Herbal Supplements Market - Forecast(2020 - 2025)
Herbal Supplements Market Overview:
According to the World Health Organization (WHO), an estimated 250 million preschool children suffer from vitamin A deficiency, and a significant proportion of pregnant women are Vitamin A deficient. Furthermore, the organization estimates that approx. 250,000 to 500,000 children lose their eyesight due to the deficiency of vitamin A every year.[1] Similarly, diseases such as rickets, beriberi, hypocalcemia, osteomalacia, pellagra, and many more are the result of nutritional deficiency. The growing concerns related to nutritional deficiency and associated diseases is leading to opportunities in the herbal supplements market that observed a valuation of $59.35 billion as of 2018. Moreover, the market is poised to grow with a CAGR of 9.90% during the forecast period of 2019 to 2025.
The European Food Safety Authority (EFSA) has enforced rules to control the usage of nutrients other than vitamins and minerals that have potential health risks. Evidently, the consumers get the necessary nutrition from the herbal counterpart of these harmful nutrients, which is driving the herbal supplements market in Europe. Furthermore, the pharmaceutical industry of European countries is offering opportunities to the vendors in the herbal supplements market. This is much attributable to the fact that EFSA in association with the European Medicines Agency (EMA) had approved traditional herbal medicines under Directive (2004/2024) due to the psychological benefits of the same. Europe had the maximum herbal supplements market share of 27.40% in 2018.
Herbal Supplements Market Outlook:
Herbal supplements are dietary supplements are obtained from plants or herbs. Owing to their benefits, herbal supplements have applications in pharmaceutical, food & beverages, and cosmetic industries.
Herbal medicines are advantageous over the conventional ones such as inexpensive, less side effects, and natural healing process of herbal medicines strengthens the immune system. A growth in the herbal medicines and herbal medicinal products market will significantly drive the herbal supplements market. The pharmaceutical sub-segment under applications of herbal supplements market is expected to record a CAGR of 10.05% through to 2025.
Herbal Supplements Market Growth Drivers:
· The Application of Herbal Supplements in Animal Feed –
According to the Food and Agricultural Organization (FAO), livestock contributes to 40% of the global revenues generated in the agriculture industry.[2] Evidently, this is creating a consistent demand for animal feed. However, nutritional diseases in animal affect the quality of meat. The growing need for dietary supplements for livestock can be concluded by the growth of animal feed additive market, which is driving the herbal supplements market.
· The Cosmetic Industry Supporting the Herbal Supplements Market –
The cosmetics industry is observing a gainful growth due to the rise in disposable personal income and the emerging trend of male grooming. Furthermore, the industry is also going through a tectonic shift due to the advent of herbal cosmetic products, which are gaining traction from the customers. This is much attributed to the fact that there is a growing awareness about the repercussions of using inorganic cosmetics due to the probable presence of harmful chemicals in the same. Moreover, easy affordability of herbal cosmetic products are attracting the high consumer base for natural cosmetic products, which is increasing the global herbal supplements market revenues.
· The Approval from the Healthcare Regulatory Bodies –
The U.S. Food and Drugs Administration (FDA) considers herbal supplements as food and not as drugs. So, they are easily available in the form of tea bags, capsules, tablets, liquids, and powders; and the consumers can get these without prescription. Hence, it is very easy for consumers to get herbal products. The fact that herbal supplements are approved as special food by regulatory bodies is making a lot of vendors to venture into the herbal supplements market because of the lucrative customer base and ease of business which is increasing the global herbal supplements market revenues.
Herbal Supplements Market Trends –
· The Anticipated Increase in Demand for Curcumin –
Curcumin has been one of the most lucrative herbal products for some years, and the sales of the same is poised to observe an increment in the coming years due to its scientifically-proven health benefits such as prevention of some heart diseases, Alzheimer’s, and cancer. Moreover, the supplement-grade curcumin is found to have an advantage over food-grade turmeric.
· Condition-specific Turmeric Products –
Turmeric products have non-specific health benefits. Nowadays, customers are seeking for turmeric with specific health benefits. The herbal supplements market will observe market players venturing into turmeric products that will help in healing a particular condition rather than the generic ones.
Herbal Supplements Market Challenges –
Although the regulatory bodies have considered herbal supplements as food and not as drugs, there is a challenging aspect pertaining to manufacturing and content, because it undergoes inspection. There are stringent regulations at the production level and approval of the product. The growing awareness among consumers is making it making it difficult for the vendors in the herbal supplements market to retain customer-base, because the consumers are cautious about the authenticity of the products, as it can cause side-effects too. This is reducing the herbal supplements market size.However, the upcoming years will observe a demand growth, because the organic foods trend has penetrated in the food & beverages market, which is creating a sustainable herbal supplements marketplace for the vendors.
Herbal Supplements Market Key Players Perspective –
The major players striving for the herbal supplements market share are Arizona Natural Products, The Archer Daniels Midland Company, Twinlab Corporation, Blackmores Ltd., Glanbia, Plc, Herb Pharm, LLC., Herbalife International of America, Inc., Gaia Herbs, DSM Nutritional Products AG, Naturalife Asia Co., Ltd., Nature’s Bounty Co., Nutraceutical International Corporation, Dr. Willmar Schwabe GmbH & Co. KG, Rainbow Light Nutritional Systems, Inc., Ricola AG, The Himalaya Drug Company, and Bio-Botanica Inc.
Herbal Supplements Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the herbal supplements market. The assessment include the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The herbal supplements market research report also analyses the application of herbal supplements in the agricultural, pharmaceuticals, dietary supplements, food & beverages, cosmetics, and animal feed industry.
Herbal Supplements Market Report: Industry Coverage
The herbal supplements market report identified the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.
The report analyzes the products on the basis of form that include tablets, syrups, oils, and powders. Furthermore, the report gives a detailed peek into the consumption of herbal supplements by all age groups that include infants, children, adolescent, adults, and old age adults. This will provide an overview of the prospects in the customer bases with diverse demographics.
The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Herbal Supplements Market Report
Is the market demand for herbal supplements growing? How long will it continue to grow and at what rate?
Which type of herbal supplements presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market?
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the herbal supplements market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global herbal supplements market during the forecast 2019–2025
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
References -
[1] https://www.who.int/nutrition/topics/vad/en/
[2] http://www.fao.org/animal-production/en/
[3]https://www.mayoclinic.org/healthy-lifestyle/nutrition-and-healthy-eating/in-depth/herbal-supplements/art-20046714
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