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 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.
The herbal supplement market in places like Latin America and Asia will grow as a consequence of their initiatives. In Asia Pacific, alternative medicinal items such as traditional Asian and Ayurveda therapy are in significant demand. Additionally, consumption of herbal remedies has risen as the pharmaceutical sector in emerging countries such as India and China have expanded significantly. Furthermore, continuous demand from countries such as Europe would boost the market’s rise.
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Overweight and ageing population are on the rise all across the world. As a result, herbal supplements for medicinal purposes are becoming increasingly popular. The whole herbal supplement market is benefiting from a rise in sedentary lifestyles, higher consumption of healthier meals, and increased health-care knowledge. Other major factors driving the herbal products market comprise rising disposable income in emerging countries, increased awareness of herbal supplement health benefits, and a rise in the occurrence of health issues.
Diabetes, heart disease, cancer, as well as other chronic illnesses are on the rise all over the world. An increase in the frequency of medical issues has resulted in a greater awareness of eating well. Because of better lifestyles and dietary habits, customer awareness of fitness and health has increased in countries like India and China.
People are becoming more conscious of what they eat and the benefits of herbal supplements, which is fueling the herbal supplement market’s rise. Furthermore, changes in their lifestyle have forced them to place a higher value on their health.
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,” says a Future Market Insights analyst.
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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.
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