Herbal supplements continue to gain traction as immunity boosters during the global pandemic
DUBAI, UAE / ACCESSWIRE / May 11, 2020 / Driven by preventive healthcare initiatives, the global herbal supplements market is set to reach a US$ 191.7 Bn mark in revenues, by 2030. Growing popularity as immune system boosters during the current COVID-19 outbreak will further contribute to market growth, as projected by a new study of Future Market Insights (FMI). The global herbal supplements market continues to witness growth on the back of the rising disposable per capita income in developed countries. However, lack of substantiating proof on the effectiveness of herbal supplements on COVID-19 restricts sales and revenue.
"Herbs such as forsythia have been found to be effective against viruses such as SARS. However, the ongoing pandemic, has limited the demand for herbal supplements, as reports of success to combat the coronavirus, has been anecdotal so far," says the FMI study.
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Herbal Supplements Market- Key Takeaways
- The capsule and tablet form of herbal supplements will continue to generate profitable opportunities, displaying robust growth rates.
- The powders segment is expected to witness higher sales than other herbal supplements products, driven by product innovations in the sector.
- Pharmaceutical applications are anticipated to witness strong growth during the forecast period, while food and beverage uses will cut a strong niche in the sector.
- North America is the leading regional market driven by demand from health-conscious consumers who are dealing with the coronavirus crisis.
- Asia-Pacific will capture significant growth opportunities during the projection period.
Herbal Supplements Market- Key Driving Factors
- High demand for plant-based products and easy availability of raw materials are trends that drive demand for herbal supplements.
- Widespread prevalence of chronic lifestyle-based ailments is leading to advancements in herbal supplement products.
- Increasing applications of disposable herbal supplements for pharma and food verticals also contribute to market growth.
Herbal Supplements Market- Key Restraints
- The rising demand for herbal resources to meet the production and sales of herbal supplements products is straining wild stocks of herbs, which is expected to have an adverse impact on the market.
- Production infrastructure previously used for herbal supplements is being diverted towards the production of conventional antiviral and antimalarial drugs such as hydroxychloroquine to combat the covid-19 pandemic, which will restrain the market in the short term.
COVID-19 Impact on Herbal Supplements Market
A number of medicine production industries are launching herbal medications, for consumers seeking to avoid side effects. On the other hand, the COVID-19 pandemic has resulted in major changes in terms of consumer behaviors. Disruptions in supply chains for raw materials are also hampering applications in the food and pharma sectors. Government aid towards the sector is essential for survival and sustained growth through the crisis. The impact will hit the industry particularly hard in Asia Pacific countries such as China and India. However, the market is expected to recover steadily after the outbreak has subsided.
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Competitive Landscape
Major players are seeking to expand direct sales activities in addition to providing customers with product bundling deals and wide-ranging discounts to optimize revenue streams. Key players that influence the herbal supplements market are, but not limited to, The Himalaya Drug Company, Sundown Nutrition, ARKOPHARMA Pharmaceutical Laboratories, Marktek Biosciences Corporation, Ricola AG, and Nutraceutical Corporation among others.
About the Report
This study offers readers a comprehensive market forecast of the herbal supplements market. Global, regional and country-level analysis of the latest industry trends impacting the herbal supplements market is covered in this Future Market Insight (FMI) study. The report offers compelling insights on herbal supplements market on the basis of source (roots, fruits & vegetables, barks, and leaves), application (food & beverages, pharmaceuticals, and personal care), and form (oils, syrups, powders, and tablets & capsules), across six regions (North America, Latin America, Europe, Asia, Oceania, and MEA).
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SOURCE: Future Market Insights