Herbal Supplements Market Overview
Herbal Supplements Market is expected to grow at a substantial pace of 9.01% From 2023 to 2030
Growing demand for anti-aging and weight loss supplements is expected to drive the global herbal supplements market at a robust growth rate over the forecast period from 2023 to 2030, according to the latest research report from Market Research Future (MRFR).
Competitive Analysis:
Leading players in the global herbal supplements market include Naturalife Asia Co. Ltd., Blackmores Limited, NBTY, Ricola, Glanbia plc, Herbalife, and Archer Daniels Midland Co.
Segmentation:
The global herbal supplements market overview is segmented on the basis of ingredient, delivery format, function, and region.
By ingredient, the global herbal supplement market is segmented into stevia, ginseng, ginkgo, epimedium, green tea, hawthorn, aloe vera, and others.
By delivery format, the global herbal supplement market is segmented into capsules, liquids, tablets, powders, and others. The capsule format is likely to dominate the global herbal supplements market over the forecast period due to the growing demand for capsule-style deliveries of herbal supplements and the ease of ingesting capsules. Over the forecast period, the capsules segment is expected to exhibit a higher growth rate than other formats in the global herbal supplements market.
By function, the global herbal supplements market is segmented into beauty products, antioxidant digestive products, weight loss, memory enhancement, regulation of the blood system, anti-aging, and others. Weight loss is likely to remain the leading segment by function in the global herbal supplements market due to the growing demand for weight loss medication in the form of herbal supplements.
Regional Analysis:
Asia Pacific is likely to remain the majority revenue generator in the global herbal supplements market over the forecast period due to the growing demand for packaged, branded versions of herbal supplements in the region. While the region has its own traditions about the use of herbal supplements, the use of packaging and branding for the sale of herbal supplements has been a major factor in the growth of the herbal supplements market in the region.
Several countries in Asia and the Pacific, such as India, China, Thailand, Vietnam, South Korea, Japan, and Cambodia, have their own traditions regarding the use of herbal supplements on their own or as part of other food products. This has provided a strong tailwind to the herbal supplements market size in the region, as marketers haven’t had to spend excessive amounts on educating people on the benefits of herbal supplements, and a ready consumer group has already been present in the region even before the advent of commercialization and marketing.
The growing demand for beauty supplements as well as health supplements in Asia Pacific is likely to be a major driver for the herbal supplements market in Asia Pacific over the forecast period. The growing demand for commercialization of traditional herbal remedies and supplements in Asia Pacific countries is likely to be a major driver for the herbal supplements market over the forecast period.
Europe is likely to be a major regional market for herbal supplements over the forecast period due to the increasing awareness about herbal supplements and their various benefits in the region. The growing demand for antioxidants and other anti-aging herbal supplements is likely to be a major driver for the herbal supplements market in Europe over the forecast period. Beauty-oriented herbal supplements and skincare supplements that allow for a younger looking skin are likely to be in high demand in the Europe herbal supplements market over the forecast period.
North America is also a major regional market for herbal supplements and is likely to play a major part in the growth of the global herbal supplements market over the forecast period due to the growing awareness among consumers about the various end uses of herbal supplements and the diverse variety of ailments against which they can protect customers. Growing demand for green tea and black tea products is likely to be a key factor in the growth of the herbal supplements market in North America over the forecast period.
Industry News
In 2019, Pukka launched a new range of herbal infusions and teas aimed at the women demographic. The new products are claimed to relieve pain related to PMS, or premenstrual syndrome.
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