Table of Contents
Introduction
The global herbal supplements market, valued at USD 51.7 billion in 2022, is anticipated to experience significant growth, reaching approximately USD 94.3 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 7.1%. This expansion is driven by increasing consumer awareness regarding health and wellness, coupled with a growing inclination towards natural and organic products. Additionally, the market benefits from the rising aging population looking for natural remedies for age-related conditions.
Despite the promising growth, the market faces challenges such as regulatory complexities and the presence of products with false natural claims, which could pose health risks and affect consumer trust. Recent developments indicate a trend towards innovation and expansion in the product range, as companies like Herbalife and Swanson Health Products have introduced new supplements tailored to various health needs, including digestive health and immunity boosters.
Recent developments in the herbal supplements market involving major players such as Glanbia plc, Archer Daniels Midland Company, Herbalife International of America Inc., Blackmores, Nutraceutical International Corporation, and NBTY Inc. highlight a dynamic and evolving industry landscape.
Glanbia plc has been actively expanding its nutritional solutions and performance nutrition segments, underpinned by significant growth in its adjusted earnings per share in 2023 compared to the previous year. This growth is driven by their strategic focus on sports and fitness nutrition, responding to increasing consumer demand for products supporting active and healthy lifestyles.
Archer Daniels Midland Company (ADM) has continued to enhance its market position through strategic acquisitions and innovations. ADM’s acquisition activities have included the purchase of 44 organizations, contributing to its diverse offerings in the nutrition sector. They have also been involved in the protein ingredients market, emphasizing their commitment to addressing consumer health needs through functional foods and nutritional supplements.
Overall, while the herbal supplements market is poised for growth, navigating regulatory hurdles and ensuring product quality are essential for sustaining market expansion and consumer confidence.
Key Takeaways
- Market Growth: The Herbal Supplements Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.10%. It is projected to reach a market size of around USD 94.3 billion by 2032, up from USD 48.3 billion in 2022.
- Source Analysis: Leaves are the dominant source of herbal supplements, accounting for 28.5% of the market in 2022. Roots, particularly turmeric, are the fastest-growing source.
- Functional Analysis: Medicinal herbal supplements hold a 60% market share. Aroma-based supplements are the fastest-growing segment, especially in aromatherapy and relaxation products.
- Form Analysis: Tablets are the dominant form of herbal supplements, with a 31% market share. Soft gels and powders are the fastest-growing forms.
- Ingredients Analysis: Turmeric is the dominant ingredient, with a market share of 36.8%. Echinacea is the fastest-growing ingredient.
- Consumer Orientation Analysis: The adult consumer orientation segment dominates the market, with a 38.2% market share. The segment of pregnant women is growing the fastest.
- Application Analysis: Weight loss is the most lucrative application segment, with a 22% market share. Cardiac health is the fastest-growing segment.
- Distribution Channel Analysis: Health and wellness stores hold a significant market share of 34.6%, while online channels are growing rapidly with a 6.7% CAGR.
- Regional Analysis: North America is the most lucrative market, with a 33.8% market share, driven by favorable government regulations and high customer awareness.
Herbal Supplements Market Statistics
- In USA, 38% of the population use herbal medicines.
- Soner et al. found that 48.8% of people use herbal medicine in Turkey.
- There were 55 male (25.4%) and 162 female (74.6%) patients.
- Among those herbal medicine users, 68.3% thought that herbal medicines had a good effect, 11.1% had a minor effect, and 20.6% had no effect on their medical conditions.
- In Germany, about 600 to 700 plant based medicines are available and are prescribed by some 70% of German physicians.
- For example, one study found that 90% of people with arthritic use alternative therapies, such as herbal medicine.
- The World Health Organization estimates that 80% of the world’s population, or about 4 billion people currently use herbal medicine for some of their health care
- In one recent study of Chinese herbal supplements, 25% contained other contaminating substances such as pesticides.
- In the past 10 years, the use of high dose vitamins has grown over 130% and the use of herbal supplements has grown over 380%.
- Saw palmetto extracts are approximately 90% fatty acids and are rich in saturated
- A daily dose of 0.5g to 1.5g of allicin significantly reduced HbA1c levels in Type 2 diabetics within 12 weeks.
