by Herbal nutraceuticals include herbal medicines and food supplements extracted from naturally occurring plants utilized to enhance well-being and prevent various diseases. Herbal nutraceuticals contain essential nutrients such as vitamins, minerals, fibers, antioxidants, and bioactive compounds that provide numerous health benefits. Growing awareness about the benefits of herbal nutraceutical products such as weight management, joint care, heart health, sleep & stress, and energy & endurance is propelling the growth of the global herbal nutraceuticals market. Additionally, rising interest in preventive healthcare and holistic wellness among consumers has increased the demand for herbal nutraceutical products in various disease indications like arthritis, obesity, chronic pain, cardiovascular disorders, and others.
The global herbal nutraceuticals Market is estimated to be valued at US$ 36.28 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 Dynamics
Rising adoption of natural products: Consumers nowadays are more inclined towards using natural, plant-based extracts to improve their health and avoid potential side effects associated with conventional medicines. Herbal nutraceuticals are now preferred alternatives to prescription drugs for treatment and prevention of various minor and chronic health conditions owing to their natural ingredients. This growing interest in natural remedies is fueling demand for herbal nutraceuticals globally.
Increasing marketing and promotion: Key players in the herbal nutraceuticals market are focusing on extensive marketing and promotion strategies such as celebrity endorsements, social media, print media campaigns to create brand awareness and boost sales of herbal nutraceutical supplements. These promotional activities are persuading the masses to adopt herbal nutraceuticals making products easily accessible across both online and offline platforms, driving the market growth.
Segment Analysis
The herbal nutraceuticals market can be segmented into functional foods and beverages, dietary supplements, and functional/specialty food ingredients. Dietary supplements is the dominating segment as herbal supplements have been gaining popularity globally owing to their therapeutic benefits without any side effects. Herbal supplements comprised medicinal plants, fruits & vegetables extracts and found to effectively treat various diseases like inflammation, diabetes, skin problems etc. thereby driving demand in this segment.
PEST Analysis
Political: Governments in various countries have implemented regulations regarding formulation and labelling of herbal nutraceuticals to ensure product quality and safety. Economic: Rising health consciousness and incomes have boosted consumer spending on herbal nutraceuticals. Social: Increasing preference for herbal products due to perceived natural and organic attributes is a key social driver. Technological: Advanced extraction techniques are used to derive herbal extracts and powders from plants, fuelling product innovation.
Key Takeaways
The Global Herbal Nutraceuticals Market Growth is expected to witness high growth at a CAGR of 6.9% during the forecast period of 2023 to 2030. Regional analysis: Asia Pacific dominates the market and is expected to remain the fastest growing region over the forecast period supported by large population base and traditional use of medicinal plants in countries like India and China. Key players: Key players operating in the herbal nutraceuticals market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
