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Future Perspective: Key Trends Shaping the Herbal Supplements Market Up to 2029
Herbal Supplements
Herbal Supplements Market Size and Forecast Through 2029
The market for herbal supplements is projected to grow robustly, reaching $69.59 billion by 2029. This expansion is expected to occur at a compound annual growth rate (CAGR) of 6.9%. Several factors contribute to this upward trajectory, including heightened consumer education, the increasing elderly population worldwide, the ongoing global wellness movement, and a stronger focus on personalized and customized products. Innovations in the market, coupled with a broadening range of offerings, also play a crucial role. Noteworthy trends anticipated during this period include the adoption of eco-friendly packaging, the influence of cultural and traditional practices, strategic collaborations and partnerships, and a growing appetite for personalized nutrition solutions.
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Key Players Dominating the Herbal Supplements Industry
The herbal supplements market features numerous influential companies shaping its direction. Prominent names 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., and Z Natural Foods.
Collaborations Enhancing Research and Product Development
In February 2022, Amway India, a health supplements manufacturer, partnered with IIT Bombay to boost research and innovation in health supplements and nutraceuticals. This collaboration aims to combine Amway's wellness expertise with IIT Bombay's scientific research strengths to develop new plant-based ingredients and supplements. By integrating cutting-edge scientific insights, Amway plans to enhance its product portfolio and better meet the rising demand within the health and wellness market. IIT Bombay, a prestigious public research university based in India, brings significant research capabilities to this joint effort.
View the full herbal supplements market report:
https://www.thebusinessresearchcompany.com/report/herbal-supplements-global-market-report
Rising Emphasis on Research and Development in Herbal Supplements
The herbal supplements sector is witnessing increased investment in research and development, steadily improving product quality and innovation. For example, Amway's collaboration with IIT Bombay exemplifies this trend, as their combined in-house and academic research teams work together to advance botanicals, nutraceuticals, and herbal supplement formulations. This collaborative approach is expected to yield improved nutrition products and a wider variety of herbal ingredients, strengthening the company's market position.
Breakdown of Key Segments Fueling the Herbal Supplements Market
This report breaks down the herbal supplements market into several primary categories:
1) Form: Tablets, Capsules, Liquid, Powder and Granules, Soft Gels
2) Sources: Leaves, Fruits, Roots, Vegetables, Barks
3) Application: Food and Beverages, Pharmaceuticals, Personal Care
4) Distribution: Store-Based, Non-Store-Based
Additional subcategories include:
- Tablets: Compressed Herbal Tablets, Coated Herbal Tablets
- Capsules: Hard-Shell Capsules, Soft-Shell Capsules
- Liquid: Herbal Extracts, Herbal Tinctures
- Powder and Granules: Herbal Powders, Granulated Herbal Supplements
- Soft Gels: Herbal Soft Gel Capsules, Gelatin-Based Herbal Soft Gels
Each of these segments caters to specific consumer needs and contributes to the overall growth and diversification of the herbal supplements industry.
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