Globally the Herbal Supplements market is estimated to escalate at a higher growth rate which is supported by increasing demand of natural health products among consumers. Rising awareness among the consumers about health benefits of herbal supplements is supporting the market growth. The growing consumption of dietary supplements is playing key role to create demand for herbal supplement in working women in developed countries. The developing economic conditions of various regions are fueling up the market demand for herbal supplements products.
Increase in demand in overall health and wellness products with vitamins and other essential nutrients is driving higher demand for herbal supplements market. Globally, herbal supplements for weight loss and anti-aging have witnessing huge demand which is driving higher private investments by companies for more R&D activities. Majority of herbal supplements used in capsule format as it is more convenient and easy to carry. Availability of herbal supplements in different forms and in different packaging is changing the dynamics of herbal supplements market.
All these factors contribute to the calculated CAGR of 5.6% of Herbal Supplements market during 2017-2023.
The major key players in Herbal Supplements market are
Glanbia PLC (Ireland) Ricola (Switzerland) NBTY (U.S.) Archer-Daniels-Midland Co. (U.S.) Herbalife International of America, Inc. (U.S.) Blackmores Limited (Australia) and Naturalife Asia Co., Ltd. (Seoul, Korea) Downstream Analysis:
Majority of herbal supplements are used to treat various health condition and illness. Herbal supplements which contains folic acid are helpful to prevent certain birth defects which is encouraging the key players to introduce more herbal supplements with unique formulation. It is difficult for local vendors to expand their business at global level as high investment is required for product development and bulk manufacturing. Key players are focusing to expand their product to create more product differentiation in the market. Herbal supplements which are helpful to reduce the stress are in high demand especially in developed countries like U.S., Germany and U.K.
Industry Segmentation:
Global Herbal Supplements market is segmented by type, form, application, distribution channel and region.
Herbal Supplements product has been segmented on the basis of type which includes Herbal Supplements isolates, Herbal Supplements concentrates, Herbal Supplements flours and others
Herbal Supplements product has been segmented on the basis of form which includes powder, bars, ready to drink, capsules & tablets and others
Herbal Supplements product has been segmented on the basis of application which includes functional foods, sports nutrition, meat additives, confectionery & other food products, pharmaceuticals and others
Herbal Supplements has been segmented on the basis of distribution channel which includes supermarket/hypermarket, convenience store, E-commerce and others
The Global Herbal Supplements Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Asia Pacific region has the major market share followed by Europe region. Increasing Rising demand of herbal supplements for different functions mainly as an antioxidant, anti-aging and beauty products is boosting the herbal supplement market in Asia Pacific region. North America region will witness significant growth backed by growing demand of high quality herbal supplements especially from developed countries like U.S. and Canada. Increasing health awareness about health benefits of herbal supplements will play major to gain consumer attraction across the globe.
