The global herbal supplement market size is anticipated to reach around USD 718.9 billion by 2026, this market is anticipated to grow with 25.2% CAGR during the forecast time period. Growing expenditures on health and wellness and increasing disposable income levels is anticipated to drive the growth of the global herbal supplement market. Also, increase in need for natural therapy and products among each age group is anticipated to boost the market over the forthcoming years.
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Rising geriatric population and consciousness regarding preventive healthcare are anticipated to be the important factors pushing the growth of the market. Increasing healthcare expenditure is also probable to increase the market growth. Easy availability of herbal supplements due to various strategies, for instance bundled offerings and direct selling, adopted by businesses will also back market growth.
The global herbal supplements market is segmented into four major segments named product, formulation, consumer, and region. On the basis of product the herbal supplements market is segmented into moringa, echinacea, flaxseeds, turmeric, ginger and ginseng. On the basis of the formulation the global herbal supplements market is segmented into tablets, capsules, liquid, powder and granules, soft gels and others. On the basis of consumer, the herbal supplements market is segmented into Pregnant Women, Adults, Pediatric and Geriatric. On the basis of region the global Herbal Supplements market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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In 2018, the capsule formulation sub-segment captured the largest market share for global herbal supplements market and captured for 28.6% of the world-wide share owing to the obtainability of a diversity of herbal supplements in numerous sizes based on dosage in this form. As per Informa, more than 75% customers of herbal supplements prefer capsules over tablets due to comfort in swallowing and minor irritation to the GI tract. Furthermore, herbal supplements might also contain root powder, actual leaves, or their extracts, which can be suitably filled in capsules. Therefore, capsule is the most ideal formulation, as of 2018.
Powders and granules are also significant formulation in terms of industry size. Powder formulations are obtainable in advanced focuses and have advanced rate of absorption as compared to pills and other forms. Growing demand for herbal products, for instance tea bags, in the granule form is also single of the important factors for the segment growth. Therefore, this segment is predictable to record a profitable and high CAGR of 8.0% over the forecast period.
APAC dominates the market in 2018 and was valued at USD 3.3 billion in 2017. High adoption of traditional medicine for the management of numerous diseases in the APAC region is single of the important reasons responsible for its largest market share. Occurrence of enormous geriatric population base along with increasing exports of herbal products also increases the market growth. India and China are the key exporters of these herbal supplements.
Emerging nation China holds the largest revenue share in APAC region and was valued around USD 650 million in 2017. This development was attributed to the massive dependency on traditional medicines, augmented geriatric population, and occurrence of chronic conditions. Obtainability of an extensive range of herbal products in this nation also contributes to its development. Growing cases of lifestyle diseases owing to westernization of diets, increase in consumption of tobacco and alcohol, and less physical activities will additionally boost the regional market.
The European market is anticipated to register a lucrative CAGR of 9.1%. Key parameters behind its development comprise of acceptance of natural products in nations, for instance France and Germany, and augmented expenditure power. The increasing consumer health market in European region is also backing to the market expansion.
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The key players operating in the global herbal supplement market are Solgar, Inc., Jarrow Formulas, Inc., Nature’s Bounty, Gaia Herbs, Ancient GreenFields Pvt. Ltd., and Now Foods. These market vendors are investing massive capital to develop new and advanced product lines as the rivalry in the market is rising with rapid pace. Likewise, with changing technology the demand for better herbal medicine is increasing, so cater the need of the customers, market participants are unceasingly discovering new products with better goodness of nature.
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