Herbal supplements Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The herbal supplements market is expected to grow from US$ 72 billion in 2022 to US$ 120 billion by 2031, with an estimated CAGR of 8.7% from 2022 to 2031.

Herbal supplements comprise tablets, capsules, gummies, powder, and extracts that are made from herbs such as ashwagandha, basil, turmeric, elderberry, and ginger. These supplements support the overall health and well-being of consumers by catering to specific health requirements. Herbs have immense health benefits. They boost immunity, support heart health, promote skin and hair health, and improve joint and bone health. Further, herbal supplements improve body’s metabolism and control blood sugar levels. They also increase hemoglobin levels, preventing the risk of anemia. There is a rise in demand for herbal supplements due to increasing health concerns of consumers. This factor is driving the herbal supplements market growth.

MARKET DYNAMICS

In recent years, health awareness among people has increased significantly. Due to people’s busy lifestyles and hectic work schedules, people cannot concentrate on their health, fitness, and regular diet. This has increased the prevalence of obesity, diabetes, high blood pressure, skin problems, digestive issues, and other diseases. Therefore, people are increasingly focusing on preventive healthcare products and prefer dietary supplements that provide enhanced nutritional benefits. Herbal supplements are natural and provide a large number of health benefits. Consuming herbal supplements improve immune health and provide an anti-microbial effect that helps prevent the risk of various disease and infections. Thus, the rising health awareness among consumers and the rising importance of regularly consuming herbal supplements are driving the growth of the herbal supplements market. However, some side effects such as constipation, abdominal pain, yellowish stools, and others of herbal supplements containing curcumin may restrain its adoption among consumers, hindering the market growth.

MARKET SCOPE

The "Global Herbal Supplements Market Analysis to 2031" is a specialized and in-depth study of the herbal supplements market with a special focus on the global market trend analysis. The report aims to provide an overview of the herbal supplements market with detailed market segmentation. It provides key statistics on the status of leading market players and offers major trends and opportunities in the market.

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Herbal Supplements Market: Strategic Insights

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MARKET SEGMENTATION

The global herbal supplements market is bifurcated into form and distribution channel. Based on form, the market is segmented into tablets & capsules, gummies, powder, and others. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others.

REGIONAL FRAMEWORK

The global herbal supplements market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in these regions.

Asia Pacific dominated the herbal supplements market in 2021. The market growth is majorly attributed to the rising health awareness among consumers and the increasing importance of consuming herbal supplements. Since ancient times, herbs have been used as medicines in Asian countries such as India and China. Ayurveda and traditional Chinese medicines are the most ancient traditions in the world. Moreover, consumers are becoming increasingly concerned regarding their health and wellness due to the growing prevalence of various diseases and infections. All these factors are driving the growth of the herbal supplements market across the region. Also, rising healthcare expenditures, changing dietary habits, and an increase in per capita incomes are a few of the key factors supporting the growth of the herbal supplements market across the region. 

The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the herbal supplements market. It also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has had a mixed impact on the overall herbal supplements supplements market. The imposition of lockdown temporarily discontinued various manufacturing activities, resulting in a decrease in supply, which substantially impacted the herbal supplements market. In addition, the transportation of raw materials experienced many difficulties due to travel restrictions, which adversely impacted the global economy.

Consumers are becoming highly concerned about their health and fitness as a response to the impacts of the COVID-19 pandemic, which has dramatically increased the demand for immunity-boosting health supplements. Consumers are also focusing on all-natural and herbal products as they perceive them to be more effective and healthier than conventional pharmaceutical drugs, which has created a huge demand for herbal supplements.

In 2021, the marketplace witnessed growth as governments of various countries announced relaxation in several restrictions, including lockdowns. The manufacturers resumed their operations at full capacity, which helped them in overcoming the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for herbal supplements.

E-commerce played a significant role during the COVID-19 pandemic as the shutdown of brick-and-mortar stores compelled consumers to purchase various products via online platforms. The sales of pharmaceutical drugs and supplements increased through online stores and e-pharmacies as these platforms provided home delivery services even during lockdowns. Consumers are expected to continue purchasing herbal supplements through online portals, which is further expected to favor the growth of the herbal supplements market during the forecast period.

MARKET PLAYERS

The reports cover key developments in organic and inorganic growth strategies in the herbal supplements market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and the customer base of market players. Market players are anticipated to have lucrative growth opportunities in the coming years due to the rising demand for herbal supplements.

The report includes key company profiles operating in the herbal supplements market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information, such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.

Key Companies Operating in the Herbal Supplements Market

• Nature's Bounty
• Horbäach
• Natural Balance
• NOW Foods
• Gaia Herbs Farm
• Pharmavite LLC
• Excel Nutritionals LLC
• BIOSCHWARTZ LLC
• Swanson
• Carlyle Nutritionals, LLC

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Report Scope

Herbal Supplements Market Regional Insights

The regional trends and factors influencing the Herbal Supplements Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Herbal Supplements Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Herbal Supplements Market Report Scope

Herbal Supplements Market Players Density: Understanding Its Impact on Business Dynamics

The Herbal Supplements Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Herbal Supplements Market are:

1. Archer Daniels Midland Company
2. Bio Botanica, Inc.
3. i-Health, Inc.
4. Koninklijke DSM N.V.
5. NaturesAid, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.