Herbal Supplements Market-Overview
The demand for herbal supplements is driven by changing lifestyles and a shift toward organic foods. The herbal supplements market is poised to increase at a higher CAGR of 9.01 percent in the global market, accounting for a market share value of approximately USD 87.98 billion in the forecast period.
Furthermore, these supplements raise the nutritional level in the body, which is necessary for strengthening immunity, which has become an urgent demand. Besides, using herbal supplements daily helps reduce excessive healthcare expenditures, creating further potential prospects for the global herbal supplements market share.
Competitive Analysis
The funding of innovations is expected to prioritize the business targets set by the market's numerous stakeholders. The expanding geographical reach of various companies worldwide is expected to drive market growth in the future years. To handle market situations, businesses are increasingly embracing an asset-light model. A flexible ecosystem business strategy is expected to boost development chances during the projection period. The adoption of cutting-edge technology and work methods is estimated to propel the market in the coming years. The current COVID-19 problem has prompted businesses to review their business portfolios and implement long-overdue operational adjustments comprehensively. Positive features of worldwide demand are expected to drive the market throughout the forecast period. To maintain their enterprises' durability and viability, the corporations are expected to prefer long-term advancements in the next period.
Jarrow Formulas, Inc. (US), The Nature's Bounty Co. (US), Nutrova (India), Healthy Origins USA (US), Herbochem (India), NOW Health Group, Inc. (US), Third Coast Herb Co. (US), Swanson Health Products (US), Natural Organics Inc. (US), and NatureSmart, LLC (Canada), are some of the important players operating in the global herbal supplements market.
Segmental Analysis
Based on the distribution channel into non-store-based and store-based channel distribution channels.
Based on the source, the herbal supplements market research includes ginseng, turmeric, flaxseeds, ginger, echinacea, and moringa. Based on the form, the herbal supplements market includes liquid and soft gels form, tablets and capsules form, powder and granules form, and many others.
Regional Overview
The herbal supplements market can be segmented by region, with North America, Europe, Asia-Pacific, Latin America, Africa, and the Middle East being the most important. The Asia-Pacific region has the greatest herbal supplements market share globally due to densely populated nations such as China and India. Furthermore, this region is the speediest region, which, together with rising disposable income, drives up demand. Because of the existence of nations such as Canada and the United States, the North American area holds the second-largest market global market share. Furthermore, the expanding senior population necessitates more supplements because they do not receive a significant quantity of nutritional content from their meals, increasing the need for supplements in this region. The European region holds the third-largest position in the international industry, owing to a shift in people's attitudes. They are getting increasingly interested in organic food and supplements, which boosts demand in the global market. The Latin American, African, and Middle Eastern regions exhibit good growth rates in the herbal supplements market as residents are increasingly interested in living a healthy lifestyle.
Industry Updates:
Apr 2022 The Chinese government has halted the recommendation of a herbal remedy used as traditional Chinese therapy for mild COVID-19 patients. The government has withdrawn its approval to use Lianhua Qingwen capsules manufactured by Shijiazhuang Yiling Pharmaceutical Group. Over the weekend, Chinese health authorities withdrew their suggestion after renowned health platform Dingxiang Yisheng published an essay disputing the efficiency of Lianhua Qingwen in COVID-19 and advising people not to take it as a prophylactic. Lianhua Qingwen is a herbal supplement with elements such as honeysuckle, licorice root, and apricot seed. According to the Dingxiang Yisheng article, the herbal supplement can induce various unpleasant side effects in individuals, including nausea, vomiting, diarrhea, and rash.
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