Herbal Supplement Market
Herbal supplements are non-food substances marketed to improve health. Herbal medicine is used to solve health related issues. It includes herbal supplements, herbs, herbal preparations, and finished herbal products. The herbal supplement is one of the types of dietary supplements that are made from natural plants. The herbal supplement is not considered as drugs and therefore they are not regulated as a drug by any drug regulations. It is also a popular traditional medical treatment. They are available in the form of powders, capsules, and liquids. Demand for herbal supplements is increasing due to their natural label. A Large section of the global population is switching to herbal supplements due to their added health benefits.
The herbal supplement market is anticipated to be driven by increasing modern lifestyle which leads consumers to live healthy life. Herbal supplement market will gain a prominence growth due to increasing awareness among consumers. However higher health care costs, tighter government budgets, and increasing prices of medicinal and dietary products has driven consumers to have more economical options. Herbal remedies are the safest alternative, to get relief from physical and mental disorders.
Herbal supplement market is categorized on the basis of source into leaves, barks, fruits & vegetables and roots. Leaves segment accounted for the largest share of the herbal supplements market in 2016, in terms of revenue. Herbal supplements are largely made up of plant leaves. The use of herbal supplement is higher among women than men. Leaves of herbal plants contain medicinal properties, which are extracted for the production of herbal supplements. The demand for herbal products in barks, fruits & vegetables, roots has led to the growth of the leaves segment in herbal supplements market.
On the basis of application, herbal supplement market is segmented into pharmaceuticals, food & beverages, and personal care. Among all the applications, pharmaceuticals segment accounted largest share of the herbal supplement market in 2016 in terms of revenue. Due to increased efficiency in research & development, pharmaceutical industry offers vast opportunities for the industry participants. Regions like Latin America and Asia Pacific are potential markets for herbal supplements in pharmaceutical industry.
Another segment of herbal supplement is function which is bifurcated into medicinal and aroma. There is huge demand for medicinal products as it offers traditional Chinese and Ayurvedic treatments. The medicinal segment accounted for the largest share in 2016. The medicinal function of herbal plants has no side effects leading to its increasing demand. Developing regions offers a considerable opportunity for growth in herbal supplements market, due to higher consumer acceptability.
By geography, herbal supplement market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The herbal supplement market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Latin America is also a potential market followed by Asia Pacific, for herbal supplement due to increasing efficiency in research & development. North America accounted for the leading share in the global market. Middle East & Africa is also expected to witness significant growth in the near future. This region is expected to experience noticeable growth in terms of function over the forecast period as it is an important market.
The key players operating in the global herbal supplement market are Archer Daniels Midland Company, Arizona Natural Products, Bio-Botanica Inc., Blackmores, Glanbia PLC, Herbalife International of America Inc., Naturalife Asia Co., Ltd., Nutraceutical International Corporation, Ricola, and The Nature's Bounty Co. The herbal supplement market is characterized by moderate competition due to the presence of a number of large- and small-scale firms.