- In a Spanish study, 20% of patients reported taking an herbal supplement in addition to prescription drugs.
- A John Hopkins study revealed that 20% of patients reported using one or more herbal supplements, with 30% of patients reporting using an herbal supplement for the same condition they were using a prescription medication to treat.
- 70% believed the FDA tests herbal supplements, and 60% thought they regulated them.
Emerging Trends
- Plant-Based and Clean Label Products: There is a significant increase in demand for plant-based and clean-label supplements, driven by health consciousness and environmental awareness. Consumers are opting for supplements that are free from artificial additives and made with simple, natural ingredients sourced from plants like algae, mushrooms, and various herbs.
- Focus on Digestive and Immune Health: Probiotic supplements and those that support immune health are gaining popularity. This trend has been accelerated by the global pandemic, heightening consumer focus on maintaining a strong immune system and overall health. Products enriched with vitamins C and D, zinc, and elderberry are particularly sought after for their immune-boosting properties.
- Innovative Product Formulations: The market is witnessing innovative product launches tailored to modern lifestyles. For instance, companies are developing functional beverages, vegan probiotic capsules, and plant-based protein powders that cater to both health benefits and convenience.
- Rising Popularity of Holistic Approaches: There is an increasing consumer interest in holistic health approaches, which integrate physical, mental, and emotional well-being. This has led to the growth of the ‘beauty-from-within’ category, with supplements that support skin, hair, and nail health through natural ingredients like collagen and biotin.
- Growth in E-commerce and Direct-to-Consumer Sales: The rise of e-commerce has transformed the way consumers purchase herbal supplements. Online sales channels are expanding rapidly, offering a wider range of products and the convenience of home delivery, which has been a significant growth driver for the industry.
- Geographical Expansion: North America continues to dominate the market, but there is a noticeable growth in the Asia-Pacific region, driven by rising disposable incomes and an increasing preference for natural products. The market in these regions is influenced heavily by local cultural practices such as Ayurveda and Traditional Chinese Medicine.
Use Cases
- Cardiovascular Health: Garlic is widely used for its potential to improve heart health by reducing cholesterol levels and high blood pressure. However, it should be noted that garlic might also increase bleeding risk, especially if taken with blood thinners.
- Mental Health: St. John’s wort is popular for its antidepressant effects and is generally considered effective for mild to moderate depression. Ginkgo biloba is also used to enhance memory and cognitive function, particularly in aging populations, although its effectiveness can vary.
- Digestive Health and Nausea: Ginger is frequently used to alleviate nausea and vomiting, especially related to pregnancy and post-surgery conditions. It’s also explored for its anti-inflammatory effects, particularly in the context of arthritis.
- Immune Support and Respiratory Health: Echinacea is often used to boost the immune system and may help reduce the likelihood and duration of the common cold, though studies have mixed results.
- Men’s Health: Saw palmetto is commonly used by men to treat benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate gland, although not all studies agree on its effectiveness.
- Sleep and Anxiety: Valerian root is valued for its calming effects, often used to aid sleep and reduce anxiety. It’s considered safe and gentle, with fewer side effects compared to prescription sleep aids.
Key Players Analysis
Glanbia plc in the herbal supplements sector focuses on providing high-quality nutritional products and functional ingredients that meet evolving consumer health trends. Their activities are particularly notable in the private label supplements market across Europe, North America, and Latin America, where they leverage their extensive expertise in product development and supply chain management to deliver tailored nutritional solutions.
Archer Daniels Midland Company (ADM) plays a significant role in the herbal supplements industry through its vast array of natural ingredients and product innovations. ADM’s involvement includes producing ingredients that are integral to herbal supplements, focusing on leveraging botanicals and other natural extracts to cater to consumer demand for health-enhancing products. The company’s efforts are bolstered by its strong global sourcing and technological capabilities, ensuring the delivery of high-quality and efficacious supplements.
