The global herbal supplements market size was valued at 5.9 billion USD in 2021. It is expected to grow at a rate of 6.5% in the coming years.
Herbal supplements are extensively used for several diseases for decades. They are beneficial for such conditions due to their medicinal properties. Across the globe, many people are switching toward herbal supplements due to their added health benefits. These supplements are natural non-food substances and non-pharmaceuticals which are used to improve health. They are derived from plant materials and have little or no side effects.
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The increased prices of dietary and medicinal products have propelled the global herbal supplements and remedies market. Considerable increase in the aging population, growth in consumption of health supplements, emphasis on healthy living, and a rise in preventive healthcare trends drive the herbal supplements market. Other factors such as the increase in demand for dietary supplements and the side effects of allopathic drugs are also fueling the market’s growth.
The geriatric population is expected to reach 2.1 billion in 2050 from 962 million in 2017. With aging, the number of comorbidities increases; thus, the geriatric population is highly prone to comorbid conditions. The people with chronic conditions are more likely to consume herbal supplements, which are projected to boost market growth over the coming years.
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However, there is no scientific evidence supporting such benefits. Still, the product demand is continuously rising, thereby augmenting the global market growth. Moreover, the easy availability of these products is also responsible for the rise in demand. Availability on many e-commerce platforms and preference for such platforms over conventional sales channels are on the rise. This can be attributed to cost-effectiveness and better convenience.
- Fruits & vegetables
- Capsules & tablets
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players
The key market players are:
- Jarrow Formulas, Inc.
- Solgar, Inc.
- Nature’s Bounty
- Ancient GreenFields Pvt. Ltd.
- Gaia Herbs
- Now Foods
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