by Herbal nutraceuticals are herbal dietary supplements that provide health benefits. They contain various herbs known for their medicinal properties. Curcumin, ginger, garlic, ginkgo biloba, green tea, and turmeric are some of the commonly used herbs in nutraceuticals. They provide health benefits ranging from reducing inflammation and boosting immunity to supporting heart health and brain function. The increased focus on preventive healthcare and shift towards natural remedies have boosted the demand for herbal nutraceuticals globally.
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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends driving growth in the global herbal nutraceuticals market is the rising preference for plant-based, natural remedies over synthetic drugs. The harmful side effects associated with certain drugs have led consumers to move towards natural alternatives. Herbal formulations are perceived by many as having lesser side effects and as being suitable for both preventive health as well as disease management. This has propelled research into validating various herbal extracts and formulating appropriate dosage and delivery systems.
Porter’s Analysis
Threat of new entrants: The herbal nutraceuticals market requires substantial investment in R&D and product development. Regulatory compliance for new entrants is also stringent, lowering the threat of new entrants.
Bargaining power of buyers: Buyers in the herbal nutraceuticals market have moderate bargaining power. The market has several buyers and products can be substituted.
Bargaining power of suppliers: Key raw material suppliers for herbal nutraceuticals have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of substitutes is moderate as herbal alternatives exist for certain applications however clinical research validates specific herbal extracts.
Competitive rivalry: The global herbal nutraceuticals market is fragmented with presence of several private label brands. Companies compete based on new product development and innovation.
Key Takeaways
The Global Herbal Nutraceuticals Market Growth is expected to witness high growth. North America holds the largest share of the global herbal nutraceuticals market owing to rising consumer health awareness. Europe is also a major market backed by growing preference towards herbal & natural remedies.
Key players operating in the herbal nutraceuticals market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart), among others.
Regional analysis comprises: The Asia Pacific region is expected to witness fastest growth in the forecast period attributed to rising health consciousness, growing disposable incomes and increasing preference towards herbal products in countries like India, China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
