Herbal Supplements Market Research Report by Raw Material, by Application, by End-Use Industry, by Region - Global Forecast to 2028 - Cumulative Impact of COVID-19 - by The Insight Partners

The Insight Partners published latest research study on Herbal Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Form (Tablets and Capsules, Powder, Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, Others), and Geography. Herbal supplements market is growing due to increasing preference for plant-based supplements, as they are considered safe for consumption compared to chemically synthesized supplements. Moreover, the growing vegan population has increased demand for herbal supplements as vegan consumers cannot opt for supplements containing ingredients such as gelatin. Veganism as a lifestyle is growing across the world in terms of visibility as well as popularity, especially in Australia, UK, Canada, and US.

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Herbal Supplements Market: Competitive Landscape and Key Developments

Nature's Bounty; Horbäach; Swanson; NATURE'S TRUTH UK; NOW Foods; Natural Balance; Mason Vitamins; Sunshine Naturals; Wild Bliss; and Carlyle Nutritionals, LLC are among the prominent players operating in the global herbal supplements market.

Herbal supplements consist of nutrients such as vitamins, minerals, proteins, amino acids, probiotics, and others. They are available in different forms such as tablets, capsules, powders, and other forms. Herbal supplements help in fulfilling the specific nutritional requirement of an individual. Rising concerns related to health and fitness amongst the people, especially the young population group, is one of the key factors driving the market growth. Moreover, growing traction for sports and recreational activities and rising awareness related to the advantages of consuming herbal supplements are also propelling the growth of the global herbal supplements market.

The growth has been evident in rise in meat alternatives market as well as growth in vegan products market. For instance, as per data published by Good Food Institute (GFI), investments in meat alternatives market accounted for around US$ 3.1 billion in 2020. Germany has been in vegan revolution, with proliferation of vegan lifestyle and vegan restaurants emerging in recent years. An estimated 8 million Germans identify as vegetarians while 1.3 million are vegan. Israel is another country that has been an active part of the vegan movement, boasting a thriving alternative protein innovative sector and a robust vegan population. Moreover, there are countries such as India where vegetarianism is prominent and significant percentage of population consumes plant-based diets. The vegan and vegetarian population is contributing greatly to the high demand for herbal supplements.

In 2021, Asia Pacific is expected to accounted for a significant share in the herbal supplements market. The Asia- Pacific (APAC) region comprises countries such as Australia, China, India, Japan, South Korea, and the Rest of Asia- Pacific countries. Herbal supplements contain a variety of vitamins and minerals required by the human body to sustain general health and wellness. Consumers' stressed & hectic lifestyles and dietary habits have drastically decreased their nutrient intake in recent years. In the Asia Pacific, growing awareness about herbal supplements and increasing health consciousness among people are the major drivers for the herbal supplements market. Further, the market is growing due to the rising expenditure on health-improving products as a result of increased sports participation coupled with the increase in cases of mal-digestion and an increase in the senior population.

Herbal supplements contain herbal ingredients to improve their nutritional worth. Many people use herbal supplements to help them lead a healthy lifestyle. These supplements are typically used to replenish missing nutrients while maintaining adequate herbal levels in the body. Furthermore, social media also plays a significant role in fitness motivation and influencing self-improvement. For instance, social media platforms, such as Instagram, Twitter, and Pinterest, have boosted the popularity of the health and fitness industry, with many celebrities and influencers introducing users to new fitness regimes and herbal supplements, highlighting the benefits they offer to their physical and mental health, in turn, aiding the herbal supplement demand.

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Consumers' stressful and hectic lifestyles and dietary habits have significantly limited their nutritional intake in the past few years. In addition, the deficiency of micronutrients can cause rough, scaly skin and a red, swollen, itchy rash, and may led to many chronic diseases. The prevalence of chronic diseases is rising gradually, and also leading to deaths across the globe. For instance, according to the WHO, due to chronic diseases every year, 41 million people die, accounting for 71% of all deaths worldwide. More than 15 million people between the ages of 30 and 69 die each year from a chronic disease; 85 percent of these "premature" deaths occur in low- and middle-income nations. Cardiovascular diseases account for the majority of chronic disease mortality (17.9 million persons per year), followed by cancers (9.3 million), respiratory disorders (4.1 million), and diabetes (1.5 million). The growing awareness regarding rising cases of chronic diseases and illnesses has led to an increased consumption of herbal supplements as a precautionary care.

Herbal Supplements Market: Segmental Overview

Based on form, the global herbal supplements market size is segmented into tablets and capsules, powder, and others. In 2021, the tablets and capsules segment accounted for a significant market share. Based on distribution channel, the global herbal supplements market size is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2021, the specialty stores segment accounted for a significant market share.

Impact of COVID-19 Pandemic on Herbal Supplements Market

The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The nutraceuticals industry suffered serious disruptions in supply chains and shutdowns of production plants in the initial phases of the pandemic. The pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. Further, various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various countries on international travel compelled enterprises to temporarily suspend their collaboration and partnership plans.

All these factors hampered the nutraceuticals industry growth. The global marketplace has thus recovered from the losses as governments of different countries have announced relaxation in the restrictions. Manufacturers are permitted to operate at a full capacity, which is helping them to overcome the supply gap. Moreover, the rising vaccination rate is also boosting the overall growth of the industry. The pandemic led to a change in consumer habits of purchase. The COVID-19 pandemic created a massive demand for nutraceuticals and eventually herbal supplements in general as consumers have been taking supplements to build a stronger immunity to safeguard themselves against virus. This factor is projected to open lucrative growth opportunities for the herbal supplements market during the forecast period.

The global herbal supplements market is segmented into form and distribution channel. By form, the herbal supplements market is classified into tablets and capsules, powder, and others. By distribution channel, the herbal supplements market is classified into tablets and capsules, powder, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global herbal supplements market based on various segments. It also provides market size and forecast estimates from the year 2017 to 2028 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America. The herbal supplements market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally, along with the current trend and opportunities prevailing in the region.

By Geography

• North America
• US
• Canada
• Mexico

• Europe
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

• Asia Pacific (APAC)
• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC

• Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of SAM

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Herbal Supplements Market - Company Profiles:

The report covers vital developments in the herbal supplements market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for expanding the business and customer base of market players. The market players in the herbal supplements market are anticipated to witness lucrative growth opportunities with the rising demand for herbal supplements in the global market. Below mentioned is the list of a few companies engaged in the herbal supplements market.

• Nature's Bounty
• Horbäach
• Swanson
• NATURE'S TRUTH UK
• NOW Foods
• Natural Balance
• Mason Vitamins
• Sunshine Naturals
• Wild Bliss
• Carlyle Nutritionals, LLC

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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