Global herbal supplement market is expected to reach USD 86.74 billion by 2022, growing at a CAGR of 6.8% between 2017 and 2022.
The report covers detailed analysis and forecast for the herbal supplement market on a global and regional level from 2014 to 2022. The study offers historical data of 2014, 2015 and 2016 along with a forecast from 2017 to 2022 based on revenue (USD Billion). The study comprises a comprehensive view of the market with the review of market drivers, restraints, and opportunities. It also provides the level of impact of drivers and restraints on the herbal supplement market between 2016 and 2022.
The study included a detailed competitive scenario and product portfolio of key vendors. The report evaluates Porter’s Five Forces model to analyze the different factors affecting the growth of the herbal supplement market. Moreover, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by source, by application, by function and region.
The report includes detailed segmentation of herbal supplement market based on source, application, function, and region. On the basis of source, the market can be classified into leaves, barks, fruits & vegetables, and roots. Application segment can be categorized into pharmaceuticals, food & beverages, personal care. On the basis of function segment, the market can be further classified into medicinal, and aroma. Major regional segment analyzed in this report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India, and Brazil.
The report provides detailed competitive outlook including market share and company profiles of the key players operating in the global market. Some of the key participants in the report include 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.
This report segments the global herbal supplement market as follows:
Global Herbal supplement market: Source Segment Analysis
Global Herbal supplement market: Application Segment Analysis
Global Herbal supplement market: Function Segment Analysis
Global Herbal supplement market: Regional Segment Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Herbal Supplement market. Zion Research has collected and analyzed key data belong to the global Herbal Supplement market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Herbal Supplement across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Herbal Supplement industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Herbal Supplement market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
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.
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