Global Herbal Nutraceuticals Market Growth
Herbal nutraceuticals are derived from plant sources with medicinal benefits
and contains phytochemicals that provide health benefits beyond basic
nutrition. They help in the prevention, treatment, and management of various
lifestyle related health conditions. Rising awareness about preventive healthcare
and focus on maintaining overall wellness has driven the demand for herbal
nutraceuticals.
The global
herbal nutraceuticals market is estimated to be valued at US$ 36.28 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Rising demand for functional foods and natural remedies: The growing preference
for functional foods and natural remedies over synthetically manufactured
medicine has accelerated the demand for herbal nutraceuticals market. Consumers
are shifting from curative to preventive healthcare approach to maintain
overall wellness, especially after the COVID-19 pandemic. They are
incorporating herbal nutraceuticals into their diet and lifestyle to boost
immunity and reduce the risk of chronic diseases. This rising demand is a major
trend fueling the growth of herbal nutraceuticals market.
Segment Analysis
The global herbal nutraceuticals market is dominated by dietary supplements
sub-segment. This sub-segment accounts for over 35% of the total market share
owing to increasing health consciousness among individuals and growing
preference for natural remedies over synthetic ones. The dietary supplements
sub-segment is expected to witness the highest growth during the forecast
period attributable to the wide availability and acceptance of herbal
supplements for maintaining overall health and wellness.
Key Takeaways
The Global
Herbal Nutraceuticals Market Growth is
expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis suggests that Asia Pacific region currently holds the
dominant share of around 40% in the global market. Factors such as thriving
herbal industry, large consumer base, and traditional usage of herbal medicines
are expected to support the growth of the herbal nutraceuticals market in the
Asia Pacific region.
Key players operating in the herbal nutraceuticals market include Mars Inc.,
CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories
Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary
Services, and Armor Animal Health (Animart), among others. These players are
focusing on adopting growth strategies such as new product launches, mergers,
acquisitions, and geographical expansions to gain a competitive edge in the
market.
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