May 22, 2024
Herbal Nutraceuticals Market

Herbal Nutraceuticals Market is Expected to Witness High Growth Owing to Rising Demand for Immunity Boosting Products

Herbal nutraceuticals are plant-derived dietary supplements and functional foods consumed for their health promoting and medicinal properties. Herbal nutraceuticals contain active ingredients like vitamins, minerals, fibers, fatty acids, and various phytochemicals that provide antioxidant, antimicrobial and anti-inflammatory properties. These products help support overall well-being, immune health, digestive health, heart health, bone & joint health and many other functions of the body. The growing awareness among consumers regarding preventive healthcare and the side effects of synthetic drugs has propelled the demand for herbal nutraceuticals in recent years.

The global herbal nutraceuticals market is estimated to be valued at US$ 41.8 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The COVID-19 pandemic has accelerated the demand for products that boost immunity. As the pandemic disrupted economies and livelihoods, consumers started focusing more on health and preventive care. There is a rising interest in herbal immunity boosting products as people look for natural ways to strengthen their defenses against pathogens. Manufacturers can capitalize on this opportunity by launching innovative herbal formulations blended with adaptogens, mushrooms and superfoods that enhance cellular resistance to oxidative stress and infection. Clinical research on the efficacy and benefits of herbal nutraceuticals for immunity will help create consumer trust and drive the market in the post pandemic era.

Porter’s Analysis:
Threat of new entrants: The herbal nutraceuticals market has moderate threat from new entrants due to high capital requirements for R&D and manufacturing equipment. However, new entrants can leverage online platforms to directly sell their products.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various substitutable products. However, demand for herbal products gives buyers alternatives in purchasing.
Bargaining power of suppliers: Suppliers of raw materials like herbs and plants have low bargaining power due to availability of substitutes and presence of many suppliers.
Threat of new substitutes: Substitute threat is high due to availability of synthetic drugs and supplements. However, demand for natural products provides low substitute threat to herbal nutraceuticals.
Competitive rivalry: The market has high competitive rivalry due to presence of many generic manufacturers. Companies compete on quality, price and innovation.

SWOT Analysis:
Strengths: Herbal nutraceuticals have high demand due to perceived natural benefits. Companies have established brands and distribution networks.
Weaknesses: Market faces challenges of standardization and quality control. Lack of scientific evidence limits some products.
Opportunities: Growing health awareness and geriatric population boosts demand. E-commerce channels provide new avenues.
Threats: Stringent regulations can increase costs. Patent expiries allow generic competition.

Key Takeaways:
The Global Herbal Nutraceuticals Market Demand is expected to witness high growth during the forecast period due to increasing health consciousness.

Regional analysis: North America holds the largest share currently mainly due to the US market. In the US,herbal supplements are widely consumed for general wellness and immunity. However, Asia Pacific is poised to provide major growth opportunities owing to changing lifestyles, increasing obesity concerns and tradition of herbal medicine in major countries.

Key players: Key players operating in the herbal nutraceuticals market are Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi Pasteur, Novavax, GlaxoSmithKline (GSK), Sinovac Biotech, Sinopharm, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva, Takeda. The market is highly fragmented with many private label producers as well.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it