Authored By: Sarah
24 Aug 2024

Herbal Supplements Market Size to grow by USD 32.87 billion between 2024-2028

The Herbal Supplements Market is segmented by Distribution Channel (Offline and Online), Formulation (Capsules, Tablets, Powders, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 32.87 billion, at a CAGR of 6.68% during the forecast period. There are several companies that are contributing to the market as per this report. Growing trend towards personalized nutrition and wellness solutions .

By Distribution Channel, the Offline segment is projected to dominate the market size in 2024

Offline distribution channels play a pivotal role in the herbal supplement market, encompassing retail stores, pharmacies, supermarkets, and health food outlets. These physical touchpoints offer consumers direct access to a vast selection of herbal supplements, enabling them to make informed decisions through firsthand product interaction. Notable retailers like Walmart, CVS, and GNC, with dedicated herbal supplement aisles, underscore the significance of offline channels. Effective merchandising and knowledgeable staff engage customers, facilitating informed purchases and navigating the diverse herbal supplement offerings.

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Why is North America forecasted to hold the largest regional market size in 2024?

The herbal supplement market in North America holds a prominent position in the global industry, characterized by a burgeoning consumer base seeking natural and holistic health solutions. This region's market has experienced robust growth, driven by heightened consumer awareness of the potential health benefits offered by herbal products. One significant contributing factor to this expansion is the increasing preference for organic and natural products. Notable herbal supplements, such as turmeric for its anti-inflammatory properties and echinacea for immune support, have gained significant popularity. This consumer trend aligns with North America's strong emphasis on health and wellness, leading to increased demand for herbal supplements.

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Research Analysis Overview

The herbal supplements market is a significant segment of the Health and Wellness industry, with a growing demand for Liquids, Powders, Capsules, and Tablets containing Active Ingredients derived from Plants or Botanicals. This market caters to various health concerns, including Therapeutic Dietary Supplements for Preventive Healthcare. With an aging population, there is a surge in the demand for herbal supplements to manage conditions like diabetes, weight gain disorders, and obesity rate. The pharmaceuticals section is witnessing a shift towards plant-based supplements, such as Ayurvedic Products, which include Curcumin, a popular anti-inflammatory ingredient. Key players in the herbal supplements market include NutraGreen, Gaia Herbs, Green Tea, Aloe Vera, Echinacea, and Vitamin C. These brands offer a wide range of herbal supplements, from leaves to capsules and tablets. The popularity of herbal supplements can be attributed to their natural origin and potential therapeutic benefits. As people seek alternative ways to maintain their health, the herbal supplements market is expected to continue its growth trajectory. Moreover, the trend towards plant-based diets and the increasing awareness of the benefits of Ayurveda are further fueling the demand for herbal supplements. With continued innovation and research, the future of the herbal supplements market looks promising.

Market Research Overview

The herbal supplements market is a segment of the expansive global pharmaceuticals industry, which encompasses entities involved in the research and development (R&D) or manufacturing of various pharmaceutical products, including generic and non-generic drugs, veterinary medicines, and herbal supplements. According to Technavio, the global pharmaceuticals market, a constituent of the wider healthcare sector, generated a revenue of USD1,495.51 billion in 2023. This figure represents the consolidated earnings of pharmaceutical companies, as well as those engaged in the production of equipment, supplies, biotechnology, life sciences tools, and services. The growth of the global pharmaceuticals market is anticipated to be fueled by several factors, including the increasing global population aging, with the number of individuals over 60 years projected to rise significantly. - The Herbal Supplements Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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