Herbal nutraceuticals refer to herbs and plants extracts that provide health and medical benefits. Some commonly used herbal nutraceuticals include ginkgo biloba, ginger, garlic, turmeric, Asian ginseng, echinacea and green tea. These herbal products have antioxidant and anti-inflammatory properties that can help improve overall health and reduce risk of chronic diseases. The growing awareness about advantages of herbal medicines over pharmaceutical drugs is driving increasing demand for herbal nutraceuticals. The global Herbal Nutraceuticals Market is estimated to be valued at US$ 41.8 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising awareness about benefits of herbal medicines is one of the key factors accelerating growth of the herbal nutraceuticals market.Many herbal nutraceuticals have been found to play an important role in prevention and treatment of lifestyle diseases like diabetes and cardiovascular diseases. Additionally, herbal products are considered safer with lesser side effects compared to synthetic drugs. Growing consumer preference for natural and herbal products over pharmaceutical drugs is expected to boost market demand. Furthermore, active marketing campaigns by manufacturers to promote herbal ingredients based products will continue to support market expansion over the forecast period.
The global herbal nutraceuticals market is dominated by the dietary supplements sub-segment. Dietary supplements account for over 40% of total sales as increasing health consciousness and growing preference for herbal alternatives to pharmaceuticals is driving their uptake. The immunity boosting and digestive health products sub-segments are also capturing substantial market share owing to their usage in promoting overall wellness.
The Global Herbal Nutraceuticals Market Demand is expected to witness high growth over the forecast period. Rising consumer demand for herbal and natural ingredients coupled with the increased marketing and promotion of herbal nutraceuticals by manufacturers is fueling the industry’s expansion.
Regional analysis: North America currently holds the highest share of over 30% due to excellent distribution network and popularity of herbal supplements. Asia Pacific region is growing at the fastest pace supported by large consumer base, rapid economic development and increased spending on healthcare and wellness products in countries like India, China and Japan.
Key players: Key players operating in the herbal nutraceuticals market are Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi Pasteur, Novavax, GlaxoSmithKline (GSK), Sinovac Biotech, Sinopharm, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva, Takeda. They are focused on new product launches, partnerships and geographic expansions to strengthen their market positions.