The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global herbal supplements market is poised for robust growth, set to increase from $10.14 billion in 2022 to $10.91 billion in 2023, with a promising compound annual growth rate (CAGR) of 7.5%. Looking ahead, the market is anticipated to reach $14.79 billion in 2027, maintaining a steady CAGR of 7.9%. Let’s explore the key factors driving this growth and the dynamic landscape of the herbal supplements market.

Health-Conscious Consumer Surge

• The surge in health-conscious consumers is a significant catalyst for the herbal supplements market’s growth.
• Herbal supplements, known for their numerous health benefits and chemical-free nature, appeal to those seeking natural alternatives.
• Consumers turn to herbal supplements to supplement diets and address common ailments, contributing to the market’s expansion.
• The International Food Information Council’s 2020 survey highlights the growing interest in health-conscious living, with 43% of Americans following specific diets in 2020, a 38% increase from 2019.
• In 2020, 54% of all consumers placed a higher emphasis on the healthfulness of their food and beverage choices compared to 2010.
• This increasing health-conscious trend is expected to drive sustained growth in the herbal supplements market.

Major Players in the Market

• The herbal supplements market is marked by the presence of key players contributing to its dynamic growth.
• Companies such as Ancient Greenfields PVT Ltd., Archer Daniels Midland Company, and Blackmores play pivotal roles in shaping the market.
• Other major players include Herbalife International of America, Inc., Solgar, Inc., Gaia Herbs, Nature’s Bounty, and Nutraceutical International Corporation.
• The market is diverse, with a range of companies offering varied herbal supplement products to cater to different consumer needs.

Research and Development Investments

• Companies in the herbal supplements market are increasingly focusing on research and development.
• This trend positively influences market dynamics, fostering innovation and product enhancement.
• In February 2022, Amway, a US-based health and beauty products company, collaborated with the Indian Institute of Technology (IIT) Bombay.
• This collaboration aims to accelerate research in botanicals, nutraceuticals, and herbal supplements, demonstrating a commitment to advancing product quality.
• The partnership between Amway and IIT Bombay showcases the industry’s dedication to improving nutrition and expanding the range of herbal products.

Market Segmentation: Tailored Offerings for Varied Preferences

• By Form: Herbal supplements are available in various forms, including Tablets, Capsules, Liquid, Powder and Granules, and Soft Gels.
• By Sources: The market encompasses herbal supplements derived from Leaves, Fruits, Roots, Vegetables, and Barks.
• By Application: Herbal supplements find applications in Food and Beverages, Pharmaceuticals, and Personal Care industries.
• By Distribution: Products reach consumers through Store-Based and Non-Store-Based channels, ensuring diverse accessibility.

Regional Dynamics: Leading and Growing Markets

• North America is expected to be the largest region in the herbal supplement market.
• Asia-Pacific is forecasted to be the fastest-growing region in the coming years, showcasing the global nature of the herbal supplements market.

View More OnThe Herbal Supplements Market Report 2023 – https://www.thebusinessresearchcompany.com/report/herbal-supplements-global-market-report

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The Herbal Supplements Global Market Report 2023 provides a comprehensive overview on the herbal supplements market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the herbal supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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