Herbal Nutraceuticals Market Size & Share 2023-2032
Market Size by Product Type (Dietary Supplements, Functional Foods), by Ingredients (Ginger, Garlic, Turmeric), by Nature (Conventional, Organic), by Form (Powder, Liquid), by Sales Channel (Pharmacy.
Report ID: GMI6120
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Published Date: June 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Herbal Nutraceuticals Market Size
Herbal Nutraceuticals Market size was valued at USD 55 billion in 2022 and is estimated to witness 6.5% CAGR from 2023 to 2032, attributed to the increasing awareness and preference among consumers for natural and plant-based products. Additionally, the rising incidence of chronic diseases and the growing focus on preventive healthcare have boosted the demand for herbal nutraceuticals. Also, the increasing adoption of herbal nutraceuticals by athletes and fitness enthusiasts has fuelled market growth. Lastly, the expanding sales channels, including online platforms and specialized herbal stores, have made herbal nutraceuticals easily accessible to a wider consumer base.
Herbal Nutraceuticals Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Herbal nutraceuticals refer to dietary supplements or products that are derived from natural plant sources and are believed to have health benefits. They combine the concepts of herbal medicine and nutraceuticals, which are bioactive compounds or substances that have medicinal properties and provide health benefits beyond basic nutrition.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the herbal nutraceuticals market. The pandemic increased the interest of people in boosting immunity and maintaining overall health. This shift in consumer behaviour has led to a surge in demand for herbal supplements and nutraceuticals, which are perceived to offer natural and holistic approaches to wellness. Many herbs, such as echinacea, ginger, and turmeric, known for their potential health benefits, experienced a surge in popularity during the pandemic. Despite the challenges posed by supply chain disruptions and manufacturing delays, the market growth is led by the increasing demand for immune-boosting and preventive healthcare products.
Herbal Nutraceuticals Market Trends
The herbal nutraceuticals industry is experiencing significant growth due to the increasing consumer demand for natural and organic products. Consumers today are becoming more health-conscious and are seeking products that are free from synthetic additives and chemicals. This growing awareness about the potential health benefits of herbal nutraceuticals has led to a surge in demand for these products. Moreover, natural, and organic ingredients derived from herbs are safe and offer various health benefits, ranging from improving digestion to boosting immunity. As a result, manufacturers are focusing on developing a wide range of herbal nutraceuticals to cater to this rising demand.
Herbal Nutraceuticals Market Restraint
Potential interactions and side effects pose significant restraints to the growth of the herbal nutraceutical industry. While herbal products are often perceived as natural and safe, they can still interact with prescription medications and other supplements, leading to adverse effects. Herb-drug interactions can occur due to the pharmacological properties of herbs, which can interfere with the metabolism or efficacy of certain medications. This can be particularly risky for individuals with pre-existing medical conditions or those taking multiple medications.
Moreover, herbal nutraceuticals may have their own set of side effects, ranging from gastrointestinal disturbances to allergic reactions. These concerns surrounding potential interactions and side effects create a sense of uncertainty and caution among consumers, leading to hesitancy in adopting herbal nutraceutical products and impeding market growth.
Herbal Nutraceuticals Market Analysis
Based on ingredients, the ginger is poised to dominate the herbal nutraceuticals market due to its exceptional health benefits and versatility. Ginger's potential to alleviate digestive issues, reduce nausea, and relieve muscle pain has gained widespread recognition, prompting its integration into various nutraceutical products. Furthermore, ginger's adaptability as a spice, tea, supplement, or ingredient in food and beverages allows for easy incorporation into diverse consumer preferences. As the demand for natural and holistic remedies continues to rise, the demand for ginger containing herbal nutraceuticals is anticipated to increase, thus aiding in high segmental growth.
The dietary supplement segment held over 58% of the herbal nutraceuticals market share in 2022. Herbal nutraceuticals dietary supplements are derived from natural sources such as herbs, plants, and botanical extracts, making them a popular choice for those seeking natural alternatives to traditional medicines. They often contain a wide array of vitamins, minerals, and antioxidants, that can help boost the immune system, promote vitality, and improve energy levels. Additionally, these supplements are generally considered safe and have fewer side effects compared to synthetic medications.
Based on nature, the herbal nutraceutical market is segmented into conventional and organic. The organic segment is anticipated to witness high growth over the analysis period, owing to the rising consumer awareness regarding the harmful effects of fertilizers, pesticides and chemicals and consumers shifting towards organically produced herbal nutraceuticals. Moreover, the growing awareness of the potential side effects associated with synthetic drugs has spurred interest in organic alternatives, leading to a surge in demand.
The capsules & tablets segment accounted for the highest herbal nutraceuticals market share of 45% in 2022. Tablets and capsules offer convenience and ease of administration. They are portable, compact, and can be easily carried and consumed without the need for additional equipment or measuring. Moreover, tablets and capsules provide accurate dosage, ensuring precise medication delivery and reducing the risk of errors in administration.
The pharmacy segment was over 32% of the in the herbal nutraceuticals market share in 2022. Improvement in healthcare infrastructure, ease of availability, and surge in number of consumers visiting pharmacies and drug stores drives adoption of herbal nutraceuticals through this sales channel.
U.S. herbal nutraceuticals market size dominated around USD 0.082 billion in 2022, attributed to the increasing demand for natural and organic products, coupled with the rising awareness regarding health and wellness in the region. Additionally, the growing preference for preventive healthcare and the rising prevalence of chronic diseases have further fuelled the market's expansion. With advancements in manufacturing technologies and the development of novel formulations, the North America market is set to continue its impressive growth trajectory in the foreseeable future.
Herbal Nutraceuticals Market Share
Major companies operating in the herbal nutraceutical market include
These companies majorly adopt various strategies including collaborations, acquisitions, mergers, new product launches, and partnerships to create a global footprint and sustain market competition.
Herbal Nutraceuticals Industry News:
The herbal nutraceuticals market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:
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Market, By Product Type
Market, By Ingredients
Market, By Nature
Market, By Form
Market, By Sales Channel
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
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