Pharmaceuticals to Remain in Demand among Consumers
The pharmaceuticals segment represented the largest share in the market for herbal supplements. Latin American and Asia-Pacific are likely to emerge as potential markets for herbal supplements. The expansion of the pharmaceutical industry will bode well for the herbal supplements market in these regions. Due to the rising demand herbal medicines, some of the most renowned names in the pharmaceutical sector are conducting research on various herbal supplements.
Their efforts will in turn create growth prospects for the herbal supplements market in Asia Pacific and Latin America. Asia Pacific already witnesses increasing demand for alternative medicinal products such as traditional Chinese and ayurvedic therapy. In addition to thus, strong growth in the pharmaceutical industry in developing countries, such as India and China, has led to demand in the herbal supplements
In addition to this, continuing demand from food and beverages industry in developed regions such as Europe will aid the market’s growth.
North America Dominated the Market Share
In terms of revenues, North America generated the highest market share and is expected to lead the global market over the forecast period. Growing obese population, government initiatives and funding to promote health consciousness, and changes in lifestyle primarily drive this market's growth. The number of health club and gym memberships has risen dramatically, encouraging the development of the region's herbal supplements industry.
The rise in obesity-related illnesses such as diabetes and hypertension along with high customer disposable income further accelerate the adoption of herbal supplements. The Asia-Pacific market for herbal supplements is expected to rise at the highest CAGR over the forecast period. Consumer dependency on the protection and effectiveness of herbal products is the key driver for growth of this market. Regulatory effect on future market growth is the element that restrains market growth.
Rising Consciousness for Healthy Lifestyle is Driving Market Growth
Consumers' increasing knowledge of the health benefits with the use of herbal supplements and the rising geriatric population are among the major factors expected to drive market growth. Growing female purchasers for herbal supplements along with the increasing use of herbal products by the young demographic have driven the global market for herbal supplements.
Strict regulations concerning ingredients used in manufacturing, however, may impede global development. In addition, the growing sedentary lifestyle coupled with an individual's increasing disposable income in developing counties is likely to provide the industry with a lucrative opportunity to expand.
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How Growth will Unfold
Around the world obese and geriatric population is growing. As a result there is a high demand for herbal supplements for medicinal purposes. The rising prevalence of sedentary lifestyle, increasing use of nutritious foods, and rising consumer awareness about preventive healthcare are boosting the overall market. Increasing disposable incomes in developing countries, increased awareness of the health benefits of herbal supplements and increasing incidence of health disorders are other crucial factors, driving the herbal supplements market.
Across various developed economies health conditions such as diabetes, cardiovascular diseases, cancer and others have risen dramatically. Increasing incidence of health problems have contributed to a greater understanding of healthy eating habits. In countries including China and India, health and fitness awareness has also increased among consumers as a result of improving lifestyle and increasing eating habits.
Consumers are more conscious of their dietary intake, and the benefits of herbal supplements, driving the development of the demand for herbal supplements. Furthermore, changes in lifestyle have made them focus more towards their wellness. This is one of the key areas of function of herbal supplements
HERBAL SUPPLEMENTS MARKET TAXONOMY
The global Herbal Supplements market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Fruits & Vegetables
- Food & Beverages
- Personal Care
- Tablets and capsules
- North America
- Latin America