Herbal Supplements Market Size was valued at USD 48.1 billion in 2023. The herbal supplements market industry is projected to grow from USD 52.43 Billion in 2024 to USD 87.98 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2024 - 2032). Rising interest in natural products, growing awareness of preventive healthcare, and increased spending on wellness and health services are the key market drivers boosting herbal supplements market share growth.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Herbal supplements are a category of therapeutic dietary supplements called plants or botanicals. The main purpose of these plant-based dietary supplements is to enhance health. Active ingredients found in herbal supplements are derived from herbs. Commercially available forms of these dietary supplements with medicinal properties include tablets, capsules, powders, and liquids. They are mainly used to treat various illnesses due to their medicinal properties. demand for herbal supplements, particularly in emerging economies, is anticipated to be driven by rising disposable income levels and increased spending on health and wellness. Consumers increasingly prefer health and wellness products over luxury items. Herbal supplements aid in cholesterol maintenance, digestive system regulation, and stress reduction. As a result, increased awareness of the health benefits provided by these products is expected to drive growth in the herbal supplements market revenue.
Manufacturers of food and beverages are concentrating on key market trends regarding consumer needs to create novel products and boost sales across their entire product line. Thus, in recent years, several businesses have introduced cutting-edge herbal supplement products that offer consumers healthy choices. As a result, the growing preference for plant-based foods and the increased use of herbal supplements in various products is expected to drive the market CAGR over the forecast period. In addition, the growing elderly population and the higher prevalence of lifestyle diseases like diabetes and obesity have increased the demand for dietary herbal supplements to help people manage their health risks.
Based on sources, the herbal supplements market segmentation includes echinacea, moringa, flaxseeds, turmeric, ginger, and ginseng. The echinacea segment held the majority share in 2023, contributing to around ~25-27% of the herbal supplements market revenue. In the U.S., echinacea is the most visible and third-most popular herbal supplement in mainstream retail outlets. The increase in clinical studies demonstrating Echinacea's health benefits also fueled demand, contributing to the segment's highest revenue share.
Figure 1: Herbal Supplements Market, by Form, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Moreover, the turmeric supplement segment will grow the fastest in the herbal supplements industry over the forecast period. The growing importance of turmeric as a medicine and extensive clinical research proving the effectiveness of turmeric supplements are the main factors fueling the market's expansion. Anxiety, metabolic syndrome, hyperlipidemia, and inflammatory and oxidative diseases can all be treated with turmeric. Major corporations are increasing their R&D expenditures to create turmeric supplements due to their therapeutic benefits.
Forms have bifurcated the herbal supplements market data into tablets & capsules, liquid & soft gels, and powder & granules. The tablets and capsules segment dominated the market in 2023 and is expected to be the fastest-growing segment during the forecast period 2024-2032 due to the availability of various herbal supplements in various shapes and sizes based on dosage in this form. The growing consumer preference for tablets and capsules due to their ease of use has led to market expansion. According to Informa, consumers prefer capsules over tablets for over 74% of herbal supplements because they are easier to swallow and cause less GI irritation. Moreover, herbal supplements may include actual leaves, root powder, or extracts that can be conveniently filled into capsules. As a result, as of 2023, the capsule is the most popular formulation. Furthermore, the rapid expansion of the pharmaceutical industry in emerging markets such as China & India has increased the demand for tablets in the herbal supplements market.
The herbal supplements industry has been segmented based on distribution channels into store-based and non-store-based. Store-based had the largest segment share in 2023 Research findings suggest that due to their greater convenience, most people in developed countries prefer to purchase herbal supplements from store-based supermarkets, which may account for the segment's growth. Another factor driving the growth of this segment is the availability of a wide range of herbal supplement products (which gives customers a more diverse range of options). Moreover, implementing new technology, such as Artificial Intelligence (AI), is changing the role of store-based hypermarkets and supermarkets in the herbal supplements industry.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Herbal Supplements market accounted for USD 22.03 billion in 2023 and will likely exhibit significant CAGR growth over the study period. One of the primary reasons for this region's largest market share is the widespread use of traditional medicine in treating various diseases. A large geriatric population base and growing herbal product exports contribute to market growth. Herbal supplements are most exported from China and India. A wide range of herbal products in these countries also facilitates their development. Increasing cases of lifestyle diseases due to the westernization of diets, rising consumption of tobacco and alcohol, and decreased physical activity will drive the regional herbal supplements market even further.
Further, the major countries studied in the market report are the U.S., Germany, Canada, France, the UK, Spain, Italy, Japan, India, Australia, China, South Korea, and Brazil.
Figure 2: HERBAL SUPPLEMENTS MARKET SHARE BY REGION 2023 (%)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
The European herbal supplements market accounts for the second-largest market share. Increased purchasing power and adopting of natural products in nations like Germany and France are important drivers of its growth. The expanding consumer health market in this region is also helping to propel the herbal supplements industry forward. The rising number of fitness enthusiasts willing to spend money on health-improving goods and their increased focus on their health have led to a very high adoption of dietary supplements. The commercialization of these products has drawn more regulatory attention. These elements are anticipated to fuel the market expansion for herbal supplements in this region throughout the forecast. Further, the German herbal supplements market held the largest market share, and the UK herbal supplements market was the fastest-growing market in the European region.
