Herbal Supplements Global Market Report 2024

The herbal supplements market size has grown strongly in recent years. It will grow from $46.39 billion in 2023 to $50.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be attributed to increasing consumer awareness, a shift towards preventive healthcare, the rise in lifestyle-related health issues, and government initiatives and regulations.

The herbal supplements market size is expected to see strong growth in the next few years. It will grow to $66.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to continued consumer education, the expanding aging population, the global wellness trend, emphasis on personalization and customization, and market innovations with product diversity. Major trends expected in the forecast period include the adoption of eco-friendly packaging solutions, influences from cultural and traditional aspects, collaborations and partnerships within the industry, and a rising demand for personalized nutrition.

The herbal supplements market is witnessing significant growth due to the rising number of health-conscious consumers. Herbal supplements, known for their chemical-free and health-beneficial properties, are increasingly used to supplement diets and address common ailments. According to the International Food Information Council's 2022 food and health survey, Americans exhibit a strong interest in health-conscious practices, with 52% reporting adherence to a diet or eating pattern in the past year. The increasing prevalence of health-conscious individuals is expected to drive the growth of the herbal supplements market.

The herbal supplement market is expected to grow due to the rising geriatric population. The geriatric population consists of older adults, typically aged 65 or older, who often use herbal supplements to address various health concerns associated with aging. These supplements are sought for potential relief from age-related issues or to complement conventional treatments. According to the World Health Organization in October 2022, globally, 1 in 6 individuals would be 60 or older by 2030, and the geriatric population is expected to reach 2.1 billion by 2050. The rising geriatric population is a key driver for the growth of the herbal supplement market.

Companies in the herbal supplements market are increasing their investment in research and development, positively impacting the market. For example, in February 2022, Amway, a US-based health, beauty, and home care products company, collaborated with the Indian technological institute, IIT Bombay, to accelerate research in botanicals, nutraceuticals, and herbal supplements. This partnership involves collaborative efforts between Amway's in-house researchers and IIT Bombay to innovate in various areas, improving the nutrition and herbal range of products and ingredients.

Major companies are directing their efforts towards developing innovative products, such as natural ingredient supplements, to meet the growing consumer demand for holistic health solutions. Natural ingredient supplements are dietary products derived from naturally occurring sources such as herbs, plants, or minerals, used to support health and well-being. In August 2023, Innov Healthcare Technologies, an India-based healthcare supplement company, launched Purobest, a cutting-edge supplement brand emphasizing the potency of natural elements. Through meticulous crafting and utilizing premium, pure natural extracts, Purobest targets crucial genes and pathways linked to diverse diseases, providing hope and aid to numerous individuals.

In July 2021, US-based company GenTech Holdings, engaged in providing functional foods, acquired a 75% controlling interest in Nature Spoon LLC (Nature Soothie). This acquisition resulted in GenTech Holdings expanding its geographic presence and product portfolio, gaining access to a new segment of consumers. Nature Soothie, a US-based company producing herbal supplement lollipops for children, aligns with GenTech Holdings' business objectives.

Major companies operating in the herbal supplements market report are Archer Daniels Midland Company, Glanbia PLC, Herbalife Nutrition International of America Inc., NBTY Inc., Dabur India Ltd., Blackmores Limited, Swanson Health Products, Weleda AG, Now Health Group, Nutraceutical International Corporation, Ricola AG, DSM Nutritional Products Ltd., Dr. Willmar Schwabe GmbH & Co. KG, Jarrow Formulas Inc., Taiji Group, Gaia Herbs, Arizona Natural Products LLC, Bio-Botanica Inc., Sunfood Nutraceuticals, Solgar Inc., ABCO Laboratories Inc., Nature's Bounty Co., Wonder Laboratories, Ancient Greenfields PVT Ltd., NaturaLife Asia Co. Ltd., Herbochem Sdn. Bhd., Third Coast Herb Co., Wellness Origin Indy, Kunming Pharmaceutical Corporation, Herbal Africa, Rainbow Light Nutritional Systems Inc., MegaFood, Barlean's Organic Oils LLC, NutriGold Inc., Premier Health Products Ltd., Z Natural Foods.

North America will be the largest region in the herbal supplement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the herbal supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the herbal supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary forms of herbal supplements include tablets, capsules, liquids, powders, granules, and soft gels. Herbal tablet supplements are derived from plants, oils, roots, seeds, berries, or flowers, sold in tablet form to maintain health or address health issues. Herbal supplements sourced from leaves, fruits, roots, vegetables, and barks have applications in food and beverages, pharmaceuticals, and personal care products. They are distributed through store-based and non-store-based channels.

The herbal supplements market research report is one of a series of new reports that provides herbal supplements market statistics, including herbal supplements industry global market size, regional shares, competitors with a herbal supplements market share, detailed herbal supplements market segments, market trends and opportunities, and any further data you may need to thrive in the herbal supplements industry. This herbal supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The herbal supplements market consists of sales of liquid extracts, teas, bath salts, and ointments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.