NEW YORK, Jan. 11, 2024 /PRNewswire/ — The herbal supplements market is expected to grow by USD 32.87 billion from 2023 to 2028. In addition, the momentum of the market will progress at a CAGR of 6.68% during the forecast period, according to Technavio Research. The market is segmented by distribution channel (offline and online), formulation (capsules, tablets, powders, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). Growing awareness about natural and holistic approaches to health and wellness drives the market growth. Consumer inclinations toward holistic wellness and traditional medicine have increased demand for Botanical Extracts, Herbal Teas, and Ayurveda-based products. This shift in preference also embraces Nutraceuticals and Functional Foods, augmenting the market’s growth. E-commerce platforms facilitate accessibility, amplifying the reach of Dietary Supplements and Naturopathy. This transformative trend reflects an increasing embrace of holistic approaches in promoting overall well-being.
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Company Profile:
Archer Daniels Midland Co., Arizona Natural Products, Bio Botanica Inc., Gaia Herbs Inc., Glanbia plc, Herb Pharm, Herbalife International of America Inc., Kirin Holdings Co. Ltd., Natures Bounty, Nestle SA, Otsuka Holdings Co. Ltd., Pharma Nord Inc., Ricola Group AG, The Clorox Co., and The Procter and Gamble Co.
Archer Daniels Midland Co.- The company offers herbal supplements such as Fibersol, Prebiotic dietary fibers, Plant and algal-based nutritional oils, and Mixed tocopherols.
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Herbal Supplements Market: Segmentation Analysis
By Segment
The market share growth by the offline segment is significant during the forecast period. Offline channels encompass diverse distribution networks like retail stores, pharmacies, supermarkets, and health food stores. These brick-and-mortar outlets offer consumers direct access to an extensive array of herbal supplements, enabling them to make informed purchase decisions through hands-on interaction with the products.
Herbal Supplements Market: Regional Analysis
North America accounts for 33% of the growth of the global market during the forecast period.
North America stands prominently in the global herbal supplement market, marked by an expanding consumer base actively seeking natural and holistic health solutions. The region’s herbal supplements market has witnessed substantial growth, fueled by heightened consumer awareness regarding the potential health advantages associated with herbal products.
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“Besides analyzing the current market scenario, our report examines historic data from 2018 to 2022”- Technavio
Herbal Supplements Market: Market Dynamics
Leading Trend – The Herbal Supplements Market is evolving with a notable trend towards personalized nutrition and wellness solutions, steering its market growth. The market growth is due to the innovation in Herbal Supplements and a rise in consumer interest in Custom Formulations and Plant-Based Products. Raw Material Sourcing and adherence to Health Regulations are critical facets. Moreover, this trend aligns with the exploration of Ethnobotany and Traditional Chinese Medicine (TCM), catering to diverse Consumer Demographics and their preferences for specific Health Claims in Herbal Capsules & tablets.
Significant Challenge – Stringent regulation is a significant challenge to the Herbal Supplements Market, impacting its growth. Compliance with Quality Standards, Organic Certification, and Product Labeling amidst varying global regulations complicates Market Forecasting and Supply Chain logistics. Maintaining Consumer Health, especially concerning Phytotherapy products like Herbal Tinctures, is essential. Balancing Sustainability goals with regulatory demands remains crucial in navigating this landscape across diverse Global Markets. Addressing these hurdles is significant for sustained growth in the herbal supplements industry.
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What are the key data covered in this herbal supplements market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the herbal supplements market between 2023 and 2028.
- Precise estimation of the herbal supplements market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the herbal supplements market across North America, Europe, Asia, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of herbal supplements market players.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Distribution Channel
Market Segmentation by Formulation
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
