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Herbal Supplements Market Trends, Business Growth And Major Players And Forecast To 2033
Herbal Supplements Market Analysis
The Business Research Company offers in-depth market insights through Herbal Supplements Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The herbal supplements market size has grown strongly in recent years. It will grow from $46.39 billion in 2023 to $50.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing consumer awareness, shift towards preventive healthcare, rise in lifestyle-related health issues, government initiatives and regulations.
The herbal supplements market size is expected to see strong growth in the next few years. It will grow to $66.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to continued consumer education, expanding aging population, global wellness trend, personalization and customization, market innovations and product diversity. Major trends in the forecast period include eco-friendly packaging solutions, cultural and traditional influences, collaborations and partnerships, rising demand for personalized nutrition.
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Market Segmentation:
The herbal supplements market covered in this report is segmented -
1) By Form: Tablets, Capsules, Liquid, Powder And Granules, Soft Gels
2) By Sources: Leaves, Fruits, Roots, Vegetables, Barks
3) By Application: Food And Beverages, Pharmaceuticals, Personal Care
4) By Distribution: Store Based, Non-Store Based
Major Driver - Spike In Health-Conscious Consumers Drives Expansion Of Herbal Supplements Market
The increase in number of health-conscious consumers is significantly driving the growth of the herbal supplements market. Herbal supplements have numerous health benefits and are chemical-free. They are used to supplement diets and cure common ailments. According to the International Food Information Council's (IFIC) 2022 food and health survey, Americans have a strong interest in becoming more health-conscious, In 2022, 52% of Americans report that they followed a diet or eating pattern in the past year, a significant increase from the past few years (39% in 2021, 43% in 2020) Hence, the increasing number of health-conscious people is expected to propel the growth of the herbal supplements market in the forecast period.
Competitive Landscape:
Major companies operating in the herbal supplements market report are Archer Daniels Midland Company, Glanbia plc, Herbalife Nutrition International of America Inc., NBTY Inc., Dabur India Ltd., Blackmores Limited, Swanson Health Products, Weleda AG, Now Health Group, Nutraceutical International Corporation, Ricola AG, DSM Nutritional Products Ltd., Dr. Willmar Schwabe GmbH & Co. KG, Jarrow Formulas Inc., Taiji Group, Gaia Herbs, Arizona Natural Products LLC, Bio-Botanica Inc., Sunfood Nutraceuticals, Solgar Inc., ABCO Laboratories Inc., Nature's Bounty Co., Wonder Laboratories, Ancient Greenfields Pvt. Ltd., NaturaLife Asia Co. Ltd., Herbochem Sdn. Bhd., Third Coast Herb Co., Wellness Origin Indy, Kunming Pharmaceutical Corporation, Herbal Africa, Rainbow Light Nutritional Systems Inc., MegaFood, Barlean's Organic Oils LLC, NutriGold Inc., Premier Health Products Ltd., Z Natural Foods
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Top Trend - Innovative Solutions Embraces Natural Ingredient Supplements For Holistic Health
Major companies operating in the herbal supplements market are focusing on development of innovative products such as natural ingredient supplements to meet growing consumer demand for holistic health solutions. Natural ingredient supplements are dietary products derived from naturally occurring sources such as herbs, plants, or minerals, used to support health and well-being. For instance, in August 2023, Innov Healthcare Technologies, an India-based healthcare supplement company, launched Purobest, a cutting-edge supplement brand, that embodies the potency of natural elements, emphasizing a dedication to combat chronic ailments. Through meticulous crafting and utilizing premium, pure natural extracts, it extends hope and aid to numerous individuals. Its range is meticulously formulated from top-tier natural sources, such as turmeric for curcumin, Sophora Japonica bark for quercetin, green tea for EGCG, Boswellia serrata for AKBA, and Berberis aristata for berberine. These ingredients, extensively researched, target crucial genes and pathways linked to diverse diseases.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Herbal Supplements Market Characteristics
3. Herbal Supplements Market Trends And Strategies
4. Herbal Supplements Market - Macro Economic Scenario
5. Herbal Supplements Market Size And Growth
…..
27. Herbal Supplements Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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