Unveiling the Herbal Renaissance: Trends Shaping the $204.14 Billion Market by 2032

Report Overview

The global Herbal Supplements market size is expected to reach USD 204.14 Billion by 2032, according to a new study by Polaris Market Research. The report “Herbal Supplements Market Share, Size, Trends, & Industry Analysis Report By Source (Leaves, Roots, Bark, Fruits & Vegetables, and Others); By Functionality; By Application; By Distribution Channel; By Region, Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Herbal supplements, which are also known as botanical products, are dietary supplements that contain one or more herbs. These herbs are parts of plants that are commonly used to treat various health conditions and illnesses. Herbal supplements are available in different forms, such as tea bags, capsules, tablets, liquids, and powders, and they are intended to supplement our diet with dietary ingredients like vitamins, minerals, amino acids, and other botanicals.

Companies operating in this sector have numerous growth opportunities due to the increasing demand from developing nations. The growth of e-commerce, along with the shift of retailers to online platforms, is another significant factor driving the market's growth. The rise in health disorders, coupled with the increasing demand for dietary supplements from female and young consumers, is also pushing the market's expansion. The growth in the obese population and the sedentary lifestyles of consumers leading to lifestyle diseases are also driving the market for herbal supplements. Several factors are driving the growth of this market, including the increasing use of functional foods and rising disposable income. The growing need for consumers to stay healthy is also a significant factor in the market's overall growth. The aging population and growing consumer awareness of preventive healthcare are also contributing to the expansion of this market.

Despite overall growth, the herbal supplements market faces certain hindering factors that impact its market expansion. One significant challenge is the lack of stringent regulations and quality standards governing herbal supplements.

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International businesses are entering emerging markets in an effort to grow their clientele, market share, and overall visibility. Prominent companies are allocating resources towards research and development in order to launch novel herbal supplements that address particular health requirements. Businesses are making significant investments in stringent quality control procedures, following Good Manufacturing Practices (GMP), and acquiring third-party certifications in order to establish consumer confidence and set themselves apart from competitors with respect to safety and effectiveness.

For instance, in 2019, Nuvothera Inc. launched a supplement product that involved micronized Turmeric. As a result, beverages containing curcumin have become more popular. The product aimed to provide certain health benefits and reduce the reliance on medication, thereby expanding the customer base.

Herbal Supplement Market Report Highlights

• Medicinal functionality emerges as the top revenue generator in the herbal supplement market. This reflects the increasing preference among consumers for natural health remedies. Scientific research and studies that support the therapeutic benefits of specific herbs have also played a vital role in driving the popularity of herbal supplements for medicinal purposes.
• The offline stores segment is expected to hold a greater revenue share for herbal supplements in the global market due to the significant presence of traditional retail channels in the distribution of health and wellness products.
• The regulatory environment in North America fosters consumer trust in herbal supplements, leading to a significant expected CAGR in the region's herbal supplement market.
• The global key market players include Herbalife International Inc., Ricola AG, Archer Daniels Midland, Nutraceutical International Corporation, Bio-Botanica Inc., Arizona Natural Products, Mondelez International, Inc., THE KRAFT HEINZ COMPANY, Royal Ingredients Group, Pioneer Industries Limited, Cargill Inc., Meelunie B.V., Permolex Ltd, Amilina AB, Z&F Sungold Corporation, Tereos SCA, Ardent Mills LLC, Bryan W. Nash & Sons Limited, The Himalaya Drug Company, Willmar Schwabe GmbH, Rainbow Light Nutritional Systems, etc.

Growth Drivers:

1. Shift Towards Preventive Healthcare: With rising concerns about chronic diseases and lifestyle-related health issues, consumers are increasingly turning towards preventive healthcare measures. Herbal supplements are perceived as a natural and holistic approach to maintaining health and preventing illnesses, thus driving demand for these products.
2. Expanding Geriatric Population: The global population of elderly individuals is on the rise, leading to greater demand for health supplements catering to age-related issues such as joint health, cognitive function, and overall vitality. Herbal supplements, often touted for their purported anti-aging and longevity benefits, are gaining popularity among the elderly demographic, driving market growth.
3. E-Commerce Penetration: The proliferation of e-commerce platforms has made herbal supplements more accessible to consumers worldwide. Online retail channels offer a convenient way to browse and purchase a wide range of herbal products, often at competitive prices. The ease of online shopping, coupled with extensive product information and reviews, has significantly contributed to the market expansion of herbal supplements.

Applications:

1. Digestive Health: Herbal supplements targeting digestive health have witnessed increased demand due to growing concerns over gastrointestinal disorders such as indigestion, bloating, and irritable bowel syndrome (IBS). Ingredients like ginger, peppermint, and licorice are commonly used in herbal formulations to support digestive function and alleviate discomfort.
2. Immune Support: Particularly in the wake of global health crises such as the COVID-19 pandemic, there has been a surge in demand for herbal supplements aimed at bolstering immune function. Ingredients like echinacea, elderberry, and astragalus are sought after for their purported immune-boosting properties, driving the market for immune support supplements.
3. Stress Management and Mental Well-being: With rising stress levels and awareness about mental health issues, herbal supplements targeting stress reduction and mood enhancement have gained traction. Botanicals such as ashwagandha, chamomile, and valerian root are commonly used to promote relaxation, alleviate anxiety, and support overall mental well-being, driving demand in this segment of the market.

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Polaris Market Research has segmented the herbal supplement market report based on source, functionality, application, distribution channel, and region:

Herbal Supplement, Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Leaves
• Roots
• Bark
• Fruits & Vegetables
• Others

Herbal Supplement, Functionality Outlook (Revenue - USD Billion, 2019 - 2032)

• Medicinal
• Aromatic
• Others

Herbal Supplement, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Food and Beverage
• Pharmaceuticals
• Personal Care
• Others

Herbal Supplement, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Offline Stores
• Online Channels

 Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

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