The 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 Overview:
Herbal nutraceuticals are food or medicinal products derived from plants and contain biologically active compounds which promote health and treat diseases. They include products like dietary supplements in capsules, tablets, powders, and liquids. The key uses of herbal nutraceuticals include maintaining cardiovascular health, weight management, digestive health, bone and joint health, and managing diabetes among others.
Market Dynamics:
The Herbal Nutraceuticals market is expected to witness significant growth over the forecast period, owing to growing consumer awareness on health and wellness. Consumers are increasingly opting for herbal alternatives over chemical-based medicines and supplements which is driving market growth. Herbal nutraceuticals are considered safer with negligible side effects which is another factor fueling their demand. Additionally, rising disposable incomes in developing countries are allowing consumers to spend more on herbal products for maintaining health and well-being. Changing lifestyles and hectic schedules have also increased the incidence of chronic diseases which is further propelling the need for herbal supplements.
SWOT Analysis
Strength: The herbal nutraceuticals market has high growth prospects due to increasing health consciousness among consumers. Rising awareness about preventive healthcare and focus on healthy lifestyle is driving market growth. Herbal products have lesser side effects compared to allopathic medicines.
Weakness: Quality assessment and standardization of herbal nutraceuticals is still a challenge due to their complex nature. Adulteration and contamination are other issues plaguing the industry. Lack of scientific evidence and clinical data is hindering faster adoption of herbal products.
Opportunity: Developing economies in Asia Pacific and Latin America presents lucrative opportunities for market players owing to increasing discretionary spending and healthcare expenditures. Rising cases of lifestyle diseases will propel demand for preventive healthcare products.
Threats: Stringent regulatory framework and compliance issues across regions poses significant threats to the industry. Intense competition from pharmaceutical and supplementary segments also impacts market growth.
Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health consciousness among consumers. Rising prevalence of chronic diseases coupled with preventive healthcare approach will drive sales of herbal supplements globally.
Regional analysis - The Asia Pacific region dominated the global market in 2023, accounting for around 35% of the total share, due to large consumer base and rapid economic development. China, India, Japan, and South Korea are major revenue generators owing to traditional use of herbal remedies in these countries. North America is predicted to witness strong gains through 2030, owing to rising health supplement spending and focus on immunity boosting products post-COVID.
Key players operating in the herbal nutraceuticals market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature’s Bounty, NUTRAMARKS, INC., Now foods, OREGON'S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. These companies are focusing on new product launches, facility expansion and mergers & acquisitions to strengthen their market presence.
