Herbal Supplements Market Trends, Business Overview, Industry Growth and Forecast to 2031

The global herbal supplements market is anticipated to grow at a CAGR of 8.9% during the forecast period. Herbal supplements as alternative and complementary medicines continue to gain popularity as consumer health products. Approximately 80% of the world's population depends on them for some form of primary healthcare. The growing awareness regarding herbal supplements owing to the health benefits offered them is one of the prominent factors rising their popularity among the health-conscious population. During the pandemic period, the demand and consumption of herbal supplements have increased, as consumers and affected patients had been advised by the governments and health bodies to use various herbal supplements for better immunity. Consumers were opting for herbal supplements owing to their high health benefits and lesser side effects owing to this fact, the market witnessed exponential growth at the time of the COVID-19 pandemic. Herbal supplement such as Ashwagandha has gained immense popularity as it is used for treating a variety of health conditions such as cancer, diabetes, and others. The high demand for ashwagandha for herbal supplement manufacturing owing to its nutritional and health benefits, from the pharmaceutical industry is expected to drive the growth of the market.

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Apart from these, the increasing investment in research development by players operating in the herbal supplement market to develop new herbal supplement products to fulfill the increasing demand by consumers in different categories is expected to create new growth opportunities. The market players are focusing on collaborating with other players to expand product offerings in the global market. For instance, in March 2021, to expand its reach, Gaia Herbs partnered with the esteemed German herbal products company SALUS Hau. Through this partnership, natural herbal products brand Gaia Herbs became the exclusive U.S. distributor of the Salus brand's complete line of high-quality herbal products and dietary supplements, which are marketed under the name Floradix.

Segmental Outlook

The global herbal supplements market is segmented based on source, form, and distribution channel. Based on the source, the herbal supplements market is categorized into echinacea, moringa, flaxseeds, ginger, turmeric, and others. Among these, the echinacea segment is expected to account for the highest share among other segments based on ingredients. With the growing demand for herbal products, echinacea adoption is getting traction among food and beverage manufacturers across the globe as it offers extensive health benefits such as boosting immune function, relieving pain, reduce inflammation. Moreover, Echinacea is extensively used as an antibiotic to fight against various infections such as urinary tract infections, vaginal infections, and blood infections due to which they are highly adaptable for herbal supplement production, which in turn drives their demand.

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Based on form, the market is sub-segmented into tablets & capsules, liquid & soft gels, and powder & granules. Among these, the tablets & capsules segment is expected to be the fastest-growing during the forecast period. Herbal tablets & capsules are easily consumed and that is the main reason people's inclination is more toward this. Similarly, based on distribution channels, the market is further sub-categorized into store-based retailing, hypermarkets/supermarkets, convenience stores, and online. . Based on application, the market is segmented into food and beverages, pharmaceuticals, and personal care.

Regional Outlook

Geographically, the global herbal supplements market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). The Asia-Pacific region is set to display the fastest growth in the herbal supplements market owing to the growing awareness among people regarding the benefits of herbal supplementation and ease of availability in the region. The rise in per capita disposable income in the region's countries has resulted in increased spending on herbal dietary products and supplements. Consumers in the region are becoming increasingly conscious about their diets, thereby creating a high demand for herbal supplements. Governments in major economies of the region also support the manufacturing and adoption of botanical supplements by providing funding, which is also the factor motivating market players to come up with new product development.

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