Herbal Supplement Market Earnings Margins, Value Of Production & Consumption Demand Figures 2024 to 2034
The herbal
supplement market value in 2019 was US$ 86,859.4 million, and it
followed a growth trajectory of 7.04% per year in the following five years.
Their rising awareness of the health benefits of herbal supplements is the key
factor driving its industrial production.
The global herbal or natural supplements market has attained
a size to generate US$ 93,886.3 million in 2024. By growing at an estimated
CAGR of 7.6% between 2024 and 2034, herbal supplement sales are going to create
an industry worth around US$ 194,859.4 million by 2034.
Herbal supplements have become quite popular in recent years
as more and more people are seeking alternatives to prescription medications
and other synthetic nutritious supplements. Many consumers prefer herbal
supplements because they feel they are safer and more natural than
pharmaceutical medications.
Increased disposable income in emerging countries and a rise
in the prevalence of health issues have also increased the intake of herbal
supplements to some degree. So, Latin America and Asia Pacific countries are
anticipated to become important herbal supplement marketplaces in the coming
days.
Information Source: https://www.futuremarketinsights.com/reports/herbal-supplements-market
Key Takeaways from the Herbal Supplement Market Study
Report
- The
overall market is going to experience an absolute growth opportunity of
over US$ 100 billion over the next ten years.
- The
United States market holds a substantial share of the global revenue and
is putting in efforts to realize a 7.2% CAGR over the forecasted period.
- In
Europe, Germany is the key region for the production of herbal supplements
and it could progress with a CAGR of 5.8% through the projected years.
- Asia
Pacific countries are witnessing more lucrative growth opportunities and
China tops with an anticipated CAGR of 6.8% from 2024 to 2034.
- Japan
and India are the other two notable regional markets in Asia, with
expected CAGRs of 3.7% and 4.2%, respectively, over the next ten years.
Competitive Landscape for the Herbal Supplement Market
Players
The overall market is highly fragmented and moderately
competitive as sourcing of raw materials or plant-based ingredients is
region-specific. According to FMI, Blackmores, Bio-Botanica, Daniels Midland,
Ricola, and Arizona are identified as key herbal supplement brands.
“Consumers’ attraction to herbal supplements made from
responsibly collected herbs and components has resulted in the emergence of
many new companies supplying herbal supplement ingredients. Moreover, the
emerging trend of clean label ingredients and organic or plant-based vegan
ingredients have strengthened the herbal supplement sector considerably,” –
says a lead analyst at FMI
Key Players Profiled
- Glanbia
plc
- Jarrow
Formulas, Inc.
- Archer
Daniels Midland Company
- Nature’s
Bounty
- Herbalife
International of America, Inc.
- Blackmores
- Nutraceutical
International Corporation
- Gaia
Herbs
- Jarrow
Formulas, Inc.
- Solgar,
Inc.
- Ancient
GreenFields Pvt. Ltd
- Now
Foods
Recent Developments by the Herbal Supplement Industry
Participants
- In
January 2021, Prorganiq launched a new line of premium herbal supplements
containing nutritious herbs that are manufactured in “FSSAI” registered
and “GMP” certified facilities. Featuring all-natural herbs and medical
components, this novel line of herbal supplements is designed to help
overcome deep-rooted health concerns and create a healthy body.
- In
June 2021, Vasu Healthcare released Single Herb Vegetarian Capsules,
including Holy Basil, Amalaki, Moringa, Ashwagandha, Guduchi, and
Turmeric. Vasu Healthcare is based in India and its 100% vegetarian
capsules made with standardized herbal extracts for consistent quality and
performance were leased under the Safe Herbs brand. The firm claims to
provide a wide range of health advantages from traditionally established
herbs without adding gluten, lactose, color, flavor, or preservatives.
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