Increase in use of food supplements based on botanical ingredients (herbal supplements) is a part of a trend that empowers consumers to manage their regular health requirements. Evidence related to herbal supplement efficacy is variable, hence recent regulations eliminate the unsubstantiated claims related to potential effects of it.
Global Herbal Supplement Market Overview
The Global Herbal Supplement Market is anticipated to grow at a CAGR of more than 4% during the forecast period 2021-2026. The market growth is supported by various determinants such as increase in the size of global aging population, growing demand for dietary supplements, rising awareness on benefits of preventive healthcare measures, growing incidence of lifestyle related diseases and shift in the pattern of consumer base from geriatric to young population. Side effects of allopathic drugs also fuels the growth of the herbal supplement market size.
Studying the market from wider scope shows that increasing disposable income levels in developing nations and increasing health and wellness spending are positively influencing the overall market growth over the future period. On the contrary, low acceptance of the product and low acceptance of the product limit the overall market growth over the forecast period. However, introduction of the Current Good Manufacturing Practices (CGMP) Regulations by the U.S. FDA offers market players the lucrative opportunity to research and develop innovative dietary supplements.
Segmentation Overview of the Global Herbal Supplement Market
The global herbal supplement market is categorized based on type and application. These market segments are further categorized into various sub-segments to understand the market in detail.
- Nutritional Food Stores
- Health and Specialty Food Stores
- Drug Stores
- Mass Merchandisers
Regional Overview of the Herbal Supplement Industry
This market research study report studies the global herbal supplement market size in key regions like North America, Europe, Asia Pacific, Middle East & Africa and South America. As per the regional studies, the Asia-Pacific herbal supplement market is anticipated to hold a major position in the industry and acquire the largest market share in the global marketplace. The market dominance is attributed to increasing usage of traditional medicine to treat several diseases in this region, also growing exports of herbal products and the presence of large geriatric population base further boost the overall market growth over the forecast period.
The Europe Herbal Supplement Industry is anticipated to register the fastest growth during the forecast period 2021-2027, owing to growing vegan population in the region along with active government participation that encourages the consumption of organic products.
Competitive Landscape of Global Herbal Supplement Market
Abbott, Arkopharma, Amway, Bright Life Care, Dabur, Danone Nutricia, GSK Consumer Healthcare, Herbalife, the Himalaya Drug Company, Kraft Heinz, Medinn Belle Herbal Care, Mondelez, Nutraceutical, Patanjali Ayurveda, Pharmavite, Schwabe, Tsumura and Weleda among others are profiled in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership, and others to offer better and competitive products to customers in the global herbal supplement industry.
The FMCG companies are witnessing a leveraging trend of entering a joint venture with pharmaceutical and ingredient manufacturers to share investment commitments.
Increasing investments in several research and development activities along with various product launches of new and innovative are driving the overall market growth. For instance, Farlong Pharmaceuticals, a US-based herbal ingredient, and supplement company launched an herbal supplement under a brand name Steamed Notoginseng Powder, the product helps in improving immunity, nourishing blood and relieving fatigue. In November 2019, the Himalaya Drug Company announced the launch of Quista kidz, a nutritional supplement formulated for children aged between 3-10 years. In 2018, Bio-Botanica Inc. announced its partnership with Genomatica to create a product line of botanical extracts which uses sustainable and naturally sourced produced butylene glycol.
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