Global Herbal Nutraceutical Market is witnessing a high CAGR growth of 7.0% and expected to reach USD 106.5 Bn by 2027.
The global herbal nutraceutical market is growing significantly due to increase in spending on various herbal products and wellness and growing incidences of lifestyle diseases such as diabetes and cancer. For instance, in August 2020, Esperer, (India) launched 10 new innovative strong nutraceutical products to treat pre-diabetic conditions and early onset diabetic conditions. Such product launches are expected to trigger the growth of herbal nutraceutical demand in the coming years. Moreover, increase in awareness regarding herbal supplements for disease management is expected to leverage the growth of the ecosystem. Besides, rising need for organic supplements and increasing consumer reliance on safety & efficacy of herbal products boosts the growth of herbal nutraceutical demand. On the contrary, lack of knowledge regarding traditional medicines and low access in developed countries are expected to hinder the growth of herbal nutraceutical demand during forecast period.
Growing life expectancy, increasing disposable income, and investment by market players in developed region stimulate the demand for herbal formulations. For instance, Anklam Extrakt GmbH (Germany) introduced eldosamb®, an anthocyanin-enriched elderberry extract that hold huge potential for immune health products. Pre-clinical studies proved that eldosamb® hold anti-inflammatory properties that reduces secretions of pro-inflammatory cytokines. Such ongoing research and developments create opportunity for companies to enforce production of new herbal formulations which boost the growth of herbal nutraceutical demand across the world.
Moreover, increasing distribution channels and growing partnership favors the growth of herbal nutraceutical demand. For instance, Zomato (Gurgaon, India) rush into dietary and health supplements market and is expected to start deliveries across the globe. These supplements are expected to be sold through ‘Make in India’ brand. The company is expected to face huge competition in the health & food segment which has several interconnected brands such as HealthKart, Mosaic Wellness, TrueBasics, and Onelife.
Covid-19 pandemic has positively impacted the growth of the ecosystem. Nutraceuticals proved to be effective in enhancing immunity system. Despite of less proven clinical data, omega-3 fats, amino acids, probiotics, minerals, and plant-based compounds have huge potential in the treatment of covid-19 condition and related symptoms. Many nutraceutical companies diverted their focus for the development of herbal formulation to treat covid infection. Moreover, in vitro and in vivo studies for herbal formulations are expected to be soon carried in herbal formulation evaluation to fight the increasing threat of covid-19 infections.
Global Herbal nutraceutical Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, Asia-Pacific market is expected to dominate the market during the forecast period due to increase in awareness regarding herbal nutraceutical products for healthcare and emergence of key manufacturers in this region. Moreover, rising consumption of nutraceutical products and growing healthcare infrastructure is expected to boost the growth of herbal nutraceutical demand during forecast period
The Global Herbal Nutraceutical Market Segmentation:
Global Herbal Nutraceutical Market by Raw Materials Type Outlook (Revenue, USD Million, 2021-2027)
Global Herbal Nutraceutical Market by Forms Type Outlook (Revenue, USD Million, 2021-2027)
Global Herbal Nutraceutical Market by Nature Type Outlook (Revenue, USD Million, 2021-2027)
Global Herbal Nutraceutical Market by Sales Channel Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the herbal nutraceutical market are: