Herbal Supplements Market, Revenue Growth, Key Factors, Major Companies, Forecast To 2032

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The global herbal supplements market size was USD 92.88 Billion in 2022 and is expected to reach USD 185.67 Billion in 2032, and register a rapid revenue CAGR of 8% during the forecast period .

The global herbal supplements market reached a value of USD 92.88 Billion in 2022 and is anticipated to attain USD 185.67 Billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 8% during the forecast period. The market's expansion is predominantly fueled by several significant factors, including a growing preference among consumers for natural and organic products, an increasing awareness of the health benefits associated with herbal supplements, and a rising demand for plant-based products.

Consumers are increasingly turning to herbal supplements as a natural and holistic approach to enhance their overall health and well-being. This shift in consumer preferences is driven by the perception that herbal supplements are a safer alternative to synthetic products. Consequently, manufacturers are innovating and developing new herbal supplements that offer safety, efficacy, and affordability.

Moreover, the market is experiencing additional growth impetus due to the escalating prevalence of chronic diseases such as cancer, cardiovascular disease (CVD), and diabetes. Herbal supplements are being viewed as an attractive alternative to conventional medications, primarily due to their various health benefits, which encompass enhanced immune function, reduced inflammation, and improved cognitive performance.

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Some key highlights of the report:

·         In 2022, the multi-herb type segment, which accounted for a sizeable revenue share, dominated the market for herbal supplements worldwide. Multi-herb and single-herb products have been separated out into separate market segments. 

·         Application-based divisions of the worldwide herbal supplement market include Dietary Supplements, medicines, Cosmetics, and others. The sector for dietary supplements controlled a sizeable portion of the market's sales in 2022. 

·         The market for herbal supplements is expected to expand significantly in the upcoming years. Herbal supplements are thought to be safe and effective alternative treatments for a variety of health problems because they are made from natural sources including plants, herbs, and roots. The market for herbal supplements is anticipated to develop as customer knowledge of the advantages of these products grows along with consumer demand for natural and organic goods.

  • In 2021, Herbalife Nutrition launched a new plant-based nutrition shake called Tri Blend Select. The shake is made from natural ingredients such as Pea Protein, flaxseed, and Quinoa and is designed to support a healthy lifestyle and promote weight management.

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Competitive Landscape:

  • Herbalife Nutrition Ltd.
  • Blackmores Limited
  • Arbonne International LLC
  • Nature's Bounty Co.
  • Abbott Laboratories
  • Amway Corp.
  • Bayer AG
  • Himalaya Drug Company
  • Glanbia Nutritionals
  • Solgar Inc.

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