Press release
Global Herbal Supplements Market Projected to Grow at 6.9% CAGR, Reaching $69.59 Billion by 2029
Herbal Supplements Market Size
What Will the Herbal Supplements Industry Market Size Be by 2025?
Significant growth has been witnessed in the herbal supplements market size lately. It is expected to escalate from a value of $49.71 billion in 2024, incrementing to $53.25 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. The growth seen in the past can be credited to the increment in consumer awareness, a shift towards preventive healthcare, escalating lifestyle-associated health concerns, and government initiatives and regulations.
What's the Long-Term Growth Forecast for the Herbal Supplements Market Size Through 2029?
In the coming years, the herbal supplements market is anticipated to witness robust growth, with its size predicted to expand to "$69.59 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 6.9%. Various factors contributing to this growth during the forecast period are ongoing consumer education, an increasing aging population, the worldwide wellness trend, personalization and customization, innovation in the market, and a diverse range of products. The key market trends in the forecast period will comprise environmentally-friendly packaging options, the impact of cultural and traditional practices, strategic collaborations and partnerships, and a growing preference for personalized nutrition.
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What Are the Key Growth Drivers Fueling the Herbal Supplements Market Expansion?
The surge in health-aware individuals significantly bolsters the expansion of the herbal supplements market. The multitude of health advantages and the absence of chemicals make herbal supplements a desirable choice. They are utilised to augment diets and treat prevalent illnesses. As per the 2022 food and health survey by International Food Information Council (IFIC), there is a strong inclination among Americans to embrace healthier lifestyles. In 2022, 52% of Americans admitted to adopting a diet or eating pattern in the last year, a notable rise compared to recent years (39% in 2021). Consequently, the escalating count of health-focused individuals is projected to steer the growth of the herbal supplements market in the coming years.
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What Are the Key Trends Driving Herbal Supplements Market Growth?
Firms in the herbal supplements industry are escalating their investment in R&D, a trend that is yielding positive effects on the market. To illustrate, in February 2022, Amway, a US-based organization working in health, beauty, and household goods, established a partnership with the Indian technology institute, IIT Bombay. This alliance aims to expedite their research in botanicals, nutraceuticals, and herbal supplements. Consequently, Amway's in-house research team, together with IIT Bombay, plans to drive innovation in diverse fields and enhance the quality and variety of Amway's nutrition and herbal products and ingredients.
How Is the Herbal Supplements Market Segmented?
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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Which Companies Are Leading the Charge in Herbal Supplements Market Innovation?
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
Which Regions Are Leading the Global Herbal Supplements Market in Revenue?
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.
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