Herbal Supplements Market Size

Herbal Supplements Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world herbal supplement market is expected to grow rapidly, with a current value of 52.43 billion dollars in 2024, and is expected to reach 87.98 billion dollars by 2032. CAGR of 9.01%. The trend of natural and organic products and health consciousness have pushed the herbal supplement market to grow. The demand for herbal supplements is expected to increase, and the trend of preventive medicine and self-medication will also be pushed forward. The herbal supplement market is expected to grow. The following factors are expected to drive the herbal supplement market. The first is that the extraction and formulation methods have been improved, and the safety and efficacy of herbal products have been greatly improved, which has aroused the concern of consumers. The second is that the price of herbal supplements has been lowered. The third is that the e-commerce platform is convenient for consumers to buy various herbal products, which is conducive to the development of the herbal supplement market. The fourth is that the market share of some industry leaders such as Herbalife, Amway and Nature's Way has increased. The fifth is that the industry is developing and releasing more and more health-related products. For example, the products launched recently, such as boosting immunity and reducing stress, have a strong sense of social trend and customer demand.

Regional Market Size

Regional Deep Dive

The herbal supplements market is experiencing significant growth across various regions, driven by the growing health consciousness among consumers, the growing preference for natural products, and the increasing trend towards preventive health care. The North American herbal supplements market is characterized by a well-established retail network and a strong trend towards organic and non-GMO products. Europe offers a wide variety of herbal products influenced by traditional practices and strict regulations. The Asia-Pacific region is experiencing rapid growth, with a growing number of herbal medicine practitioners and an increasing number of consumers with disposable income. Middle East and Africa (MEA) are seeing steady growth in demand for herbal supplements, backed by a strong cultural acceptance of herbal medicine. Latin America is emerging as a promising market, with the growing interest in natural remedies and the availability of local biological diversity.

North America

• It was hoped that the new regulations on dietary supplements would increase the trust of consumers in herbal products.
• HERBALIFE and Nature’s Way are investing in the development of new formulations that combine traditional herbal ingredients with the latest science in order to meet the growing demand for personal nutrition.
• The e-commerce platforms have changed the distribution pattern, enabling small herbal medicine brands to compete with the big ones.

Europe

• The European Food Safety Authority (EFSA) has been busy examining the health claims made for herbal products, resulting in a more regulated market, based on the safety and efficacy of these products.
• In the United States, Pukka Herbs has been a pioneer in bringing organic and ethically cultivated herbs to the market.
• Herbal teas and tinctures are enjoying increasing popularity in Germany and Britain, where the cultural trend towards natural remedies and a wholesome approach to health has been gaining ground for some time.

Asia-Pacific

• The Chinese herbal medicine market is in full swing, and the Chinese herbal medicine company Tongrentang has launched a new product line that is both local and international.
• Herbal medicines are subject to stricter regulations in countries like India, which is expected to enhance the safety of the products and the confidence of consumers.
• The rising prevalence of lifestyle-related diseases has led to an increase in demand for preventive health measures. This has given herbal medicines a higher status among health-conscious consumers.

MEA

• The growing acceptance of herbal medicines in the Middle East is supported by government initiatives aimed at promoting herbal medicine. This is expected to drive market growth.
• The local companies are increasingly developing herbal remedies that meet the regional preferences and use indigenous herbs, which gives them a greater market relevance.
• This has opened up a new opportunity for herbal products to sell their products to the tourists who are seeking natural remedies.

Latin America

• A wealth of plants and herbs has been tapped by companies such as Herbarium which are developing herbal medicines from native species for local and export markets.
• There is a resurgence of interest in herbal remedies and in natural medicines, particularly in Brazil and Mexico.
• Government support for the herbal industry is increasing. The government is now concerned to protect traditional knowledge and to promote sustainable practices in herbal medicine.

Did You Know?

“Herbs are the universal medicine. More than 80 per cent of the world’s population depends on herbal medicine for at least part of its primary health care.” — World Health Organization (WHO)

Segmental Market Size

The herbal supplements market is currently experiencing a steady growth, driven by the growing consciousness of consumers towards health and well-being. The shift towards preventive medicine and the growing preference for natural products over synthetic ones are the main factors that are driving the market. In addition, the supportive regulatory framework in regions such as North America and Europe, which have established strict quality standards for herbal products, is also helping the market grow.

At present the market is at the stage of expansion, with Herbalife and Nature’s Way leading in product development and distribution. The main applications of herbal supplements are for weight control, stress relief and strengthening the immune system. The most popular products are echinacea and ashwagandha. The swine flu pandemic has increased the interest in herbal supplements, while the sustainable development trend has forced companies to use sustainable sourcing methods. The development of advanced extraction methods and quality testing tools is a driving force in the market, ensuring the quality and safety of products.

Future Outlook

From 2024 to 2032, the herbal supplements market is expected to grow at a high CAGR of 9.01%. This is mainly due to the growing consumer preference for natural and organic products and the increasing health consciousness of the public. This will also lead to the growth of herbal supplements, which will reach up to 30% of the developed countries' adult population in 2032, from about 20% in 2024. The effectiveness and safety of herbal ingredients have also been proven in recent years, and the public has confidence in herbal products.

IT IS PROBED THAT HERBAL PHARMACOLOGY WILL ONE DAY BE A LARGE INDUSTRY, AND ONE DAY BECOME A LARGE INDUSTRY. It is also probable that the regulatory framework for herbal products will change and become more favourable to the industry, which will lead to increased market penetration by new players and to innovation in the products. Personalised nutrition and the integration of herbal supplements into the concept of a holistic lifestyle will also probably be the driving forces of demand. The market will mature, and the companies that take advantage of the digital platforms to educate and activate the consumers will have a great opportunity to capture a large part of this growing market, and thus ensure that herbal supplements will continue to be an important part of the global health landscape.