Herbal Supplements Market is projected to grow significantly during the forecast period. Often used to correct any nutritional deficiencies, herbal supplements are increasingly being used for various other functions such as anti-aging, performance enhancement, etc. Natural herbal supplements are also gaining popularity as therapeutic solutions. The aforementioned, are some key factors that have been identified as growth motivators.
Market restraints include stringent regulations and policies by relevant government authorities are expected to hamper growth. Additionally, high product price points and the presence of bogus herbal supplement manufacturers will further restrain growth in the market.
However, the effective nature of good quality herbal supplements has proven to be successfully in supporting treatment of lifestyle diseases like diabetes and growing demand for natural products is expected to favor growth patterns as opposed to the aforementioned market restraints.
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Major Key Players:
MRFR’s report analyses the market strategies of some key players in the global herbal supplements market so as to provide comprehensive view of the competitive landscape. Major players include Herbalife International of America Inc., Ricola, Archer Daniels Midland Co., Glanbia PLC, NBTY, Blackmores Limited and Naturalife Asia Co. Ltd.
Latest Industry News:
The Food and Drug Administration (FDA), has ordered, Triangle Pharmanatural, to recall its kratom supplements. This unprecedented order follows the discovery of salmonella in the aforementioned herbal supplements and the consequent noncompliance of Triangle Pharmanatural to voluntarily recall the products.
The Health Canada warnings database has recently been updated to include yohimbe supplements. The database is continually maintained and added to on the basis of relevant scientific research which may indicate adverse health effects from using unauthorized herbal supplements. Yohimbe has been found to cause serious reactions in consumers with preexisting heart, kidney or liver conditions.
To provide a thorough understanding of the market and gain relevant insights the herbal supplement market has been segmented based on ingredients, delivery format and function.
On the basis of ingredients the market has been segmented into stevia, ginseng, ginkgo, epimedium, green tea, hawthorn, aloe vera and others.
On the basis of delivery format the market has been segmented into capsule, liquid, tablet, powder and others. Capsule as a delivery format is expected to grow at the fastest rate, due to ease of use as compared to alternatives. This delivery format is designed to be absorbed at a faster rate than tablets.
On the basis of function the market has been segmented into beauty products, antioxidant digestive system, weight loss, memory improvement, anti-aging, regulation of blood system and others. Weight loss herbal supplements are expected to be the fastest growing segment on the basis of function, due to the global increase in obesity and lifestyle diseases.
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The herbal supplement market is further segmented on basis of region, including Europe, North America, Asia Pacific (APAC) and Rest of the World (ROW).
According to MRFR’s market report, Asia Pacific currently dominates the global market. The region includes countries such as India and China which have a longstanding adoption of herbal ingredients due to prevalent culture. Chinese medicinal and ayurvedic ingredients from these countries have a rise in demand in recent years and China is one of the largest exporters of medicinal and wellness herbs to other parts of the world. Other key drivers of growth in this region include the existence of a significant female consumer base for this market and the rising demand for herbal supplements that provide beauty and anti-aging benefits.
Europe closely follows the APAC market and is expected to continue steady growth, this is largely due to widespread consumer awareness and the ease of availability of herbal supplements. France, Germany and U.K are some European countries where herbal supplements are sold over the counter in most drugstores.
North America is projected to be the fastest growing market for herbal supplements during the forecast period. In addition to following a similar growth patterns as Europe, this region includes countries such U.S and Canada, where there is a demand for herbal supplements of high quality.
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