The global Herbal Nutraceuticals Market is estimated to be valued at Us$ 36.28 Bn in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Herbal nutraceuticals are plant-based products that are consumed for their potential health and medicinal benefits. They contain active ingredients that help prevent and treat various diseases. Some key benefits of herbal nutraceuticals include improving immune function, lowering cholesterol, combating inflammation, and reducing risk of cancer.
Market key trends:
One of the key trends in the herbal nutraceuticals market is the growing demand for Ayurvedic products. Ayurveda uses herbs and plants-based formulations to treat various health conditions in a holistic manner. With growing health awareness, people are increasingly preferring Ayurvedic nutraceuticals over conventional medicines due to lower side effects. Furthermore, Ayurvedic nutraceuticals help in achieving balance between mind, body and spirit which is driving their demand.
Segment Analysis
The global herbal nutraceuticals market is segmented into functional food, functional beverages, dietary supplements and personal care. The dietary supplements segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to rising health concerns among consumers and growing awareness regarding the health benefits of herbal supplements. Herbal supplements have gained popularity as they provide essential minerals and vitamins to the human body.
Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing awareness about preventive healthcare and growing disposable income.
Regional analysis: North America holds the major share in the global herbal nutraceuticals market currently. This is attributed to rising prevalence of lifestyle diseases and growing health consciousness. Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising geriatric population, growing economy and increasing expenditure on healthcare in emerging nations like India and China.
Key players: Key players operating in the global herbal nutraceuticals market include Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature’s Bounty, NUTRAMARKS, INC., Now foods, OREGON'S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. These players are focusing on new product launches and strategic partnerships for business expansion.
The global herbal nutraceuticals market size was valued at US$ 36.28 Bn in 2023 and is expected to reach over US$ 62 Bn by 2030 growing at a CAGR of 7.5% during the forecast period.
