Herbal Supplement Market Size USD 8983.6 Million by 2026 at CAGR 3.3% - Valuates Reports

Herbal Supplement Market Size USD 8983.6 Million by 2026 at CAGR 3.3% - Valuates Reports

PR Newswire

BANGALORE, India, Feb. 2, 2021

BANGALORE, India, Feb. 2, 2021 /PRNewswire/ -- Herbal Supplement Market is Segmented by Type (Mono - Herb Type, Multi - Herb Type), by Application (Pharmaceutical Industry, Health Care Industry), by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Nutrition Category.

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The global Herbal Supplement Market size is projected to reach USD 8983.6 Million by 2026, from USD 7393.5 Million in 2020, at a CAGR of 3.3% during 2021-2026.

Major factors driving the growth of herbal supplement market size are, increase in the aging population, growing female buyers for dietary supplements, use of herbal products by young demography, and increasing consumer awareness for preventive healthcare measures.

For the period 2021-2026, the report provides country-wise revenue and volume sales analysis and region-wise revenue and volume analysis of the global herbal supplement market. It also provides sales analysis and forecast of different regional markets by each application as well as type segment in terms of volume.

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TRENDS INFLUENCING THE HERBAL SUPPLEMENT MARKET SIZE

Increased health and wellness spending and rising disposable income levels, especially in emerging nations, are expected to increase the herbal supplement market size. There is a growing preference for buying health and wellness products compared to luxury goods among consumers in developing nations. herbal supplements help to maintain cholesterol levels, regulate the digestive system and reduce stress.

Furthermore, the increase in demand for dietary supplements and the side effects of allopathic drugs also fuels the growth of the herbal supplement market size. 

On the contrary, the strict regulatory policy for these herbal supplements and the low acceptance of the product limit the growth of the herbal supplement market size. However, the introduction of the Current Good Manufacturing Practices (CGMP) Regulations by the U.S. FDA offers market players the opportunity to research and develop novel dietary supplements.

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HERBAL SUPPLEMENT MARKET SHARE ANALYSIS

Based on application, the pharmaceuticals segment is expected to hold the largest herbal supplement market share during the forecast period. Potential markets for herbal supplement in the pharmaceutical industry are the Latin American and Asia-Pacific regions due to improved productivity in research & development initiatives taken by producers, as well as customer preference for herbal medicines. 

Based on the region, the Asia-Pacific region is expected to hold the largest herbal supplement market share. One of the main reasons attributed to its largest market share is the high use of traditional medicine for the treatment of different diseases in this region.

Furthermore, the growing exports of herbal products, the presence of a large geriatric population base also boost the market growth. 

Europe is expected to witness the highest growth in the herbal supplement market during the forecast period. This is due to the growing vegan population, followed by government initiatives encouraging the consumption of organic products, especially in Germany and France.

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TOP COMPANIES IN THE HERBAL SUPPLEMENT MARKET

Globally, FMCG companies are entering joint ventures with food ingredient manufacturers and pharmaceutical companies to leverage synergies and share investment commitments.

Some of the top companies in the herbal supplement market include :

HERBAL SUPPLEMENT MARKET SEGMENTS

Market Segment by Type

Market Segment by Application

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