Herbalife International of America Inc. has made a significant impact in the herbal supplements sector by focusing on comprehensive health and wellness. The company offers a wide range of nutritional products designed to support various health goals including weight management, fitness enhancement, and overall well-being. Herbalife emphasizes the integration of supplements with a balanced diet and regular physical activity, providing a holistic approach to health that resonates globally. Their products, which include meal replacements and protein shakes, are supported by a network of independent distributors offering personalized coaching to help customers achieve their health goals.
Blackmores is a renowned leader in the herbal supplements industry, primarily recognized for its commitment to enhancing natural health through innovative products. Based in Australia, Blackmores develops a wide array of vitamins, minerals, herbal, and nutritional supplements. The company is committed to delivering high-quality, reliable products that are based on the latest scientific research, meeting stringent regulatory standards to ensure consumer safety and efficacy. Blackmores continues to invest heavily in research and development, ensuring that their supplements meet the evolving health needs of their global customer base.
Nutraceutical International Corporation is deeply engaged in the herbal supplements sector, known for its commitment to high-quality, nature-inspired products. The company offers a diverse array of supplements that support everything from immune health to general wellness, ensuring all products are crafted with the highest quality standards and pure ingredients. Nutraceutical’s dedication to innovation is evident in its ongoing development of new products that meet the health needs of consumers worldwide, supported by a robust scientific approach to supplement development
Arizona Natural Products stands out in the herbal supplements sector for pioneering symptom-specific formulas that promote a better immune system and manage cold and flu symptoms. Notably, they lead the industry with their allicin-rich deodorized garlic supplement, alongside unique offerings such as EDTA for chelation therapy and Chaparral, known for its potent antiviral properties. Their approach combines traditional remedies with modern manufacturing to meet specific health needs effectively.
Ricola is renowned for its herbal supplements, particularly in the form of throat lozenges and teas that combine Swiss herbal knowledge with effective relief of throat and oral discomfort. The company uses a blend of 13 herbs, grown sustainably on Swiss soil, to create products that are favored globally for their efficacy in soothing sore throats and coughs, making Ricola a household name in natural health care.
Bio-Botanica Inc. is renowned for its expertise in creating botanical extracts for a variety of industries, including the herbal supplements sector. The company utilizes a proprietary Bio-Chelation process that involves a cold, low-alcoholic method to extract potent botanical compounds effectively. This innovative technique ensures the preservation of active ingredients, enhancing the efficacy of their herbal products. Bio-Botanica’s focus on quality and innovation has positioned it as a trusted manufacturer in the supplements market, offering products that are both effective and safe for consumers.
Jarrow Formulas Inc. has established itself as a leader in the herbal supplements market through continuous innovation and a strong commitment to quality. Founded as a health food store, Jarrow has evolved into a major supplier of dietary supplements, offering a wide range of products including vitamins, minerals, and herbal concentrates. The company is known for its rigorous scientific approach to product development and maintains high manufacturing standards to ensure the efficacy and safety of its products, making Jarrow Formulas a trusted name among health-conscious consumers .
Solgar Inc. has been a distinguished name in the herbal supplements sector for over 75 years, committed to producing scientifically backed vitamin and nutritional supplements. Known for their rigorous standards and pioneering innovations, Solgar recently launched its Cellular Nutrition line aimed at promoting cellular health and combating cellular decline. With a steadfast focus on quality, Solgar’s supplements are produced in small batches using only the finest raw materials, ensuring their effectiveness and safety for consumers .
Conclusion
Herbal supplements represent a significant and growing segment of the healthcare market, driven by increasing consumer interest in natural and holistic health solutions. These products are widely used for a variety of purposes, including enhancing immune function, improving cardiovascular health, managing mental health symptoms, and supporting digestive health. The appeal of herbal supplements lies in their perceived safety, natural origins, and the traditional use that backs many of the popular herbs. However, while they offer many potential benefits, it is crucial for consumers to approach herbal supplementation with caution, consulting healthcare providers due to possible interactions with medications and varying effects among individuals. As the market continues to grow, driven by health-conscious consumers and innovations in product offerings, the future of herbal supplements looks promising but underscores the need for continued research and regulation to ensure their safe and effective use.
Discuss Your Needs With Our Analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
