Zion Market Research has published a new report titled “Herbal Supplement Market source (Leaves, Barks, Fruits & vegetables, Roots); by Application (Pharmaceuticals, Food & Beverages, Personal care); by Function (Medicinal, Aroma): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2022″. According to the report, the global herbal supplement market is expected to reach approximately USD 86.74 billion by 2022, growing at a CAGR of around 6.8% between 2017 and 2022.
Herbal medicines include herbal supplements, herbs, herbal preparations, and finished herbal products. The herbal supplement is one of the types of dietary supplements that are made from natural plants. The herbal supplement is nothing but the food supplement. It is used as a medicinal treatment. Herbal supplement strategy is to improve health.
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The herbal supplement market is expected to witness substantial growth within the forecast period. The market is mainly driven by the demand for herbal supplements which is stimulated by an increase in healthcare expenses across the globe. Rise in prices of drugs, medical devices, and hospital care is the factors triggering the rise in health care cost. The growing awareness of preventive health care methods is the major driving factor of herbal supplement market.
On the basis of source, the market can be classified into leaves, barks, fruits & vegetables, and roots. Among all the source type, leaves segment is the largest growing segment in herbal supplement market in 2016. It accounted the largest market share in terms of revenue. The herbal supplement is mostly made up from plant leaves, due to this, they have continuous demand in the market. Some of the common leaf extracts are used to make herbal supplements. Others sources like barks, fruits & vegetables, and roots are also expected to propel herbal supplement market in coming future.
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The market can be segmented on the basis of application into pharmaceuticals, food & beverages, and personal care. Among all the applications, the pharmaceutical segment is the leading application segment than others. Pharmaceutical segment held the highest CAGR from 2016 to 2022. Research & development offers the vast opportunity for the industry participants.
On the basis of function, herbal supplement market categorized into medicinal and aroma. Both are the leading segment of herbal supplement market. Among these two, medicinal segment accounted largest market share in 2016, in terms of revenue. The medicinal products of herbal plants have no side effects and it offers ayurvedic treatments.
This report segments the global herbal supplement market as follows:
Global Herbal supplement market: Source Segment Analysis
Fruits & vegetables
Global Herbal supplement market: Application Segment Analysis
Food & beverages
Global Herbal supplement market: Function Segment Analysis
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In 2016, Europe dominated the herbal supplement market in terms of revenue. It’s the largest market for an herbal supplement. Europe has total 45% of market share in terms of revenue. Latin American and Asia-Pacific regions are potential markets for herbal supplements in the pharmaceutical industry due to increased efficiency in research & development initiatives taken by manufacturers. Asia Pacific is fastest growing market having 9.1% of CAGR. China and India are two large contributors to the growth rate of Asia Pacific. Consumers of North America spend over a billion dollars a year on herbal remedies. Middle East & Africa is expected to witness significant growth in the near future. This growth is mainly due to the increasing middle-class population and herbal supplement production.
Some of the major companies have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. The key players operating in the global herbal supplement market are Archer Daniels Midland Company, Arizona Natural Products, Bio-Botanica Inc., Blackmores, Glanbia PLC, Herbalife International of America Inc., Naturalife Asia Co., Ltd., Nutraceutical International Corporation, Ricola, and Nature’s Bounty Co. The herbal supplements market is characterized by moderate competition due to the presence of a number of large- and small-scale firms.
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