by The global Herbal Nutraceuticals Market is estimated to be valued at Us$ 36.28 Bn or Mn 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 Overview:
Herbal nutraceuticals contain naturally occurring medicinal and health promoting herbs and botanicals which provide health benefits when consumed. These nutraceuticals have active ingredients that help treat or prevent diseases without adverse effect. Some commonly used herbal nutraceuticals are ginkgo biloba, echinacea, flaxseed, ginger and garlic which helps support brain, immunity and cardiovascular health. Growing awareness about benefits of natural remedies over synthetic medicines is driving demand of herbal nutraceuticals globally.
Market key trends:
One of the key trends in the herbal nutraceuticals market is the rising popularity of clean label products. Consumers are increasingly preferring products with simple and recognizable ingredients sourced naturally without artificial preservatives or chemicals. This has led nutraceutical manufacturers to offer clean label herbal supplements made from organic and locally sourced herbs. Furthermore, the growth of e-commerce has provided convenience to consumers to purchase herbal supplements online. Various nutraceutical brands are leveraging online marketing platforms to promote their natural herbal product range. This has positively impacted the sales of herbal nutraceuticals globally.
Porter’s Analysis
Threat of new entrants:
The threat of new entrants is moderate as the herbal nutraceuticals industry requires significant capital investment for R&D, production facilities, and brand recognition. Established players enjoy economies of scale.
Bargaining power of buyers:
The bargaining power of buyers is high as the herbal nutraceuticals industry has numerous buyers and the products have many substitutes. Buyers can negotiate on price easily.
Bargaining power of suppliers:
The bargaining power of suppliers is moderate as key raw materials for herbal nutraceuticals such as plant extracts are available from numerous small and large suppliers globally.
Threat of new substitutes:
The threat of substitutes is high as herbal medicines can be replaced by allopathic medicines and other chemical supplements.
Competitive rivalry:
The competitive rivalry in the herbal nutraceuticals market is high due to many global and regional players.
Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health awareness among consumers.
The Asia Pacific region is expected to be the fastest growing as well as the largest market for herbal nutraceuticals during the forecast period. Countries like India, China, and Japan have been increasingly adopting herbal nutraceuticals owing to their growing health-conscious population.
Key players operating in the herbal nutraceuticals market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature’s Bounty, NUTRAMARKS, INC., Now foods, OREGON’S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. These players are focusing on new product launches and strategic collaborations to expand their market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
