An herbal health product or supplement is a type of dietary supplement that contains one or more herbs. It is also called botanical product. Herbal Supplements are non-pharmaceutical, non-food substances that are marketed to improve health. Plants provide many nutrients as well as have many medicinal benefits. An example of this is use of eucalyptus leaves to manufacture eucalyptus oil through distillation. Herbal Supplements contain one or more dietary ingredients including vitamins, minerals, herbs or other botanicals, amino acids, and certain other substances or their constituents.
Some of the key factors contributing to the market growth are rising inclination towards natural products, awareness regarding preventive healthcare, and surging spending on health and wellness. Growing geriatric population coupled with the rising prevalence of chronic conditions is also fueling the demand for herbal products across the globe. However, high cost of raw materials stringent regulations and some side effects caused by herbal supplements are hindering the growth of market.
Global Herbal Supplements Market was worth USD 66.61 billion in 2018 and is projected to be growing at a CAGR of 6.8%, to touch USD 92.55 billion by 2023.
The Global Herbal Supplements Market is segmented on the basis of source, Application, function and form. Based on source, the market is segmented into leaves, barks, roots, fruits and vegetables. By application, the market is divided into Pharmaceuticals, Personal Care, and Food & Beverages. Based on Functions, the market is categorized into Medicinal, Aroma. Based on Form, the market is segmented into Powder, Syrups, Oils, capsules & Tablets. On the basis of function, the market is divided into medicinal and aroma.
The market has been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. As of 2018, Europe leads the market, accounting for the major global market share.
The major companies dominating this market for its products and services are
Archer Daniels Midland Company Glanbia plc Herbalife International of America, Inc. Blackmores Nutraceutical International Corporation NBTY Inc. Arizona Natural Products Ricola, NaturaLife Asia Co., Ltd. Bio-Botanica Inc.
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