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| Global Herbal Nutraceuticals Market Size |
Herbal nutraceuticals offer a wide range of health benefits without any side effects and are used for various lifestyle and medical conditions. These products are derived from plants and contain antioxidants, fibers, minerals, vitamins and other nutrients that have various health promoting properties. The increasing awareness about preventive healthcare and focus on immunity boosting formulations during the COVID-19 pandemic has accelerated the demand for herbal supplements.
The global Herbal Nutraceuticals Market is estimated to be valued at US$ 36.28 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Preventive Healthcare Trends
The key driver spurring the growth of the global herbal nutraceuticals market is the shift from curative to preventive healthcare globally. The COVID-19 pandemic has further accelerated this trend as consumers are looking towards natural immunity boosting products. The consumption of herbal supplements helps in reducing lifestyle diseases risks such as heart ailments, diabetes and obesity through controlled intake of nutrients. As chronic diseases prevalence increases worldwide, preventive healthcare approach focusing on herbal remedies is estimated to boost the demand for herbal nutraceuticals over the forecast period.
Segment Analysis
The global herbal nutraceuticals market is dominated by dietary supplements segment. The dietary supplements segment accounted for over 40% share of the total market in 2023. The dominance can be attributed to its various health benefits such as improving immunity, providing essential nutrients, reducing joint pain and muscle aches. With growing hectic lifestyle and increasing health consciousness among people, demand for herbal supplements is increasing rapidly.
Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. With a projected CAGR of 7.5%, the market size is expected to increase from US$ 36.28 Bn in 2023 to US$ 62.12 Bn by 2030.
Regional analysis
North America region accounts for the largest share in the global herbal nutraceuticals market. The region held over 35% share of the total market in 2023. Increasing preference for natural and herbal ingredients based supplements is driving the market in the region. Asia Pacific is expected to witness fastest growth during the forecast period owing to rising health awareness and healthcare expenditure in populous countries like India and China.
Key players
Key players operating in the herbal nutraceuticals market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature€TMs Bounty, NUTRAMARKS, INC., Now foods, OREGON'S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. These players are focusing on launching new innovative products and expanding to untapped markets to strengthen their market position.
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Healthcare