July 17, 2024
Herbal Nutraceuticals Market

Herbal Nutraceuticals Market Propelled by Growing Health Consciousness

Herbal nutraceuticals are plant-derived products that are marketed as dietary supplements providing antioxidants and other health benefits. They include herbal extracts, concentrates, vitamins, minerals, probiotics, and others that are aimed at improving overall health and wellness. Rising awareness about the side effects of synthetic medicines and supplements is driving demand for herbal alternatives as people seek more natural remedies.

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 key trends:
Growing health consciousness towards preventive healthcare is driving demand for herbal nutraceuticals globally. People are increasingly adopting herbal supplements as a natural way to manage chronic conditions and illnesses. The market has witnessed increased focus on herbal extracts and compounds that have antioxidant and anti-inflammatory properties. For instance, turmeric extracts containing curcuminoid compounds are popular for their potential in supporting joint health, brain health, heart health, and overall wellness. Manufacturers are developing innovative delivery formats such as capsules, tablets, and beverages using herbal extracts to make them more appealing and convenient for consumption. This focus on formulation development suitable for today’s fast-paced lifestyle will continue to boost the herbal nutraceuticals market during the forecast period.

SWOT Analysis
Strength: Herbal nutraceuticals have various health benefits and are perceived to have fewer side effects than conventional medicines. They rely on medicinal plants which have a long history of use.
Weakness: Lack of standardization and quality controls in the manufacturing process can lead to product variability. Research needs to further establish the clinical efficacy and safety.
Opportunity: Growing consumer preference for natural and herbal products present an opportunity. The evolving healthcare landscape and rising focus on preventive healthcare and wellness also augurs well.
Threats: Stringent regulations. High competititon from alternative treatment options. Vulnerable to misinformation and misleading marketing claims regarding certain products.

Key Takeaways

The Global Herbal Nutraceuticals Market Size is expected to witness high growth. Fueled by rising health awareness, growing geriatric population prone to chronic diseases and improving disposable incomes, the demand for herbal nutraceuticals is on an upswing globally.

Regional analysis – North America dominates the market currently due to high health expenditure and awareness levels. However, Asia Pacific is poised to emerge as the fastest growing market owing to large population, improved access to healthcare and traditional use of herbal medicines in countries like China, India and Japan.

Key players operating in the herbal nutraceuticals market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature‚Äôs Bounty, NUTRAMARKS, INC., Now foods, OREGON’S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. The market is highly fragmented with these top players accounting for around one-fourth of the overall share. Companies are investing in R&D and new product launches targeting varying end user segments to gain market share.

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