July 19, 2024
Herbal Nutraceuticals Market

Herbal Nutraceuticals Market is Expected to be Flourished by Rising Health Concerns and Adoption of Natural Products

Herbal nutraceuticals refer to products obtained from natural herbs or plants that provide health and medical benefits including the prevention and treatment of diseases. The global Herbal Nutraceuticals Market includes herbal dietary supplements and functional foods and beverages. Growing health concerns such as obesity, diabetes, and cardiovascular diseases are compelling people to opt for healthier diet and lifestyle choices. This has spurred the demand for natural and plant-based products due to their perceived health benefits compared to synthetic medicines and supplements. Key herbal supplements include ginseng, garlic, ginger, ginkgo biloba, turmeric, milk thistle, Asian and American ginseng, and aloe vera, which find widespread applications in conditions such as joint and muscle problems, stress, and inflammatory disorders.

The global 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 Dynamics:
Rising incidences of health ailments along with adoption of preventive healthcare practices are expected to drive the growth of the global herbal nutraceuticals market over the forecast period. This is because herbal nutraceuticals have been widely used across various cultures due to their traditional medicinal values. Moreover, increasing penetration of herbal nutraceuticals in the functional foods and beverages industry is fueling the adoption of herbal supplements. Food formulations infused with herbal nutraceuticals offer a plethora of health benefits in a tasty format convenient for daily consumption. Changing lifestyle trends and growing preferences for natural self-medication are also propelling the demand for herbal nutraceuticals.

Segment Analysis
The global herbal nutraceuticals market is segmented on the basis of product type, source, application and distribution channel. Based on product type, the market is segmented into concentrates, extracts, capsules, and tablets. Among these, extracts segment dominates the market and is expected to remain the largest and fastest growing product segment during the forecast period. Extracts are in high demand due to easy availability in powder or liquid forms and wide applications in end use industries like functional food and beverages, pharmaceuticals etc.

PEST Analysis
Political: The regulations regarding the addition of herbal ingredients in food products differ across countries and regions. Stringent approval process in developed countries poses challenges for market players.
Economic: Increasing consumer awareness about preventive healthcare is driving the demand for herbal nutraceuticals globally. Growing health expenditures especially in developing regions is fueling market growth.
Social: Rising focus on healthy lifestyles and preventive healthcare is encouraging consumers to opt for herbal supplements to manage various lifestyle diseases. Easy availability through e-commerce channels is boosting product acceptance.
Technological: Continuous innovations to deliver unique combinations of herbs through delivery forms like capsules, chewables etc. is helping players to tap new market segments. Traceability technologies ensure product quality and safety.

Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth at a CAGR of 7.5% during the forecast period of 2023 to 2030. Regionally, Asia Pacific region dominates currently and is expected to maintain its leading position during the forecast period. Factors such increased health awareness, growing incomes, shifting consumer preferences towards herbal and natural products are fueling high demand in the region.

Key players operating in the herbal nutraceuticals market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Natureā‚¬TMs Bounty, NUTRAMARKS, INC., Now foods, OREGON’S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. These key players are focusing on developing innovative delivery systems and engaging in strategic partnerships to strengthen their market position.

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