Herbal Supplements Market Demand Forecast Analysis Report 2024
Posted by Shiva on December 24th, 2019
Herbal Supplements Market Overview:
herbal supplements market was worth US$ 66.61 billion in 2018 and is expected to grow at a compound annual rate of 6.8% to reach US$ 92.55 billion in 2023. Herbal supplements are non-pharmaceutical substances that are marketed to improve health. A dietary supplement provides nutrients to increase their intake or to provide non-nutrient chemicals that claim to have a biologically beneficial effect. Similarly, herbal supplements also utilize the use of plants to supplement a diet or use them with medicine. Plants provide many nutrients and have many medicinal benefits. For instance, the use of eucalyptus leaves to produce eucalyptus oil by distillation.
Market Drivers and Restraints:
The growth of the herbal supplement market is attributed to factors such as increased nutrition and health care information, as well as increased spending on health care, an increasingly sedentary lifestyle, growing mental disorders, improving health and well-being and demand for functional foods. However, the high cost of raw materials, stringent regulations and some side effects caused by herbal supplements hinder market development.
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Report segmented as
Capsules and tablets had the largest market share in the form section due to their accessibility and ease of administration. Herbal medicine supplements have the largest market share in terms of function due to their effectiveness, safety and minimal side effects. Pharmaceutical applications are expected to grow faster due to consumer confidence in the quality and effectiveness of herbal remedies.
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According to geographical analysis, the market is divided into regions of North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa. Europe leads the global market due to the presence of market leaders and increasing individual health awareness. The Asia-Pacific is expected to grow faster due to increased adoption rates as well as increased consumer awareness of health problems.
Important Market Players:
Some of the crucial companies controlling this market comprise Archer Daniels Midland Company, Glanbia plc, Herbalife International of America, Inc., Blackmores, Nutraceutical International Corporation, NBTY Inc., Arizona Natural Products, Ricola, NaturaLife Asia Co., Ltd., and Bio-Botanica Inc.
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the AuthorShiva
Joined: June 11th, 2019
Articles Posted: 88
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