The global herbal supplements market size is expected to reach USD 8.5 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.2% over the forecast period (from 2018 to 2025). Growing geriatric population and awareness regarding preventive healthcare are expected to be the key factors driving the market. Rising healthcare expenditure is also likely to augment the market growth. Easy availability of herbal supplements owing to various strategies, such as direct selling and bundled offerings, adopted by companies will also support market growth.
Increasing awareness regarding the benefits associated with the consumption of herbal supplements is also likely to have a positive impact on the product demand. Manufacturers are focusing on product placement strategies to increase their sale across all consumer groups. For instance, the advertisements targeting children segment are focused on endorsing the use of supplements for nutritional values for healthy growth. According to the article cited by NCBI in 2013, nearly 80% of the global population relies on herbal supplements as part of primary healthcare. Thus, increasing acceptance of natural therapies and products is also propelling the market growth.
Further Key findings from the study suggest:
- Echinacea supplements segment accounted for the largest revenue share in 2017 owing to high adoption of these supplements for infection prevention
- Turmeric supplements segment is expected to emerge with the fastest CAGR 8.1% over the forecast period owing to the rising clinical studies demonstrating the therapeutic benefits of these supplements
- Capsule segment accounted for the largest revenue share in 2017 owing to the large number of products available in capsule form
- Adult segment emerged as the largest consumer group in the past while pregnant women segment is expected to emerge with the fastest CAGR 7.0% over the forecast period
- Asia Pacific was the largest regional market; however, Europe is anticipated to witness the fastest CAGR of 8.2% over the forecast period
- Jarrow Formulas, Inc.; Solgar, Inc.; Nature’s Bounty; Ancient GreenFields Pvt. Ltd.; Gaia Herbs; and Now Foods are some of the key companies in the herbal supplements market