DUBAI, UAE / ACCESSWIRE / August 24, 2020 / According to a new market study by Future Market Insights, the global herbal supplements market is forecasted to expand at a healthy rate between 2020 and 2030.
The report attributes the growth of the market to increasing preference for natural foods, rising awareness regarding preventive health care, and surging expenditure on health and wellness. Furthermore, the widening base of geriatric population and rising incidence of chronic diseases are asserting market players to seek organic, natural ingredients.
In the recent past, there has been a paradigm shift in consumer preference for organic products. As a result of the flourishing trend of health and wellness, the demand for herbal supplements has increased significantly. Likewise, rising disposable income in developing countries has increased the spending power of consumers, thus enabling them to afford herbal supplements.
Furthermore, herbal supplements aid in lowering the levels of cholesterol, reduce stress, and ensure the proper functioning of the digestive system, among other benefits. Along similar lines, the introduction of numerous healthcare initiatives and tax benefits by governments across the world are positively influencing the growth trajectory.
"As consumers seek effective yet economical pharmaceuticals market players are focusing on carefully planning their operational expenses to maintain optimal costs of the products.", opines FMI analyst.
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Herbal Supplements Market - Key Takeaways
- The global herbal supplements market is forecasted to grow at a stellar CAGR of 10.6% through the forecast period and will attain a valuation of US$ 191.7 Bn by the end of 2030.
- Based on the form, herbal supplements as capsules & tablets are expected to hold the lion's share in market value, while powder form is expected to gain traction in the forthcoming years.
- Among end-uses, pharmaceuticals is forecasted to remain the dominant sector through the forecast period, owing to growing usage of herbal supplements in the product, while the food & beverage sector will grow in value at a tremendous CAGR.
- On the basis of source, herbal supplements derived from leaves are expected to hold the lion's share while bark-derived supplements are expected to gain prominence.
Herbal Supplements Market - Key Trends
- The outbreak of Covid-19 is likely to catalyze the market growth since herbal medicine products have minimal side-effects and complications, and herbal supplements are finding significant adoption on this premise.
- A growing number of people practicing veganism, coupled with government policies to promote the consumption of organic goods are bolstering the consumption of herbal supplements.
Herbal Supplements Market - Regional Analysis
- North America is forecasted to remain at the forefront of market growth, through the forecast period owing to the high prevalence of obesity and government initiatives, and sprouting health and fitness trends.
- Europe is forecasted to remain the second-most lucrative region, with Germany and France accounting for the majority of the share, on the back of increasing the vegan population.
- Asia Pacific is forecasted to emerge as a prominent region, backed by rising awareness among consumers regarding the benefits of consuming organic goods.
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Herbal Supplements Market - Competitive Landscape
Some of the key players operating in the market include Martek Biosciences Corporation, Natures Aid, DSM Nutritional Products Ltd., i-Health, Inc., Nutraceutical Corporation, Ricola AG, Bio-Botanica, Inc., ARKOPHARMA Pharmaceutical Laboratories, and The Himalaya Drug Company. Market players are focusing on direct sales, product bundling deals, and comprehensive discounts to gain competitive advantage.
Herbal Supplements Market - Taxonomy
Source:
- Roots
- Fruits & Vegetables
- Barks
- Leaves
Application:
- Food & Beverages
- Pharmaceuticals
- Personal Care
Form:
- Oils
- Syrups
- Powders
- Tablets and capsules
Region:
- North America
- Latin America
- Europe
- Asia
- Oceania
- MEA
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Get Valuable Insights into the Herbal Supplements Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global herbal supplements market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the aloe vera extracts market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE: Future Market Insights