Due to diverse application associated with herbal supplements consumption, the market is growing at an incremental pace of development on the global stage. Herbal supplements have attracted the attention of consumers based on the nutritive and therapeutic effects they exhibit. Herbal supplements have several health benefits including maintenance of body’s metabolism, regulating good gut health, prevention of heart related disorders and treating other major deficiencies and disorders. However, in some developing countries, some of the consumers are still unaware and reluctant to go for herbal supplements as still lack any potential information about the health benefits obtained from them.
Increasing consumer demand for green label products, increasing ill-effects of allopathic medicine consumption, increasing use of functional foods and growing consumers’ health awareness for preventive healthcare measures will drive the market growth and led to the surge in sales of herbal supplements. Innovative packaging is the major trend in the herbal supplements market. Constant indulgence of the manufacturers in the R&D activities has led to product development and innovations leading to unique offering of the product in various forms. However, government regulations, specific functional requirements and high raw material cost can cause hindrances to the growth of the herbal supplements market.
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Latest Industry Updates:
Jul 2017: Vitality Products Inc. announced its first line launch of 100% vegan supplements including the herbal supplements capsules and the organic beauty boost capsules. The step was taken to suffice the consumers growing demand for vegan and plant based products. The strategy will help the company in expanding their product offerings and capturing the attention of vegan consumers
April 2016: Vitality Products Inc. announced the launch of their new product line: VITALITY Power Iron + Organic Herbal supplements to aid the growing iron deficiency in consumers. The unique product offering has already created product differentiation and will help the company in strengthening their business portfolio.
Jun 2016: To support the sustainable development and enhance the production capacity of natural food color, Cynotech Corporation is focusing on developing natural food color from microalgae ingredients including herbal supplements and chlorella. This will make the company’s position more significant in the herbal supplements market.
Jul 2017: Cyanotech Corporation received Halal Certification for BioAstin Hawaiian Astaxanthin Raw Material and vegan soft gels from the Islamic Food and Nutrition Council of America (IFANCA). The company’s strategy to expand their business in the middle-east region will be accomplished by gaining the certificate. Consumers will get attracted towards their product line.
Major Key Players Review:
The demand for herbal supplements as a potential ingredient is experiencing a surge at the global level. Companies are aiming to capture a considerable share of the market segment by capturing huge consumer base. Strategic product launch and innovations in the existing product line is the key strategy followed by the manufacturers to create product differentiation among their product offerings. Huge investments in R&D sector is also adding fuel to this market based on the quality product launch which helps the players in promoting their product. Government certification and approval also plays a very significant role to mark their significance on a global level.
The key players profiled in herbal supplements are as Archer-Daniels-Midland Co. (U.S.), Herbalife International of America, Inc. (U.S.), Glanbia PLC (Ireland), Ricola (Switzerland), NBTY (U.S.), Blackmores Limited (Australia) and Naturalife Asia Co., Ltd. (Seoul, Korea).
The global herbal supplements market has been divided into ingredients, delivery format, function, and region.
On The Basis Of Ingredients: Stevia, Ginseng, Ginkgo, Epimedium, Green tea, Hawthorn, Aloe Vera and Others
On The Basis Of Delivery Format: Capsule, liquid, Tablet, Powder and Others
On The Basis Of Function: Beauty Products, Weight loss, Antioxidant Digestive system, memory improvement, Regulation of blood system, Anti-aging and Others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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The global herbal supplements market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global herbal supplements market is highly dominated by Asia Pacific due to high demand for functional foods, nutraceuticals and popularity of dietary supplements in that region. There has been rising demand of herbal supplements for different functions mainly as an antioxidant, anti-aging and beauty products which is boosting the herbal supplement market in Asia Pacific region. North America is the fastest growing region after APAC due to change in consumer’s food consumption preferences and increasing health consciousness. The consumption of herbal supplements in counties like the U.S., Japan and China is expected to grow in upcoming years.
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