The global herbal supplement market size is expected to around USD 9.0billion by 2026, the market is projected to grow with 6.7% CAGR during the forecast timeframe. Supportive government regulation to encouragethe adoption of advance healthcare infrastructure is expected to bolster the global herbal supplementmarket growth.Also, increase in need for natural therapy and products among each age group drives the demand for global herbal supplement market during the forthcoming years.
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Some of the parameters backing to the herbal medicine market growth are increasing inclination towards natural products, alertness regarding preventive healthcare, and increasing expenditure on wellness and health. Rising geriatric population paired with the increasing commonness of chronic conditions is also driving the need for herbal products across the world.
As per the United Nations 2017 approximations, geriatric population is predictable to reach 2.1 Bn in 2050 from 962 Mn in 2017. The numeral of comorbidities increases with aging, therefore, geriatric population is highly prone to comorbid conditions. As per the National Consumer Survey on the Pharmacist Role (NCSME-PR) and Medication Experience conducted in U.S. in 2015, it was decided that persons with chronic conditions are more probable to consume herbal supplements. These parameters are anticipated to bolster the market growth over the coming years.
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Growing expenditure on health and wellness and increasing disposable income levels, particularly in the developing countries, are anticipated to increase the need for herbal supplements worldwide. The inclination for buying health and wellness foodstuffs as compared to luxury goods among the buyers is increasing. Herbal supplements assists in maintain cholesterol levels, control the digestive system, and decrease stress. Therefore, growing alertness about the health benefits obtainable by these products is also anticipated to fuel the herbal supplement market development.
Though there aren’t any scientific evidences backing such benefits; the product demand is continually increasing, thus increasing the global herbal supplement market growth. Also, easy accessibility of these products is also accountable for their growing demand. Liking for e-commerce platforms over traditional distribution channels for buying these products is increasing a owing to cost-effectiveness and better convenience.
The global herbal supplements market is segmented into three major segment 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.
Adults’ consumer sub-segment accounts the largest share in global herbal supplement market in 2018 and captures around for 43.4% of the total revenue. Some of the key factors accountable for this largest revenue share comprise of preference towards natural supplements and high purchasing power and expenditure on the health and wellness related products. Furthermore, largest consumer base of herbal supplements products belongs to this age group and therefore is responsible for its maximum revenue share.
The risk of emerging lifestyle diseases, for instance obesity and diabetes and is higher among the consumers of adult age group, due to which they depend on herbal supplements for the disease management. Furthermore, due to their medicinal properties, herbal supplements are used in disease prevention and continuing trend of preventative healthcare among adult age group will boost the segment growth.
Though, the need for herbal supplements among pregnant women is anticipated to surge in the coming years. Increasing preference for natural products through pregnancy due to increase in alertnessabout the therapeutic properties of these products is one of the important factors anticipated to boost the segment growth. Pregnant women segment is predictable to witness high CAGR of 7.5% over the forecast period.
The key players catering to the global herbal supplement market are Solgar, Inc., Jarrow Formulas, Inc., Nature’s Bounty, Gaia Herbs, Ancient GreenFieldsPvt. Ltd., and Now Foods.These players are continuously investing in R&D and trying to invent new technique and process to develop herbal supplements.