18 Nov, 2021, 09:49 ET
LONDON, Nov. 18, 2021 /PRNewswire/ -- According to Brandessence Market Research, the herbal supplements market size reached USD 6115.4 in 2020. The herbal supplement market size is likely to grow at robust 5.9% CAGR during 2020-2027, to reach USD 9134.8 million in 2027. Increasing cases of vitamin deficiencies and shifting consumer's' preferences for herbal supplement are the significant factors which are driving the growth of the Global Herbal Supplement Market.
Growing belief that 'food is medicine' has turned around fortunes of organic suppliers globally. In 2020, the natural and organic products industry witnessed a 13.17% growth across all categories in the US. The industry reached a nearly $271 billion valuation in 2020, surpassing its earlier growth rate of 6.9% in 2019, despite the pandemic. The surge in 2019 can be attributed to covid-19, which fueled a buying frenzy amidst panic. However, in 2020, the consumers have backed up their health resolve with more than just words. Consumer surveys report that consumption of coffee, alcohol, cigarettes has reduced, while people opt for healthier lifestyle. Furthermore, people increasingly look for healthier online solutions, and cook more at home, while continuing quest for a more holistic lifestyle. The growth in notable on the main street, wherein brands like Burger King now include vegan burgers on their menus. The growing demand for organic, and natural products with increasing sourcing from digital information channels promises largest growth for natural food products, and supplements as compared to all food-related products.
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Herbal Supplements Market Scope and Analysis
The global elderly population is expected to reach 2.1 billion in 2050, rising from 962 million in 2017. These estimates are key to understanding the growing progress of natural, and herbal supplements. The elderly population is increasingly suffering from various chronic diseases including cancer, diabetes, cardiovascular diseases, and new ones like Alzheimer's. The elderly population and growing influx of disease requires new solutions for boosting immunity, and diet supplements remain key to boosting immunity. Furthermore, the immunity related demand remains harder to meet as conventional supplements remain limited in expansion due to associated side-effects. The growing concern towards food chronic illnesses and increasing demand for natural sources for meeting conventional challenges for health remain key drivers in the growth of the herbal supplements market. The conventional supplements also remain expensive as compared to herbal supplements, which are often unregulated, and delivered by small providers, which make them rare, exclusive, and yet economical offerings.
The growing elderly population and increasing demand for natural supplements is a major trend, especially in developing regions. In countries like the US, healthcare remains a major issue for most people, as costs spiral out of control, and solutions remain largely limited to one's earning. This has fueled growth of DIY solutions across product categories, including medicine, which has been proven by recent surveys. For example, survey on the Medication Experience and Pharmacist Role conducted in the US in 2015, revealed that people in the US with chronic conditions continue to consume higher levels of herbal supplements, with preference for buying supplements, and wellness products continues to increase among the affluent, and wealthy too. Herbal supplements are ideal for controlling key health challenges like controlling cholesterol, regulate digestive systems, and reduce stress. The growing awareness of herbal products and increasing faith in alternative faith of medicine remain key drivers of growth in the herbal supplements market.
Key Players for Global Herbal Supplement Market Report:
Some major key players for global herbal supplement market report cover prominent players like Blackmores, Weleda, Ricola, Dabur, Herbal Africa, NBTY, DSM, Nutraceutical, Schwabe, Blackmores, herbochem, Nutrova, Third Coast Herb Co., Tsumura, SIDO MUNCUL, Ricola, Pharma Nord, Nature's Answer, TASLY, Taiji, Kunming Pharma, IZJT, Guangzhou Pharma, The Nature's Bounty Co., Bio-Botanica Inc., Herbalife International of America Inc., Glanbia, , Healthy Origins USA, Swanson Health Products and others.
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Global Herbal Supplement Market Segmentation:
By Form or Type:
- Oil liquid extracts
- Bath salts
- Food and beverages
- Personal care
Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
Herbal Supplements Market: Key Trends
The herbal supplements market reached a modest sum of $3.9 billion in 2000. The modest sum came largely from natural food stores, with over 30% accounting for these sales. The trend has changed in favor of herbal supplements as natural food continues to gain increased recognition among people, and sales of it continue to increase in super chains, and stores. This increased in distribution channel remains a major source of growth for players in the herbal supplements market, as new distribution channels with far fewer barriers like e-commerce continue to open new fields for growth. Furthermore, consumers can increasingly seek gurantee of products, with increased trustworthiness in super chains, shying away from previous distribution through multi-level marketing, fraud practitioners, among others.
The increased stress in lifestyle, due to the covid-19 pandemic has led to growing number of people turning to vitamins, and more specifically, supplements to support their mental wellbeing. This is likely to remain a major trend during forecast period of 2020-2027, as demand for brain supplements with ingredients like B-complex vitamins, magnesium, valeran, melatonin, and cannbidiol continue to grow. Vitamins also remain popular due to expensive nature of organic foods across the globe. As mass-scale farming takes over food production, the prices of healthy food remain out of reach for low-income, and even middle-income groups in many countries. This is partially the reason vitamin remain key to supplementing food diets, with demand for plant-based adaptogens increasing in previously dull markets like North America. These adaptogens are known for their ability to reduce stress in the body, with demand for various regional herbal products like Ayurveda continues to soar. The demand for herbal supplements to tackle mental illnesses like depression, cortisol levels, and anxiety also remain popular. Mental health treatment also remains costly for many, and fear of side-effects also remain a major barrier to growth of artificial drugs.
Among other trends, the demand for cosmetic beauty products remains a top draw for herbal supplement manufacturers. The herbal supplement industry has witnessed growing demand for solutions for wrinkling, and aging skin tissues, which continue to rise as elderly population continues to grow. The demand for such products, remains a promising driver of growth, as increasing erosion of trust due to social media, and digitalization remains a major trend globally. As consumers increasingly go out to seek natural solutions, the demand for herbal supplements, which might just feel good momentarily, just to boost confidence, remains a promising driver for consumer demand.
Many herbal supplements, much like their artificial cosmetic counterparts are unregulated, unchecked by authorities like FDA, and still remain widely popular. The key reason for this is these products with the help of social media influencers, celebrities, manage to boost people's confidence momentarily, and provide them with much needed courage to greet a special occasion. However, as social media becomes a people-driven marketing channel, people continue to look for solutions, which would not jeopardize their long-term beauty like in old age. Hence, consumers increasingly look for natural solutions, and expect reasonable benefits like cleaning skin, providing it with a glow, and such solutions are increasingly advertised by herbal supplements like green tea, with added vitamins, and natural minerals.
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