Press release
Global Herbal Supplements Market Projected to Surpass $71.41 Billion by 2029 with 7.3% Annual Growth
Herbal Supplements Market Size
The herbal supplements market is seeing substantial growth due to the rising number of consumers who are mindful of their health. Herbal supplements, boasting various health benefits and devoid of chemicals, are commonly used for dietary supplements and treatment of common illnesses. The International Food Information Council's (IFIC) 2022 food and health survey reveals that Americans are increasingly interested in pursuing healthier lifestyles. In 2022, it was found that 52% of Americans adhered to a specific diet or eating pattern in the past year - a significant rise from the previous years (39% in 2021). Thus, the escalating number of health-aware individuals is likely to fuel the expansion of the herbal supplements market in the upcoming period.
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What growth opportunities are expected to drive the herbal supplements market's CAGR through 2034?
In the past few years, the herbal supplements market has witnessed a significant expansion. The market is forecasted to rise from $49.71 billion in 2024 to $53.8 billion in 2025, displaying a compound annual growth rate (CAGR) of 8.2%. This increase during the historic period is due to factors like growing consumer knowledge, a shift towards preventive healthcare, a rise in lifestyle-related health problems, along with government schemes and rules.
A significant increase in the market size of herbal supplements is anticipated in the coming years. The market is estimated to ascend to $71.41 billion by 2029, with a compound annual growth rate (CAGR) of 7.3%. This upswing during the forecast period can be attributed to multiple factors such as consistent consumer education, an increasing elderly population, a global wellness trend, a focus on personalization and customization, market innovations, and diverse product offerings. Key trends to look out for in the forecast period consist of environmentally friendly packaging solutions, influences from culture and traditions, collaborations and partnerships, and a surge in demand for personalized nutrition.
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What are the emerging trends shaping the future of the herbal supplements market?
Firms in the herbal supplements industry are ramping up their investments in research and development, which is driving a positive upward trend in the market. In a case in point from February 2022, Amway, an American conglomerate specializing in health, beauty, and household goods, partnered with IIT Bombay, a technology institute in India, to expedite their research pursuits in botanicals, nutraceuticals, and herbal supplements. With this alliance, a combined effort from Amway's internal researchers and the team at IIT Bombay will strive to bring about innovations in various fields and enhance Amway's nutritional and herbal portfolio of products and ingredients.
Which growth-oriented segments of the herbal supplements market are leading the industry's development?
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
Subsegments:
1) By Tablets: Compressed Herbal Tablets, Coated Herbal Tablets
2) By Capsules: Hard-Shell Capsules, Soft-Shell Capsules
3) By Liquid: Herbal Extracts, Herbal Tinctures
4) By Powder And Granules: Herbal Powders, Granulated Herbal Supplements
5) By Soft Gels: Herbal Soft Gel Capsules, Gelatin-Based Herbal Soft Gels
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What regions are leading the charge in the herbal supplements market?
North America will be the largest region in the herbal supplement market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the herbal supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the herbal supplements market?
Major companies operating in the herbal supplements market include 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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What Is Covered In The Herbal Supplements Global Market Report?
•Market Size Forecast: Examine the herbal supplements market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the herbal supplements market for a structured understanding.
•Key Players Overview: Analyze major players in the herbal supplements market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the herbal supplements market.
•Segment Contributions: Evaluate how different segments drive overall growth in the herbal supplements market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the herbal supplements market.
•Industry Challenges: Identify potential risks and obstacles affecting the herbal supplements market.
•Competitive Landscape: Review strategic developments in the herbal supplements market, including expansions, agreements, and new product launches.
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