Herbal Supplement Market Latest Trends, Demand, Growth, Opportunity and Forecast to 2034

The herbal supplement market value in 2019 was US$ 86,859.4 million, and it followed a growth trajectory of 7.04% per year in the following five years. Their rising awareness of the health benefits of herbal supplements is the key factor driving its industrial production.

The global herbal or natural supplements market has attained a size to generate US$ 93,886.3 million in 2024. By growing at an estimated CAGR of 7.6% between 2024 and 2034, herbal supplement sales are going to create an industry worth around US$ 194,859.4 million by 2034.

Herbal supplements have become quite popular in recent years as more and more people are seeking alternatives to prescription medications and other synthetic nutritious supplements. Many consumers prefer herbal supplements because they feel they are safer and more natural than pharmaceutical medications.

Increased disposable income in emerging countries and a rise in the prevalence of health issues have also increased the intake of herbal supplements to some degree. So, Latin America and Asia Pacific countries are anticipated to become important herbal supplement marketplaces in the coming days.

Information Source: https://www.futuremarketinsights.com/reports/herbal-supplements-market

Key Takeaways from the Herbal Supplement Market Study Report

• The overall market is going to experience an absolute growth opportunity of over US$ 100 billion over the next ten years.
• The United States market holds a substantial share of the global revenue and is putting in efforts to realize a 7.2% CAGR over the forecasted period.
• In Europe, Germany is the key region for the production of herbal supplements and it could progress with a CAGR of 5.8% through the projected years.
• Asia Pacific countries are witnessing more lucrative growth opportunities and China tops with an anticipated CAGR of 6.8% from 2024 to 2034.
• Japan and India are the other two notable regional markets in Asia, with expected CAGRs of 3.7% and 4.2%, respectively, over the next ten years.

Competitive Landscape for the Herbal Supplement Market Players

The overall market is highly fragmented and moderately competitive as sourcing of raw materials or plant-based ingredients is region-specific. According to FMI, Blackmores, Bio-Botanica, Daniels Midland, Ricola, and Arizona are identified as key herbal supplement brands.

“Consumers’ attraction to herbal supplements made from responsibly collected herbs and components has resulted in the emergence of many new companies supplying herbal supplement ingredients. Moreover, the emerging trend of clean label ingredients and organic or plant-based vegan ingredients have strengthened the herbal supplement sector considerably,” – says a lead analyst at FMI

Key Players Profiled

• Glanbia plc
• Jarrow Formulas, Inc.
• Archer Daniels Midland Company
• Nature’s Bounty
• Herbalife International of America, Inc.
• Blackmores
• Nutraceutical International Corporation
• Gaia Herbs
• Jarrow Formulas, Inc.
• Solgar, Inc.
• Ancient GreenFields Pvt. Ltd
• Now Foods

Recent Developments by the Herbal Supplement Industry Participants

• In January 2021, Prorganiq launched a new line of premium herbal supplements containing nutritious herbs that are manufactured in “FSSAI” registered and “GMP” certified facilities. Featuring all-natural herbs and medical components, this novel line of herbal supplements is designed to help overcome deep-rooted health concerns and create a healthy body.
• In June 2021, Vasu Healthcare released Single Herb Vegetarian Capsules, including Holy Basil, Amalaki, Moringa, Ashwagandha, Guduchi, and Turmeric. Vasu Healthcare is based in India and its 100% vegetarian capsules made with standardized herbal extracts for consistent quality and performance were leased under the Safe Herbs brand. The firm claims to provide a wide range of health advantages from traditionally established herbs without adding gluten, lactose, color, flavor, or preservatives.