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Global Herbal Supplements and Remedies Market: Overview
Herbs and plants are being extensively used for their medicinal properties since time immemorial. A large section of the global population is switching to herbal supplements due to their added health benefits. Herbal supplements or botanicals are natural non-pharmaceutical and non-food substances that are commercialized in the market to improve health.
The demand for herbal supplements is increasing due to their ‘natural’ label. Consumers are opting for herbal supplements to improve their health. Subsequently, increased prices of medicinal and dietary products have led to the growth of the global herbal supplements and remedies market.
In the report, Transparency Market Research (TMR) provides a detailed analysis of drivers and restrictions in the global herbal supplements and remedies market. It also delivers insight to the various segments and regions of the market.
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Global Herbal Supplements and Remedies Market: Drivers and Restraints
An increasingly sedentary lifestyle thus far is pushing consumers to lead a healthy life. The number of mental and health disorders are multiplying. More and more individuals are now looking at alternatives that are safer, healthier, and economical. Herbal supplements are gaining prominence due to increased awareness among consumers.
Globally, herbal supplements have slowly and steadily gained the confidence of consumers. They are ready to include herbal supplements in their daily dietary regime and this in turn has led to the growth of the market. In addition, high healthcare costs, inactive lifestyle, tighter government budgets, and increasing prices of medicinal and dietary products have driven consumers to shift to more economical options such as herbal supplements. To get long lasting relief from physical and mental disorders, herbal remedies are proving to be the safest alternative.
Recently, with the introduction of Current Good Manufacturing Practices (CGMP) regulations by the U.S. FDA, the herbal supplement and remedies market in the U.S. had been booming and enjoying no regulation policies. The stringent regulatory policy is now applicable to herbal supplements as well and is one of the major factors limiting the market growth. Product availability and acceptance, forms of delivery, and product pricings are some other factors that might negatively affect the overall size of this industry.
Herbal supplements claim to be natural; however, this might not be true always. There can be various harmful side effects and thus it is always recommended to use these products after a thorough consultation with an herbalist or a physician.
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Global Herbal Supplements and Remedies Market: Regional Outlook
Geographically, North America accounts for the leading share in the global market. Supplementary vitamins and dietary supplements in this region use herbal products in high quantity, thus making it the dominant segment. Europe follows suit and is another promising region for herbal supplements and remedies. Higher consumer acceptance rate for herbal products and welcoming legislation, plus acquisitions of small nutraceutical companies by established pharmaceutical companies, have played a crucial role in aiding market growth in Europe.
Asia Pacific and Latin America are two regions that have contributed immensely toward the market growth. Countries such as China, India, Malaysia, and Singapore are expected to boost the demand for herbal supplements owing to increased focus on using herbal products, a rise in research activities on dietary supplements, and growing acceptance rate for herbal remedies.
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Companies Mentioned in the Report
The key players in the global herbal supplements and remedies market include Sundown Nutrition, Twinlab Corporation, Martek Biosciences Corporation, Natures Aid, DSM Nutritional Products Ltd., i-Health, Inc., Nutraceutical Corporation, Ricola AG, Bio-Botanica, Inc., ARKOPHARMA Pharmaceutical Laboratories, and The Himalaya Drug Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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