The Global Herbal Nutraceutical Market was valued at USD 68.6 Bn in 2020 is expected to reach USD 106.5 Bn by 2027, with a growing CAGR of 7% during the forecast period.
Nutraceuticals is defined as the substance that have both nutritional and pharmaceutical benefits that prevent infection of chronic diseases and enhances the healthy life balances. Herbal nutraceutical is the blend of herbs and nutraceuticals that maintain health and act against nutritionally induced chronic diseases by improving quality of life. The herbs containing tannins, flavonoids, alkaloids, vitamins, and essential oils.
Herbal Nutraceutical Market Dynamics
The driving factors influencing the global herbal nutraceutical market include growing inclination towards herbal supplements and products with fewer side effects. Moreover, numerous benefits offered by herbal nutraceuticals include, long term benefits, ease of availability, and high affordability fuels the growth of herbal nutraceutical demand across the globe.
Beside this, herbal nutraceuticals also utilise in different health applications such as Shatavari to treat infertility and Garcinia Cambogia used to beat obesity, thereby increase the demand for herbal nutraceutical products. In addition to this, growing investments in herbal supplements, increasing collaboration of start-up firms with market leaders, and increasing awareness regarding availability of herbal products and its application leverage the growth of herbal nutraceutical industry. On the contrary, stringent regulatory regulations for product approvals hinders the growth of herbal nutraceutical market demand.
Global Herbal Nutraceutical Market Segmentation:
By Raw Materials
By Sales Channel
Based on raw materials, green tea segment is expected to increase more during forecast period owing to large number of health benefits offered by green tea such as antioxidants
Based on product, herbal nutraceutical market is broadly segmented into ginger, garlic, turmeric, aloe vera, green tea, and others. Green Tea segment dominated the market in 2020 due to growing inclination of population towards herbal products and its increasing benefits on health. Green tea offers set of benefits on health such as antiaging, antioxidants, fat-burning, and help to prevent cardiovascular diseases.
More Health benefits and less side effects provided by these herbs gain immense importance in herbal supplements. This led to increase in demand for herbal nutritional products in the population across the globe. High health benefits and less adverse effects propels the growth of herbal nutritional demand.
Based on form, capsules & tablets is expected to dominate the market during forecast period due to ease in consumption
Based on form, herbal nutraceuticals market is segmented into capsules & tablets, powder, and liquid. Capsules & tablets accounted for highest market share in 2020 due to high convenience regarding the use of formulation as it does not require any measurement for specific dose. Moreover, essential oils and herbal extracts are easy to encapsulate as it avoids leaking of formulation. This factor leverages the growth of this segment in market.
For instance, in March 2021, Gaia Herbs launched 6 new mushroom capsule formulations that helps to maintain body and mental wellness. These formulations are used to support heart, lung, brain, and neurological health abnormalities. Such ongoing research and increase in herbal product launches uplifts the growth of the herbal nutraceutical market
Based on geographical region, Asia-Pacific is expected to hold largest market share during forecast period due to growing number of herbal product manufacturing units in this region
Based on region, Asia-Pacific was the highest revenue generator in 2020 and is expected to increase more during forecast period owing to increase in awareness regarding availability of herbal products and growing aging population. Moreover, rise in healthcare spending, increase in shift of population towards herbal products, and growing concern regarding chemical-based products boost the growth of herbal nutraceutical demand in Asian countries.
Besides, emergence of key players in Asia countries such as India, China, Mexico and strong government support traditional & herbal products uplifts the growth of herbal nutraceutical demand.
The report also provides in-depth analysis of herbal nutraceutical market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Herbal Nutraceutical Market Analysis
Covid-19 has positively impacted the growth of herbal nutraceutical demand. After March 2020, there was sudden upsurge for the demand of nutraceuticals to boost the immunity in pandemic. Herbal nutraceuticals proved to be the key formulation in reducing chances of covid infections and its symptoms. Herbs such as ginger, tulips, peppermint and citrus fruits and based formulations have gained immense importance during pandemic.
These herbs and herbal-based nutraceuticals may not have direct effect on inhibiting the viral infection, but these ingredients help to improve immunity and make body to prepare to fight against deadly virus. Nutraceuticals also act as post-covid treatment to boost immunity and retain the lost body nutrients and essentials of the body. Many herbal nutraceutical manufacturing companies got an opportunity to develop and manufacture herbal formulation that would expand their portfolio and business in the herbal nutraceutical demand.
Company Profiles and Competitive Intelligence
The key players operating in the herbal nutraceutical market are:
The report also provides in-depth analysis of key trends in herbal nutraceutical market\
The report also provides an in-depth analysis of recent news developments and investments
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