the Global Herbal Supplements Market
Global Herbal Supplements Market is segmented by source, function, form, application, distribution channel, and region.
By Distribution Channel
Store-Based Distribution Channel
Rest of World
Middle East & Africa
Prominent players in the Global Herbal Supplements Market among other includes