Market Overview:
According to the report, the global herbal nutraceuticals market garnered $28.32 billion in 2019, and is estimated to reach $48.44 billion by 2027, registering a CAGR of 7.55% from 2021 to 2027.
Surge in health consciousness among the consumers and rise in number of people suffering from chronic diseases across the globe drive the growth global herbal nutraceuticals market. However, high cost associated with organic herbal nutraceuticals restrains the market growth. Furthermore, increase in consumer awareness regarding organic products is expected to create new opportunities during the forecast period.
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Market Segments:
- Ginger
- Garlic
- Turmeric
- Aloe Vera
- Green Tea
- Others
- Conventional
- Organic
- Powder
- Liquid
- Capsules & Tablets
- others
- Pharmacy
- Online store
- Supermarket/Hypermarket
- Others
COVID-19 Scenario
- The demand for herbal nutraceutical has been surged during the Covid-19 pandemic to boost the immune system of the body to fight against the disease.
- Herbal nutraceuticals manufacturing companies have been affected up to cetain extent due to disrupted supply of raw materials amid the lockdown. Moreover, supply chain has been affected, which in turn, created a supply-demand gap.
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The demand for herbal nutraceuticals is expected to increase during the forecast period,owing to rise in number of health conscious customers across the world, In addition, presently people are consuming herbal nutraceuticals to boost their immunity against thenovel coronavirus. Hence, such factors are expected to boost the market growth.
Herbal nutraceuticals help in maintaining health and act against nutritionally induced acute and chronic diseases, which promotes optimal health, longevity, and quality of life.Some common herbal nutraceuticals includealoe vera, turmeric, ginger, and garlic.These herbal nutraceuticals are available in different formats in the market, which includecapsules, tablets, liquids, spray, syrups,and powders. In addition, expansion of distribution channels such as online stores, supermarkets, hypermarkets, and pharmacy has made these herbal nutraceuticals easilyavailableto customers, which, in turn, contributes tothe market growth. Moreover, enhancing immunity power is one of the new herbal nutraceuticals market trends now.
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Key Players:
- Now foods
- Herbochem
- Oregon’s Wild Harvest
- Gaia Herbs Farm
- Nature’s Bounty
- Bio Botanica Inc.
- Herb Pharma (Pharmaca)
- Solaray
- Pure Encapsulations, LLC
- Solagar
Key findings of the study
- By product type, the ginger segment accounted for the highest herbal nutraceuticals market share in 2019, growing at a CAGR of 6.20% from 2021 to 2027.
- By nature, the conventional segment accounted for the highest market share in 2019, growing at a CAGR of 7.30% from 2021 to 2027.
- By form, the capsules & tablets segment accounted for the highest market share in 2019, growing at a CAGR of 6.70% from 2021 to 2027.
- By sales channel, the online store segment accounted for the highest market share in 2019, growing at a CAGR of 6.56% from 2021 to 2027.
- By Region, Europeoccupied maximum share in the herbal nutraceuticals market in 2019 and is expected to dominate the market during the forecast period.