The North American Herbal Supplements Market is expected to grow at the fastest CAGR from 2024 to 2032. The increase in awareness of botanical-infused supplements, combined with rising dietary supplement consumption, is a major factor driving industry growth in the region. The region is also anticipated to experience significant growth due to increased awareness, the rise of veganism, and the region's high rates of obesity, which is caused by a diet devoid of any animal-based products. North American nations have seen significant increases in healthcare spending owing to the growing senior population. Moreover, Canada’s herbal supplements market held the largest market share, and the U.S. herbal supplements market was the fastest-growing market in the North American region.
Major market players are enhancing their presence by implementing marketing strategies like new product launches and individualized nutrition and integrating their business operations throughout the value chain. In recent years, the herbal supplements industry has provided tablets & capsules with some of the most significant health benefits.
The herbal supplements market major players, such as The Nature's Bounty Co., Natural Organics Inc, Healthy Origins USA, Swanson Health Products, and others, are working to increase market demand by investing in research and development. Market participants also undertake strategic initiatives to expand their herbal supplements industry footprint. Key market developments include new product launches, contractual arrangements, mergers and acquisitions, increased R&D activities, and close collaboration with other organizations.
Herbalife Nutrition is a nutrition company that provides a wide range of science-based nutrition products, such as weight management, nutritional supplements, and personal care products, to help people live healthier lives. Simply Probiotic by Herbalife Nutrition, a patented, shelf-stable probiotic strain based on GanedenBC30, was released in July 2022. This formulation will help survive a gastric passage in the intestines.
Also, Swanson Health Products (SHP) is a Fargo, North Dakota-based natural health catalog and Internet marketing company. The company sells natural wellness and health products to consumers directly through mail-order catalogs and an e-commerce website, such as organic foods, dietary supplements like vitamins, minerals, and herbs, and natural personal care products. Swanson Health Products launched 14 new probiotic supplement variants in November 2022 to provide customized benefits for older adults, women, and children. It will benefit colon health, immunity, digestion, and flora support.
Herbal Supplements Industry Developments
Swanson Health Products: Swanson Complete Greens Blend is a handy way to acquire your recommended daily allowance of nutrients in a powdered blend of different green veggies and superfoods.
July 2022: The healthcare businesses of GSK and Pfizer Inc have been combined to form a new consumer healthcare joint venture that will operate globally under the name GSK Consumer Healthcare.
July 2021: Nature Spoon LLC has been purchased by GenTech Holdings, a US-based company that provides functional foods (Nature Soothie). GenTech Holdings increased its geographical reach and product portfolio with this acquisition. The agreement also provides GenTech Holdings with access to a new consumer segment. Nature Soothie is a company based in the United States that manufactures herbal supplement lollipops under the Nature Soothie® brand for children.
January 2021: Herbalife introduced a product that transforms meal replacement shakes into nutrient-dense breaded pastries.
Herbal Supplements Source Outlook
Herbal Supplements Form Outlook
Herbal Supplements Distribution Channel Outlook
Herbal Supplements Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 48.1 billion |
| Market Size 2024 | USD 52.43 billion |
| Market Size 2032 | USD 87.98 billion |
| Compound Annual Growth Rate (CAGR) | 9.01% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Form, Distribution Channel, and Region |
| Geographies Covered | Europe, Asia Pacific, North America, and the Rest of the World |
| Countries Covered | The U.S., Germany, Canada, the UK, Italy, France, Spain, Japan, India, Australia, China, South Korea, and Brazil |
| Key Companies Profiled | The Nature’s Bounty Co. (US), NatureSmart LLC (Canada), Natural Organics Inc (US), Swanson Health Products (US), NOW Health Group Inc (US), Healthy Origins USA (US), Third Coast Herb Co. (US), Nutrova (India), Herbochem (India), Jarrow Formulas Inc (US) |
| Key Market Opportunities | increase in the number of health-conscious consumers |
| Key Market Dynamics | Growing consumer awareness of the health benefits, combined with a higher demand for plant-based preventive health products Manufacturers are actively monitoring key market trends concerning consumer needs and demands. |
Herbal Supplements Market Highlights:
Frequently Asked Questions (FAQ) :
The herbal supplements market size was valued at USD 48.1 Billion in 2023.
The market is projected to grow at a CAGR of 9.01% during the forecast period, 2024-2032.
Asia Pacific had the largest revenue share of the market.
The key players in the market are The Nature’s Bounty Co. (US), NatureSmart LLC (Canada), Natural Organics Inc (US), Swanson Health Products (US), NOW Health Group Inc (US), Healthy Origins USA (US), Third Coast Herb Co. (US), Nutrova (India), Herbochem (India), and Jarrow Formulas Inc (US).
The anterior category dominated the market in 2023.
Surgery had the most significant market share.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
