The herbal supplement market is capable of accumulating US$ 93,886.3 million in revenues in 2024. As the appeal of natural or plant-based supplements has increased substantially recently, the overall market is set to experience a year-on-year growth of 7.6% during the forecast period. By following this promising CAGR, the herbal supplement industry is progressing to attain a revenue potential of US$ 194,859.4 million by 2034.
Greater Demand for Natural Hormone Supplements in the United States
The United States is the leading herbal supplement supplier in North America and is set to advance further with an estimated CAGR of 7.2% from 2024 to 2034.
Demand for herbal supplements in the United States has been driven by the rise in female buyers of natural estrogen supplements for menopause. Parents in the country are adopting natural vitamin C supplements for their children. In addition to this, people joining fitness clubs and gyms have surged considerably, boosting the sales of natural fat burners.
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Consumer awareness of the medicinal benefits of consuming herbal supplements, particularly among the elderly population, is expected to be among the key drivers of market development. The growth in female herbal supplement customers, as well as an increase in the use of herbal products by the youth demographic, has fueled the global market for herbal supplements.
The pharmaceutical sector of the herbal supplement industry has far more volume. The herbal supplement markets in North America and Asia-Pacific are expected to grow significantly. In these sectors, the medical industry’s development will assist the herbal supplement industry. Due to the growing desire for herbal remedies, some of the world’s most well-known pharmaceutical companies are doing research on a variety of herbal supplements.
Key Points:
- Rise in Female Buyers: The demand for natural estrogen supplements for menopause has witnessed a significant uptick, reflecting a broader shift towards holistic approaches to women’s health. As more women seek alternatives to conventional hormone therapies, natural supplements offer a safe and effective solution, contributing to the market’s expansion.
- Parental Preference for Natural Vitamin C: In response to growing concerns about children’s health and immunity, parents in the United States are increasingly turning to natural vitamin C supplements. With a focus on prevention and wellness, these supplements offer a convenient and reliable way to support children’s immune systems, driving sales growth in the market.
- Surge in Fitness Enthusiasts: The growing popularity of fitness clubs and gyms has fueled demand for natural fat burners among health-conscious consumers. As individuals prioritize physical health and wellness, natural supplements offer a holistic approach to weight management, providing support for healthy lifestyle choices and sustainable results.
- Consumer Shift towards Natural Solutions: Across demographics, there is a notable shift towards natural wellness solutions driven by a desire for transparency, safety, and efficacy. Herbal supplements offer a natural alternative to synthetic medications, resonating with consumers seeking sustainable and holistic approaches to health and well-being.
- Opportunities for Market Growth: With the demand for natural hormone supplements on the rise, the US market presents significant opportunities for innovation and expansion. Manufacturers and retailers have the opportunity to capitalize on consumer preferences for natural remedies, developing products that address specific health concerns and cater to evolving wellness trends.
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Key Takeaways from Market Study
- The herbal supplements market is expected to expand at CAGRs of 7.2% and 15% in US and the Middle East & Africa, respectively, through 2034.
- 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 2024.
- 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 2024, 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 2034.
- During the timeframe of 2017-2023, 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,” says a Future Market Insights analyst.
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.
Conclusion: As the demand for Herbal supplement continues to grow in the United States, driven by factors such as the rise in female buyers, parental preference for natural vitamins, and the surge in fitness enthusiasts, the market for herbal supplements is undergoing a transformative shift. By embracing innovation, quality, and consumer-centric approaches, industry players have the opportunity to empower wellness and redefine the landscape of natural health solutions in the US market.
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