Herbal Supplements Market Size & Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Herbal Supplements Market


The global Herbal Supplements market size is projected to reach US$ 9.04 billion by 2026, from US$ 6.3 billion in 2020, at a CAGR of 6.2% during 2021-2026.Some of the key factors contributing to the market growth are rising inclination towards natural products, awareness regarding preventive healthcare, and surging spending on health and wellness. Growing geriatric population coupled with the rising prevalence of chronic conditions is also fueling the demand for herbal products across the globe.

According to the United Nations 2017 estimates, geriatric population is expected to reach 2.1 billion in 2050 from 962 million in 2017. The number of comorbidities rises with aging, thus, geriatric population is highly prone to comorbid conditions. According to the National Consumer Survey on the Medication Experience and Pharmacist Role (NCSME-PR) conducted in U.S. in 2015, it was concluded that people with chronic conditions are more likely to consume herbal supplements. These factors are projected to boost the market growth over the coming years.

Increasing spending on health and wellness and rising disposable income levels, especially in the emerging nations, are expected to augment the demand for herbal supplements globally. The preference for buying health and wellness products as compared to luxury goods among the consumers is rising. Herbal supplements help maintain cholesterol levels, regulate the digestive system, and reduce stress. Thus, increasing awareness about the health benefits offered by these products is also expected to fuel the market development.

Although there arent any scientific evidences supporting such benefits; the product demand is constantly rising, thereby augmenting the global market growth. In addition, easy availability of these products is also responsible for their increasing demand. Preference for e-commerce platforms over conventional distribution channels for purchasing these products is rising as due to cost-effectiveness and better convenience.

Market Segmentation, Outlook & Viewpoint: Global Herbal Supplements Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Moringa
  
Echinacea
  
Flaxseeds
  
Turmeric
  
Ginger
  
Ginseng

Formulation Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Tablets
  
Capsules
  
Liquid
  
Powder and granules
  
Soft gels
  
Others

Consumer Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Pregnant women
  
Adult
  
Pediatric
  
Geriatric

Key Players, Recent Developments & Regional Insights: Global Herbal Supplements Market

In 2017, Echinacea segment accounted for the largest revenue share of 34.9% of the global market. According to the HerbalGram data published in 2017, Echinacea is the most prominent and third most popular herbal supplement in the mainstream retail distribution network in U.S. Rise in the number of clinical studies demonstrating the health benefits of Echinacea also fueled their demand, which, in turn, contributed to the segments highest revenue share.
According to the data published by William Reed Business Media Ltd., the largest study demonstrating the benefits of Echinacea purpurea was published in 2012, which indicated that Echinacea can reduce the number of recurrent colds by 60% and can also decrease the duration of common cold by 26%. This study was further followed by Bioforce in 2015, using Echinaforce hot drink product that contained a combination of elderberry and concentrated Echinacea herb and root extract. It was concluded that for the early flu treatment, this combination is as effective as Tamiflu, an antiviral medication.

However, turmeric supplement segment is expected to register the fastest CAGR of 8.1% over the forecast period. Rising importanceof turmeric for therapeutic purposes along with extensive clinical studies demonstrating the efficacy of turmeric supplements are the key factors driving the segment growth. Turmeric can also be used for the management of hyperlipidemia, anxiety, metabolic syndrome, and inflammatory and oxidative conditions. Owing to the diverse therapeutic properties of turmeric, major companies are investing more in R&D for the development of turmeric supplements.

Formulation Insights

In 2017, the capsule formulation segment led the herbal supplements market and accounted for 28.6% of the global share due to the availability of a variety of herbal supplements in various sizes based on dosage in this form. According to Informa, more than 74% consumers of herbal supplements prefer capsules over tablets owing to ease of swallowing and lesser irritation to the GI tract. Moreover, herbal supplements may also contain actual leaves, root powder, or extracts, which can be conveniently filled in capsules. Thus, capsule is the most preferred formulation, as of 2017.

Powders and granules is another important formulation in terms of market size. Powder formulations are available in higher concentrations and have a higher rate of absorption as compared to pills and other forms. Increasing demand for herbal products, such as tea bags, in the granule form is also one of the key factors for the segment growth. Thus, the powder and granules formulation segment is expected to register a lucrative CAGR of 7.0% over the forecast period.

Consumer Insights

Adults consumer segment led the global market in 2017 and accounted for 42.2% of the total revenue. Some of the factors responsible for this largest revenue share include inclination towards natural supplements and high purchasing power and spending onthe health and wellness products. Moreover, largest consumer base of herbal products belongs to this age group and thus is accountable for its highest revenue share.

The risk of developing lifestyle diseases, such as diabetes and obesity, is higher among the consumers of this age group, owing to which they rely on herbal supplements for the disease management. Moreover, owing to their medicinal properties, these supplements are used in disease prevention and ongoing trend of preventive healthcare among this age group will drive the segment growth.

However, the demand for herbal supplements among pregnant women is expected to increase in the coming years. Growing preference for natural products during pregnancy owing to surge in awareness regarding the therapeutic properties of these products is one of the key factors expected to boost the segment growth. This segment is expected to witness lucrative CAGR of 7.0% over the forecast period.

Regional Insights

Asia Pacific led the market in 2017 and was valued at USD 2.13 billion in 2017. High adoption of traditional medicine for the management of various diseases in this region is one of the key reasons attributed for its largest market share. Presence of large geriatric population base along with growing exports of herbal products also boosts the market growth. China and India are the key exporters of herbal supplements.

China accounted for the largest revenue share in Asia Pacific and was valued at USD 602.1 million in 2017. This growth was attributed to the higher dependence on traditional medicines, increased geriatric population, and prevalence of chronic conditions. Availability of a wide variety of herbal products in this country also contributes to its development. Increasing cases of lifestyle diseases due to westernization of diets, rise in consumption of alcohol and tobacco, and reduced physical activities will further drive the regional market.

The Europe market is expected to register a lucrative CAGR of 8.2%. Key factors behind its growth include adoption of natural products in countries, such as Germany and France and increased spending power. The growing consumer health market in this region is also contributing to the industry expansion.

Herbal Supplements Market Share Insights

This market is fragmented in nature. Direct sales, product bundling offers, and extensive discounts are the key competitive strategies adopted by the market players for gaining competitive edge. Jarrow Formulas, Inc.; Solgar, Inc.; Natures Bounty; Ancient GreenFields Pvt. Ltd.; Gaia Herbs; and Now Foods are some of the key companies in this market.

Key Insights Covered: Global Herbal Supplements Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Herbal Supplements industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Herbal Supplements industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Herbal Supplements industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Herbal Supplements industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Herbal Supplements industry.

Research Methodology: Global Herbal Supplements Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other