Herbal Supplement Market Is Forecasted To Expand At 8.5% CAGR And Reach US$ 3.07 Billion By 2034
Growing Demand for Organic Foods and Wellness Products Opening Up Wealth of Opportunities for Herbal Supplement Manufacturers: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, June 3, 2024 /EINPresswire.com/ -- Fact.MR, a market research and intelligence provider, states in its new study that revenue from the global herbal supplement market1 is estimated to reach US$ 1.36 billion in 2024 and further increase at a CAGR of 8.5% from 2024 to 2034.With an increased understanding of plant-based therapies, more individuals are attracted to herbal supplements instead of standard supplements. Ginger and willow bark contain naproxen, which relieves pain in arthritis patients. Turmeric has also gained popularity in managing osteoarthritis symptoms.
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Elderberry is commonly used to treat headaches, nerve pain, toothaches, colds, viral infections, and constipation. This supplement is often utilized in the pharmaceutical sector to create medications for the aforementioned diseases. Valerian, sometimes known as "nature's Valium," is a flowering plant used in supplements. Its roots are said to promote relaxation and calmness. Many people, including athletes, use this substance to help them relax.
Market participants will see increasing profitable opportunities as more individuals seek organic foods for their health and well-being. This has encouraged companies to experiment with novel recipes and advanced create skincare and hair care products.
Key Takeaways from Market Study
The global herbal supplement market is forecasted to reach a valuation of US$ 3.07 billion by the end of 2034. The market in South Korea is projected to expand at a CAGR of 9.3% to reach US$ 163.7 million by 2034.
Sales of herbal supplements in East Asia are evaluated to climb to US$ 708.6 million by the end of 2034. The United States market is forecasted to expand at a CAGR of 8.9% from 2024 to 2034.
Based on form, tablets are expected to hold a market share of 28.6% in 2024. Mexico is analyzed to occupy 19.9% share of the North American market by the end of 2034.
“Herbal supplements are becoming a priority choice for people who are health conscious, leading to a substantial rise in sales. Rising prevalence of lifestyle illnesses such as diabetes and obesity is leading to increased demand for dietary supplements that help manage health risks,” says a Fact.MR analyst.
Key Companies Profiled
Herbalife; Blackmores; Ricola; Arkopharma; Nutraceutical International; Weleda AG; Amway; Gaia Herbs.
Steadily Growing Demand for Nutraceuticals
Nutraceuticals offer an advantage over medicines since they prevent side effects, contain naturally occurring nutritional supplements, and so on. Nutraceuticals are classified into three groups based on their natural source and chemical composition: nutrients, herbals, dietary supplements, and dietary fiber.
According to the National Library of Medicine, nutraceuticals are foods or dietary components that offer medicinal or health advantages, such as illness prevention and/or therapy.
Dietary supplements and natural/herbal products occupy market shares of 19.5% and 11.6%, respectively. The global nutraceutical industry is valued at US$ 117 billion. The United States FDA has regulated dietary supplements like food to ensure their safety.
The Food Safety and Standard Act of 2006 was passed by the Indian government to regulate the nutraceutical business.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the herbal supplement market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on form (tablets, capsules, powder, liquid) and product type (beauty supplements, bone & joint supplements, bodybuilding supplements, digestive & heart supplements, supplements for immune system, brain supplements, supplements for weight loss, others), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
Insights by country:
The growing interest in natural estrogen supplements among women experiencing menopause is driving up demand for herbal supplements across the United States. Likewise, parents nationwide are turning to natural vitamin C supplements for their children. Additionally, there's a notable surge in individuals joining fitness clubs and gyms, leading to increased sales of natural fat burners. These trends underscore the key developments in the herbal supplement market in the United States.
Explore More Studies Published by Fact.MR Research:
General Well-being Dietary Supplement Market2: The global general well-being dietary supplement market size is estimated to reach US$ 49,782.2 million in 2024. Over the forecast period, demand is projected to expand at a 5.1% CAGR. By 2034, the global market is set to attain a valuation of US$ 82,178.2 million.
Powder Dietary Supplements Market3: Detailed industry analysis has revealed that the global powder dietary supplements market is currently valued at US$ 35.9 billion and is predicted to exhibit expansion at a CAGR of 7.7% over the next ten years. This revised Fact.MR research projects the market to reach a valuation of US$ 75.2 billion by 2032-end.
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1 https://www.factmr.com/report/herbal-supplement-market
2 https://www.factmr.com/report/general-well-being-dietary-supplement-market
3 https://www.factmr.com/report/48/powder-dietary-supplements-market
