Herbal Supplements Market 2029 – Status and Development, Average Product Price and Market Shares of Key Players

Herbal supplements are dietary supplements made from plants that are used to improve health conditions. Herbal supplements are typically sold as capsules, tablets, powders, or liquids with specific medicinal properties. These supplements are typically made from natural raw materials such as moringa, echinacea, cohosh, turmeric, ginger, flaxseeds, and other herbs. The market for herbal supplements is expanding significantly due to the rising number of health-conscious consumers. Herbal supplements are free of chemicals and offer a wide range of health advantages. They are used to treat common illnesses and supplement diets. Americans are very interested in becoming more health-conscious, as evidenced by the fact that 43% of them will follow a specific diet or eating pattern in 2020, up 38% from 2019. This finding comes from the International Food Information Council's (IFIC) 2020 food and health survey. Additionally, 54% of all consumers cared more in 2020 than they did in 2010 about the healthfulness of the food and beverages they chose to consume. Thus, it is anticipated that the market for herbal supplements will grow during the forecast period due to an increase in the number of health-conscious people.

According to Marketlook Consulting’s research report “Global Herbal Supplements Market Analysis, 2021”, the Global Herbal Supplements market is anticipated to grow at a CAGR of 7.3% during 2022-29. The market would reach USD 117.8 Bn by 2029.

Based on Function Type, the market is segmented into Medicinal and Aroma. In 2021, the Medicinal segment controlled major market share of the market. Due to the growing geriatric population and the high demand for herbal medicines with no side effects, there has been an increase in spending on wellness and health.

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Based on the Application Type, the Herbal Supplements market is divided into Personal Care, Food & Dietary Supplements, and Pharmaceuticals. The personal care segment is expected to uplift in the forthcomi8ng years owing to the growing awareness abut the health and its benefits of herbal supplements among end-users.

“Global Herbal Supplements Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Herbal Supplements providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific Dominated the Market

Herbal supplement sales were most successful in the Asia Pacific. One of the main explanations for this region's largest market share is the region's high adoption of traditional medicine for the management of various diseases. Along with rising exports of herbal products, there is a sizable geriatric population base, which supports market expansion. The two main nations that export herbal supplements are China and India.

Moreover, the higher reliance on conventional medications, rising geriatric population, and occurrence of chronic illnesses were blamed for this growth as stated in the Marketlook Consulting research report “Global Herbal Supplements Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Herbal Supplements market are Archer Daniels Midland Company, Glanbia plc, Herbalife International of America, Inc., Blackmores, Nutraceutical International Corporation, Arizona Natural Product, Jarrow Formulas, Inc., Nature’s Bounty, Gaia Herbs, Ancient GreenFields Pvt. Ltd.

Market Segmentation:

1. By Function Type (Medicinal, Aroma)
2. By Application Type (Personal Care, Food & Dietary Supplements, Pharmaceutical)
3. By Product (Moringa, Echinacea, Flaxseeds, Turmeric, Ginger, Ginseng)
4. By Consumers (Pregnant women, Adult, Pediatric, Geriatric)
5. By Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa)
6. By Company (Archer Daniels Midland Company, Glanbia plc, Herbalife International of America, Inc., Blackmores, Nutraceutical International Corporation, Arizona Natural Product, Jarrow Formulas, Inc., Nature’s Bounty, Gaia Herbs, Ancient GreenFields Pvt. Ltd.)

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Key questions answered in the study:

1. What are the current and future trends of the Herbal Supplements industry?
2. How the industry has been evolving in terms of function and application type?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Herbal Supplements industry?
5. What is the customer orientation, purchase behavior, and expectations from the Herbal Supplements firms across various regions?

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