Global Herbal Supplements Market – Industry Trends and Forecast to 2029

Market Analysis and Size

High medical costs, sedentary lifestyles, constrained government budgets, and rising prices for medical and diet products have prompted consumers to seek out more cost-effective alternatives, such as herbal supplements. Herbal remedies have been shown to be the safest options for long-term relief from physical and mental disorders.

Data Bridge Market Research analyses that the herbal supplements market which was growing at a value of 42.75 billion in 2021 and is expected to reach the value of USD 74 billion by 2029, at a CAGR of 7.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Report Scope and Market Segmentation

Market Definition

Herbal dietary supplements, also known as plants or botanicals, are a type of therapeutic dietary supplement. These plant-based dietary supplements are primarily used to improve health. Herbal supplements contain active ingredients derived from herbs. These dietary supplements, which have medicinal properties, are commercially available in the form of tablets, capsules, powders, or liquids. Because of their medicinal properties, they are primarily used to treat a variety of illnesses.

Herbal Supplements Market Dynamics

Drivers

• Consumers awareness about the benefits of health and wellness products

Increased health and wellness spending and rising disposable income levels are expected to drive demand for herbal supplements globally, particularly in emerging economies. Consumers are increasingly choosing health and wellness products over luxury items. Herbal supplements help to maintain cholesterol levels, regulate the digestive system, and reduce stress. As a result, increased awareness of the health benefits provided by these products is expected to drive market growth.

• Manufacturers are focusing on key market trends about consumer needs and demands

Food and beverage manufacturers are focusing on key market trends about consumer needs, to develop innovative products and increase sales across their entire product line. As a result, several companies have launched innovative herbal supplements products that provide consumers with healthy options in recent years. Thus, the growing preference for plant-based foods and the increasing use of herbal supplements in a variety of products are expected to drive the herbal supplements market over the forecast period.

Furthermore, the high prevalence of lifestyle disorders such as diabetes, obesity, and others and the growing global elderly population have increased demand for dietary supplements to assist people in managing their health risks.

Opportunity

Market participants can expect lucrative opportunities as consumers seek organic products for their plates and their overall well-being, and the positive impact of vital herbal supplements is inundating the cosmetics and personal care industry. This has prompted market participants to experiment with formulations and create skincare and hair care products. In recent years, vital herbal supplements have seen widespread use in the formulation of cosmetic products that improve hair and skin quality. Given the rapid replacement of ingredients in the highly competitive cosmetic industry, market players can work with end users to ensure a consistent supply of critical herbal supplements.

Restraints

Many herbal supplements make the false claim that they are natural. This may result in harmful side effects, so it is always best to use these products after consulting with a physician and herbalist.

This herbal supplements market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Herbal Supplements market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Herbal Supplements Market

COVID 19's global pandemic has affected a large segment of society. The majority of people have lost their jobs as a result of the global pandemic. It has had an impact on the growth and dynamics of a number of industries. Due to vaccine shortages, everyone is concerned about their immunity and practises social distancing. People are becoming more concerned about their health as the global pandemic of COVID 19 spreads. As more people become health-conscious, the demand for herbal supplements increases. Furthermore, these aid in the development of immunity, which is critical in this pandemic.

Recent Development

• Simply Probiotic by Herbalife Nutrition, a patented, shelf-stable probiotic strain based on GanedenBC30 formulation, was launched in July 2019. This preparation will aid in the survival of a gastric passage in the intestines.
• Swanson Health Products introduced 14 new probiotic supplement variants in November 2021 to provide customised benefits for older adults, women, and children. It will benefit colon health, immunity, digestion, and flora support.
• In July 2019, a new consumer healthcare joint venture was formed by combining GSK and Pfizer Inc.'s healthcare businesses to operate globally under the name GSK Consumer Healthcare.

Global Herbal Supplements Market Scope

The herbal supplements market is segmented on the basis of product, formulation, consumer, source, function, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Formulation

• Powder
• Liquid
• Tablets
• Capsules
• Soft gels
• Granules
• Others

Product type

• Moringa
• Echinacea
• Flaxseeds
• Turmeric
• Ginger
• Ginseng

Consumer

• Pregnant Women
• Adult
• Paediatric
• Geriatric

Source

• Leaves
• Fruits & Vegetable
• Barks
• Roots
• Others

Function

• Medicinal
• Aroma
• Others

End user

• Pharmaceutical
• Personal Care
• Food & Beverages
• Others

Distribution channel

• Offline store
• Online store

Herbal Supplements Market Regional Analysis/Insights

The herbal supplements market is analysed and market size insights and trends are provided by country, product, formulation, consumer, source, function, application and distribution channel as referenced above.

The countries covered in the herbal supplements market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The Asia-Pacific region has the largest market share in the global market due to the presence of densely populated countries such as China and India. Furthermore, this region is the fastest-growing region, which, combined with rising disposable income, increases demand in this region. This region controls 39 percent of the market and is thus considered dominant. The presence of a vegan population increases market demand.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Herbal Supplements Market Share Analysis

The herbal supplements market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to herbal supplements market.

Some of the major players operating in the herbal supplements market are:

• Royal Cosun (Netherlands)
• Greenyard (Belgium)
• Himalaya Food International Ltd. (India)
• J.R. Simplot Company (US)
• Lamb Weston Holdings, Inc. (UK)
• General Mills, Inc. (US)
• Mondelez International, Inc. (US)
• THE KRAFT HEINZ COMPANY (US)
• Royal Ingredients Group (Netherlands)
• Pioneer Industries Limited (India)
• Cargill, Incorporated (U.S.)
• Meelunie B.V. (Netherlands)
• Permolex Ltd (Canada)
• Amilina AB (Lithuania)
• Z&F Sungold Corporation (China)
• Tereos SCA (France)
• Ardent Mills LLC (U.S.)
• Bryan W. Nash & Sons Limited (U.K.)

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