Herbal Supplements Global Market Report 2023
Major players in the herbal supplement market are Ancient Greenfields PVT Ltd., Archer Daniels Midland Company, Arizona Natural Products, Bio-Botanica Inc., Blackmores, Herbalife International of America, Inc.
New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Herbal Supplements Global Market Report 2023" - https://www.reportlinker.com/p06284245/?utm_source=GNW
, Ricola, Solgar, Inc., Jarrow Formulas, Inc., Glanbia PLC, Gaia Herbs, NBTY, Inc., Nature’s Bounty, NaturaLife Asia Co., Ltd., Nutraceutical International Corporation, herbochem, Swanson Health Products, Third Coast Herb Co., Now Health Group, Herbal Africa, Sunfood Nutraceuticals, Wonder Labs, Wellness Origin Indy, ABCO Laboratories, Inc., Dabur, Weleda, Schwabe, Kunming Pharma, Taiji, DSM, and Rainbow Light Nutritional Systems.
The global herbal supplements market grew from $10.14 billion in 2022 to $10.91 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The herbal supplements market is expected to grow to $14.79 billion in 2027 at a CAGR of 7.9%.
The herbal supplements market consists of sales of liquid extracts, teas, bath salts, and ointments.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Herbal supplements refer to a plant-based substance that is believed to be helpful in maintaining or treating health. It aids in strengthening immunity without causing adverse effects and is more successful in relieving symptoms, particularly when treating allergies.
In 2022, North America will be the largest region in the herbal supplement market.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the herbal supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main forms of herbal supplements are tablets, capsules, liquids, powders, granules, and soft gels.Herbal tablet supplements are derived from plants, oils, roots, seeds, berries, or flowers and are sold in tablet form to maintain health or treat health problems.
Herbal supplements are sourced from leaves, fruits, roots, vegetables, and barks. The different applications of herbal supplements include food and beverages, pharmaceuticals, and personal care products, which are distributed through store-based and non-store-based channels.
The increasing number of health-conscious consumers is significantly driving the growth of the herbal supplements market.Herbal supplements have numerous health benefits and are chemical-free.
They are used to supplement diets and cure common ailments.According to the International Food Information Council’s (IFIC) 2020 food and health survey, Americans have a strong interest in becoming more health-conscious, with 43% following a specific diet or eating pattern in 2020, up 38% from 2019.
Also, 54% of all consumers cared more about the healthfulness of their food and beverage choices in 2020 than they did in 2010. Hence, the increasing number of health-conscious people is expected to propel the growth of the herbal supplements market in the forecast period.
Companies in the herbal supplements market are increasing their investment in research and development.This trend is positively impacting the market.
For example, in February 2022, a US-based health, beauty, and home care products company, Amway, collaborated with Indian technological institute, IIT Bombay, to speed up its research in the fields of botanicals, nutraceuticals, and herbal supplements. With this partnership, a team of in-house Amway researchers and IIT Bombay will collaboratively work to innovate in the different areas and to improve the nutrition and herbal range of products and ingredients of Amway.
In July 2021, GenTech Holdings, a US-based company engaged in providing functional foods, acquired a 75% controlling interest in Nature Spoon LLC (Nature Soothie).With this acquisition, GenTech Holdings expanded its geographic presence and product portfolio.
The deal also gives GenTech Holdings access to a new segment of consumers. Nature Soothie is a US-based company involved in producing Nature Soothie® branded herbal supplement lollipops for children.
The countries covered in the herbal supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The herbal supplements market research report is one of a series of new reports that provides herbal supplements market statistics, including herbal supplements industry global market size, regional shares, competitors with a herbal supplements market share, detailed herbal supplements market segments, market trends and opportunities, and any further data you may need to thrive in the herbal supplements industry. This herbal supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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