Global Herbal Supplements Market is expected to grow at a CARG of 6.8% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Herbal Supplements Market By Source (Barks, Roots, Leaves, Fruits & Vegetables, Others), Function (Aroma, Medicinal, Others), Form, Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, And Forecast 2020 To 2027.
The global Herbal Supplements market is expected to grow from USD 5.99 billion in 2019 to USD 10.15 billion by 2027, at a CARG of 6.8% during the forecast period 2020-2027.
Asia-Pacific region dominates the market of herbal supplements due to increase in the number of health-conscious young people, rise in self-diagnosis trend by young couples, increasing disposable income. Also, increasing awareness on the safety and efficacy of herbal products is the factor which drives the demand in this region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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The key players of this market are DSM Nutritional Products Ltd., Natures Aid, Bio-Botanica Inc., The Himalaya Drug Company, Twin lab Corporation, Martek Biosciences Corporation, Sundown Nutrition, I-Health Inc., ARKOPharma Pharmaceuticals Laboratories and Ricola AG.
Bio-Botanica partners with Genomatica for creating a new extract line made with the Brontide Butylene Gylcol.
The source segment includes barks, roots, leaves, fruits & vegetables and others. The leaves have the highest share as leaves of herbal plants has medicinal properties, which are taken out for production of herbal supplements. The function segment includes aroma, medicinal and others. Medicinal segment leads the market. The form segment includes oils, capsules & tablets, syrups, powder and others. Capsule & table dominates the market due to its ease of consumption. The application segment includes Pharmaceuticals, personal care, food & beverages and others. Pharmaceuticals segment has the largest share because of increased efficiency in R&D initiatives taken as per consumer preference and manufactures.
The increasing use of herbal products by the aging population and growing incidence of lifestyle related diseases drives the market of herbal supplements. Also, change in lifestyle and standard of living, and avoiding unhealthy eating habits like meals-on-the-go and fast foods are some more factors which drives the market. however, high cost of products, stringent government regulation and lack of awareness about the consumption dosage may hamper the growth of herbal supplements.
About the report:
The global Herbal Supplements market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire