Herbal Supplements Market

According to Stratistics MRC, the Global Herbal Supplements Market is accounted for $51.5 billion in 2023 and is expected to reach $99.2 billion by 2030 growing at a CAGR of 9.8% during the forecast period. Therapeutic dietary supplements are a subset of plants or botanicals, commonly referred to as herbal supplements. The main purpose of these plant-based dietary supplements is to enhance health. The active elements in herbal supplements come from herbs. These supplements are widely used to address a range of health concerns, including boosting immunity, promoting digestive health, enhancing cognitive function, and managing stress. Moreover, they are perceived as safer alternatives to synthetic drugs due to their natural origins and minimal side effects.

According to the World Health Organization (WHO), an estimated 250 million preschool children suffer from vitamin A deficiency, and a significant proportion of pregnant women are Vitamin A deficient. 

Market Dynamics: 

Driver: 

Growing emphasis on preventive healthcare

As individuals become more health-conscious and seek natural alternatives to traditional medicine, the demand for herbal supplements has surged. Consumers are increasingly inclined towards proactive measures to maintain their well-being, leading them to explore herbal remedies known for their preventive health benefits. With a shift in focus from treating illnesses to preventing them, herbal supplements offer a compelling solution due to their perceived safety and minimal side effects compared to synthetic pharmaceuticals.

Restraint:

Price sensitivity

With consumers becoming increasingly price-conscious, they tend to opt for lower-cost alternatives or forego purchases altogether. Herbal supplements, often perceived as premium products due to their natural ingredients and health benefits, face challenges in attracting price-sensitive consumers. This sensitivity is particularly pronounced in regions where healthcare costs are high, and disposable incomes are limited. Manufacturers face the dilemma of balancing quality with affordability to cater to price-sensitive consumers without compromising on product integrity.

Opportunity:

Increasing awareness of the potential health benefits

As consumers become more conscious of their well-being, they are turning to herbal supplements as an alternative or complementary approach to conventional medicine. This heightened awareness is fueled by a growing body of scientific research supporting the efficacy of herbal remedies in promoting health and wellness. The rise of holistic healthcare practices and a preference for organic and natural products further contribute to the market's expansion. Moreover, the accessibility of information through the internet and social media platforms enables consumers to educate themselves about the benefits of herbal supplements, driving demand.

Threat:

Limited scientific evidence

While herbal remedies have been used for centuries in traditional medicine, their widespread adoption in modern healthcare is hindered by the lack of rigorous scientific studies validating their purported benefits. Without robust clinical trials and empirical data, consumers, healthcare professionals, and regulatory bodies remain cautious about recommending or approving herbal supplements. This dearth of evidence also hampers the ability to establish standardized dosages, identify potential interactions with medications, and assess long-term effects.

Covid-19 Impact: 

Initially, the outbreak disrupted global supply chains, leading to shortages of certain herbal products due to production and transportation constraints. As people sought ways to bolster their immune systems and overall health during the pandemic, there was a surge in demand for herbal supplements perceived to have immune-boosting properties. However, these disruptions not only impact product availability but also compromise quality control measures. Supply chain disruptions, including shortages of raw materials and manufacturing delays, posed challenges for the industry.

The syrups segment is expected to be the largest during the forecast period

Syrups segment is expected to be the largest during the forecast period. Syrups offer a versatile delivery method, allowing for easy dosage adjustments and customization to meet individual needs. This flexibility appeals to a broader consumer base, including children and the elderly. Additionally, syrups often incorporate natural sweeteners and flavors, further enhancing their appeal. As a result, the Syrups segment is expanding the accessibility and acceptance of herbal supplements, driving growth in the market by catering to the preferences and convenience of modern consumers.

The heart health segment is expected to have the highest CAGR during the forecast period

Heart Health segment is expected to have the highest CAGR during the forecast period due to growing consumer awareness and concern regarding cardiovascular well-being. Herbal supplements targeting heart health offer a natural and holistic approach, appealing to individuals seeking alternatives to synthetic medications. With rising incidence of cardiovascular diseases and increasing preference for preventive healthcare, consumers are turning to herbal supplements as a proactive measure. These products often contain ingredients like garlic, hawthorn, and omega-3 fatty acids, which are renowned for their cardiovascular benefits. These elements are boosting the segmental growth.

Region with largest share:

Asia Pacific region commanded the largest share of the market throughout the projection period. As consumers increasingly prioritize preventive healthcare and natural remedies, demand for herbal supplements has surged in the region. This trend is particularly pronounced in Asia Pacific countries due to their rich tradition of herbal medicine and cultural emphasis on holistic well-being. Moreover, rising awareness about the benefits of herbal supplements, such as immune support, stress relief, and overall wellness, has further fueled market expansion in the region. Increased disposable income and changing consumer preferences towards non-synthetic alternatives have also contributed to this regional growth.

Region with highest CAGR:

With an increasing focus on consumer safety and product efficacy, regulatory bodies are implementing stringent guidelines for the manufacturing, labeling, and distribution of herbal supplements, Asia Pacific region is poised to hold profitable growth over the extrapolated period. These regulations ensure that products meet certain quality standards and adhere to safety protocols, thereby boosting consumer confidence in herbal remedies across the region. Additionally, governments are increasingly recognizing the traditional use of herbs in various cultures and are supporting research and development efforts to validate their efficacy throughout the region.

Key players in the market

Some of the key players in Herbal Supplements market include Ancient GreenFields Pvt. Ltd, Archer Daniels Midland Company, Ardent Mills LLC, Bio-Botanica Inc, Cargill, Incorporated, Glanbia plc, Herbalife International of America, Inc, Jarrow Formulas, Inc, Mondelez International, Inc, Nature’s Bounty, Nutraceutical International Corporation, Permolex Ltd and Pioneer Industries Limited.

Key Developments:

In October 2023, Jarrow Formulas® Launches MagMind® Student Loan Pay Off Sweepstakes Just in Time for Loan Payments Resuming. The more than 44 million Americans carrying upwards of $1.7 trillion of student debt will be feeling added stress as student loan payments resume.

In December 2022, Jarrow Formulas® Introduces Dual-Action Immune Booster. The fastest growing immunity brand in the natural channel launches clinically-supported Immune Booster in a convenient, single-serve stick pack format. The new product supports a healthy immune system and normal digestion.

Sources Covered:
• Roots
• Fruits & Vegetables
• Leaves
• Barks
• Other Sources 

Forms Covered:
• Oils
• Syrups
• Powder
• Capsules & Tablets
• Liquid
• Other Forms

Functions Covered:
• Aroma
• Medicinal
• Other Functions

Distribution Channels Covered:
• Online Retailing
• Health and Wellness Stores
• Drug Stores and Pharmacies
• Convenience Stores
• Hypermarkets/Supermarkets

Applications Covered:
• Bone & Joint Health
• Food & Beverages
• General Well-being
• Heart Health
• Immune & Digestive Health
• Personal Care
• Sports Nutrition
• Weight Loss
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances