Herbal nutraceuticals products are derived from plants or plant extracts and have potential medicinal benefits in disease risk reduction and overall health maintenance or improvement. Popular herbal nutraceuticals supplements include ginseng, ginkgo biloba, echinacea, garlic, saw palmetto, soy, blueberry, green tea, turmeric, grape seed and many others. These herbal supplements provide various health advantages like enhancing immune function, improving cardiovascular health, reducing inflammation, supporting cognitive health and others. With growing awareness about advantages of herbal nutrition for health, people are increasingly opting for herbal supplements for daily wellness. The global Herbal Nutraceuticals Market is estimated to be valued at US$ 41.8 Bn in 2024 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 herbal nutraceuticals market is witnessing prominent trends like increased innovation in delivery formats for enhanced efficacy and absorption. Manufacturers are developing herbal supplements in liquid drops, powders, gummies and capsule form for ease of consumption. Also, customized herbal blends combining multiple botanical extracts for specific conditions is a growing trend. Standardization of herbal ingredients is another important trend to ensure consistency and quality. Furthermore, booming online sales of herbal supplements is significantly contributing to market revenues. Growing preference of consumers towards natural and herbal products for health also drives the demand for innovative herbal nutraceuticals.
Porter’s Analysis
Threat of new entrants: The herbal nutraceuticals market requires huge capital investments and compliance with strict regulations which acts as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many raw material suppliers in the market.
Threat of new substitutes: Threat from substitute products is moderate as herbal nutraceuticals have proven health benefits compared to other alternatives.
Competitive rivalry: The market is fragmented with presence of many regional and international players.
Key Takeaways
The Global Herbal Nutraceuticals Market Demand is expected to witness high growth. Herbal nutraceuticals offer several health benefits and act as an alternative to conventional medicines for treating chronic conditions.
Regional analysis: Asia Pacific dominates the global market and is expected to remain the fastest growing region during the forecast period. India and China have the largest cultivation and consumption of herbal nutraceuticals due to long history and acceptance of Ayurveda and traditional Chinese medicine.
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. The market is highly consolidated with top players accounting for major share.
Explorer more information on this topic, Please visit @ https://www.insightprobing.com/herbal-nutraceuticals-market-growth-demand-and-overview/