PORTLAND, Ore., Sept. 3, 2020
Surge in health consciousness among the consumers and rise in number of people suffering from chronic diseases across the globe drive the growth global herbal nutraceuticals market.
PORTLAND, Ore., Sept. 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Herbal Nutraceuticals Market Analysis by Product Type (Ginger, Garlic, Turmeric, Aloevera, Green Tea, and Others) and Nature (Conventional and Organic), Form (Liquid, Power, Capsules & Tablets, and Others), and Sales Channel (Supermarket/Hypermarket, Pharmacy, Online Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027". According to the report, the global herbal nutraceuticals industry garnered $28.32 billion in 2019, and is estimated to reach $48.44 billion by 2027, registering a CAGR of 7.55% from 2021 to 2027.
Drivers, restraints, and opportunities
Surge in health consciousness among the consumers and rise in number of people suffering from chronic diseases across the globe drive the growth global herbal nutraceuticals market. However, high cost associated with organic herbal nutraceuticals restrains the market growth. Furthermore, increase in consumer awareness regarding organic products is expected to create new opportunities during the forecast period.
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The ginger herbal nutraceuticals segment to dominate throughout the forecast period
Based on product type, the ginger herbal nutraceuticals segment accounted for nearly one-fifth of the total share of the global herbal nutraceuticals market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to surge in awareness regarding health benefits of ginger in treating cough & colds, flu, and other respiratory problems. However, the green tea segment is estimated to portray the fastest CAGR of 8.8% from 2021 to 2027. The rising consumer awareness regarding the health benefits associated with the consumption of green tea and its easy availability as nutraceuticals have driven the sales of green tea.
The conventional segment held the lion's share during the forecast period
Based on nature, the conventional segment contributed to the highest market share, accounting for nearly three-fourths of the global herbal nutraceuticals market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to easy availability of conventional herbal nutraceuticals coupled with their availability at lower price as compared to organic herbal nutraceuticals in the market. However, the organic segment is estimated to generate the fastest CAGR of 8.4% from 2021 to 2027. This is attributed to rise in the number of health-conscious consumers along with surge in consumer awareness regarding the health benefits of organic herbal nutraceuticals.
Europe, followed by North America, to maintain its dominant by 2027
Based on region, Europe, followed by North America, accounted for the highest share, holding for nearly one-third of the global herbal nutraceuticals market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to surge in consumption of organic and natural nutraceuticals ingredients from European consumers to prevent health issues. However, Asia-Pacific is estimated to portray the fastest CAGR of 9.0% from 2021 to 2027, owing to huge demand with rise in health awareness among the consumers and the presence of a large number of herbal nutraceuticals manufacturers in the region.
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