Herbal Nutraceuticals Market

Market Overview

The global herbal nutraceuticals market size was valued at USD 33798 million in 2022. It is projected to reach USD 65234 million by 2031, growing at a CAGR of 7.58% during the forecast period (2023–2031).

Herbal nutraceuticals are derived entirely from plant materials with no synthetic additives. Herbal nutraceuticals aid in maintaining health and preventing nutritional caused acute and chronic disorders. Aloe vera, turmeric, ginger, and garlic are all examples of typical herbal nutraceuticals. Various capsule, tablet, liquid, spray, syrup, and powder forms of these herbal nutraceuticals can be purchased online or in health food stores. In addition, you can find these herbal nutraceuticals in your local health food store, health food superstore, online health food store, and other retail outlets with relative ease. The value sales of herbal nutraceuticals are predicted to increase throughout the forecast period, driven by the expansion of online retailers.

Market Dynamics

What are the Primary Factors driving the Market for Herbal Nutraceuticals?

Increase in Health-Conscious Consumers Worldwide

Herbal nutraceuticals are in high demand because people are becoming more aware of their health benefits, such as protection against acute and chronic diseases caused by poor nutrition and improved health, longevity, and quality of life. Aging populations, longer life expectancies, and more chronic diseases all contribute to a shift in consumer diets. Nutraceuticals, which directly supply customers with critical nourishment and assist them in improving their physical and mental wellness, have also become increasingly popular due to consumers' increasingly hectic lifestyles. As a result of everything said above, the market expansion is forecast to increase.

What are the Main Factors that will slow down the Market for Herbal Nutraceuticals?

High Cost of Organic Herbal Nutraceuticals

Many people turn to herbal nutraceuticals to fortify their bodies against the newly discovered coronavirus. Organic herbal nutraceuticals cost more than their conventional counterparts since their production is more time-consuming and, thus, more expensive. Because of the lower output volume, organic herbal nutraceuticals' marketing and supply chain are particularly inefficient and expensive. As a result, this is predicted to slow the volume expansion of the herbal nutraceuticals market throughout the projected timeframe.

What are the Future Opportunities for Herbal Nutraceuticals?

Rapid Growth of Online Retail Platforms

E-commerce, sometimes known as online retail, is a booming industry expanding rapidly worldwide. Whether it's generation X, millennials, or the upcoming generation Z, all shoppers have their favorite online retailers. Online shopping is more practical than traditional buying because customers don't need to visit a store to find what they want. As a result, the percentage of the population inclined to shop online in various nations is predicted to give the enormous potential for herbal nutraceuticals. This fact is expected to boost the herbal nutraceuticals industry going forward.

Regional Analysis

The global market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

Europe Dominates the Global Market

Europe is the most significant shareholder in the global herbal nutraceuticals market. The herbal nutraceuticals industry in Europe is examined, including the markets in the United Kingdom, Germany, France, Italy, and elsewhere. The European food and drink industry are one of the most reliable and robust in the world. Due to an increasingly health-conscious populace, the European herbal nutraceutical market is expanding rapidly. In addition, locals are on the lookout for organic, all-natural nutraceuticals as a means of disease prevention. It bodes well for the future of the herbal nutraceuticals industry.

North America is expected to grow during the forecast period. A rise in health concerns combined with the spike in consumer awareness about health advantages connected with herbal nutraceuticals drives the market's growth. Increasing numbers of people are searching for herbal nutraceuticals. It is due to increased consumer worries about lifestyle disorders such as diabetes, obesity, and heart ailments. People are increasingly interested in herbal nutraceuticals like garlic and ashwagandha to strengthen their immunity. Due mainly to this trend, the herbal nutraceuticals industry has seen substantial development in value-added product sales.

It is expected that the market in Asia-Pacific will expand significantly over the projected period due to high consumer demand and the region's abundance of suppliers. Increased consumer education and interest in their health are also anticipated to fuel expansion in the regional industry. In addition, the growing demand for herbal nutraceuticals in the region can be attributed to the rising awareness of the health benefits connected with their use and the rising need to better one's way of life as a result of improving economic considerations. As a result, the herbal nutraceuticals market stands to gain substantially over the next few years.

Segmental Analysis

The global herbal nutraceuticals market is segmented by product type, nature, form, and sales channel.

Based on product type, the global market is bifurcated into ginger, garlic, turmeric, aloe vera, green tea, and others.

The ginger segment is the highest contributor to the market. Ginger, also called Zingiber officinale, is an ancient spice that is widely used around the world. It's one of the most popular seasonings around. It is also frequently utilized as a traditional medicine due to its medicinal properties. Headaches, sore throats, menstruation pain, fever, and achy muscles are some ailments that ginger can alleviate. It also helps the cardiovascular system by regulating leukotriene and thromboxane synthesis. Consequently, due to its many health benefits, ginger has gained widespread consumer interest around the world. Because of this, many companies are now offering ginger-based nutraceuticals.

Based on nature, the global market is bifurcated into conventional and organic.

The conventional segment is the highest contributor to the market. The chemical makeup of herbs is altered during the conventional growing process via irradiation and fumigation. This procedure could raise the body's vulnerability to free radical damage due to the development of carcinogenic byproducts. Chemicals, GMOs, additives, and other substances are found in conventional herbs. Conventional herbal nutraceuticals are in high demand since they are simple to obtain and inexpensive compared to organic ones. While the market is expected to grow in value sales throughout the projected period, it is expected to be hampered by rising consumer knowledge of the long-term risks associated with conventional herbal nutraceuticals.

Based on form, the global herbal nutraceuticals market is bifurcated into capsules & tablets, powder, liquid, and others.

The capsules & tablets segment is the highest contributor to the market. Capsules are made of jelly or powder enclosed in a dissolvable gelatin container. In addition, a tablet is a solid type of compacted powder. Using herbal nutraceuticals such as capsules and tablets has gained popularity among customers worldwide. Their popularity stems from the fact that they eliminate the need for users to exert effort while attempting to determine a given quantity. The convenience and low price of capsules and tablets have made them the most popular herbal supplementation. The value of market for herbal nutraceuticals benefits from this development.

Based on sales channels, the global market is bifurcated into pharmacy, online stores, supermarkets/hypermarkets, and others.

The pharmacy segment is the highest contributor to the market. Stores called pharmacies sell nonprescription medications, pills, and health and aesthetic aids. Customers can find nutraceuticals, such as herbal nutraceuticals, in retail pharmacies alongside traditional pharmaceuticals. Pharmacy, The rising popularity of herbal nutraceuticals sold in pharmacies and drugstores can be attributed to the rising standard of healthcare and the increasing number of consumers using these facilities. The value of sales of herbal nutraceuticals sold through pharmacies has increased. As a result, it further contributes to the market expansion for such products.

Recent Developments

• October 2021- Taiyo and NutriSciences have collaborated to provide the food and beverage industries in both South and North America with certified organic and conventional elderberry under the brand name ElderMune
• March 2021- Gaia Herbs has introduced six new mushroom capsule formulations to address anomalies in cardiovascular, respiratory, neurological, and cognitive health. Additionally, it aids in the upkeep of both physical and mental health.