Global herbal supplements market was valued at US$ 70.42 billion in 2019 and is anticipated to reach US$ 110.26 billion by 2026 displaying an elevated CAGR of 6.7% over the forecast period (2020-2026). Herbal products, similar to vitamin and mineral supplements, are classified by the FDA as dietary supplements, not drugs. Herbal and botanical supplements are plants used for oral medicinal purposes and include the flower, leaf, root, and seed of the plant. Herbs and botanicals are sold as dietary supplements, which are regulated differently than pharmaceutical drugs and are sold under the terms: ‘herbals’, ‘herbal products’, ‘herbal medicines’, and ‘herbal remedies’.
Herbs are not standardized, and doses differ between herb capsules and from product to product. The active ingredients vary depending on the plant part (flower, root, seeds, nuts, bark, and branch), plant form (dried, extract, tincture, tea), and plant species. The FDA can take regulatory action on an herbal product only after it has received a sufficient number of reports of ill effects, and can demonstrate that the product is unsafe. The FDA can then recommend that the product be withdrawn from the market and/or labeled to reflect potential side effects.
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Global Herbal Supplements market by source type is bifurcated into leaves, roots, bark, and seeds. The herbal supplements extracted from Roots dominated the market in 2019, with 42.1% share. The tablets, capsules, liquid, and powder & granules are some of the major formulations of herbal supplements. The capsule segment is expected to generate revenue of US$ 35.71 billion by 2026. People use herbal medicines to try to maintain or improve their health. Enteric-coated capsules do not dissolve in the mouth and therefore are perfect for formulations that need not be activated by acid exposure. The coating prevents the capsule from dissolving while in the mouth and esophagus areas.
There are various applications such as food & beverages, pharmaceuticals, and personal care where herbal supplements are utilized. The average life expectancy at birth has increased from around 41 years in the early 1950s to approaching 80 years in many developed countries. Consequently, the percentage of elderly people (65 years and above) in our populations is increasing.
The market by end-user is bifurcated in adult women, adult men, baby boomers, and pediatric. Baby Boomers end-user segment to witness the highest CAGR growth of 7.4% during the analyzed period. More than one in ten adults take herbal supplements, with evening primrose oil, the most common supplement, used mainly by women. Adult women are expected to dominate the market during the forecast period. Based on the distribution channel, the global herbal supplement market is bifurcated into herbal stores, drug stores, supermarket/hypermarket, and online channels. The drug stores dominate the market and are expected to maintain its dominance during the analyzed period.
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For a deep-dive analysis of the industry, a detailed country-level analysis was conducted for major regions/countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) and Rest of World (Brazil, South Africa, Others). It has been estimated by WHO that 80% of the population of some Asian countries use herbal medicine for some health purposes. Increasing health awareness for diet, growing mental disorders, and surging sedentary lifestyles has tremendously bolstered the Asia Pacific herbal supplements market.
Jarrow Formulas, Inc., Solgar Inc., Herbalife International of America, Inc., Ricola AG, Bio-Botanica Inc., Blackmores Ltd, Himalaya Drug Company, Rainbow Light Nutritional Systems, Arizona Natural Products, Willmar Schwabe GmbH & Co. KG are some of the prominent players operating in the global herbal supplement industry. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
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Global Herbal Supplements Market Segmentation
Market Insights, by Product
Market Insights, by Formulations
Market Insights, by Application
Market Insights, by End-User
Market Insights, by Distribution Channel
Market Insights, by Region
Top Company Profiles
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