Herbal Nutraceuticals Market Is Estimated To Witness High Growth Owing To Increasing Demand For Natural Remedies
Herbal Nutraceuticals Market
The Herbal Nutraceuticals Market is estimated to be valued at Us$ 36.28 Bn in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Herbal nutraceuticals consist of dietary supplements derived from plants which provide health benefits beyond basic nutrition. These supplements contain active ingredients from plants with therapeutic properties. Some common herbal nutraceuticals include ginkgo biloba, ginseng, garlic supplements, aloe vera, and turmeric supplements. They are used to prevent or treat several diseases like arthritis, diarrhea, heart disease, diabetes etc. Increasing awareness about wellness and demand for natural remedies is driving the growth of this market.
Market key trends:
One of the major trends in the herbal nutraceuticals market is increasing demand for natural remedies. Consumers are increasingly preferring natural remedies over synthetic drugs due to rising awareness about side effects of chemical-based medicines. Herbal nutraceuticals are considered safer compared to pharmaceutical drugs as they are derived from plants. Moreover, herbal supplements are easily available as over-the-counter (OTC) products and do not require medical prescriptions. The rising popularity of the holistic approach to health management is also propelling the demand for herbal dietary supplements. As people are willing to spend more on preventive healthcare, the herbal nutraceuticals market is expected to witness strong growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and the availability of raw materials has lowered the threat of new entrants. However, established brands and private label presence at retail outlets has increased entry barriers.
Bargaining power of buyers: Large retail chains hold significant power over suppliers due to their bargaining power and private label presence. They demand high selection, lower prices and can play suppliers against each other.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to the availability of substitutes and suppliers. Suppliers can switch to other buyers if demanded prices are too low.
Threat of new substitutes: New substitute products continually emerge due to growth of health and wellness trends. This poses a major threat.
Competitive rivalry: Intense due to presence of multiple domestic and international brands with significant advertising power.
SWOT Analysis
Strengths: Herbal nutraceuticals offer natural benefits with minimal side effects. Growing consumer preference for herbal products supplements demand.
Weaknesses: Lack of clinical trial data limits the ability to validate health claims. High competitiveness affecting profit margins.
Opportunities: Rising health consciousness and disposable incomes driving the market in emerging nations. Growth of e-commerce and online retailing platforms expanding reach.
Threats: Stringent regulations can delay new product launches. Supply chain disruptions and rising raw material costs pose challenges.
Key Takeaways
The Global Herbal Nutraceuticals Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health consciousness among consumers. With growing preference for herbal supplements, the demand for these products is growing steadily.
Regional analysis - North America dominated the global market in 2023 and is expected to grow at a high CAGR between 2023 and 2030. This is attributed to increasing health and wellness trends in the region. Asia Pacific is expected to be the fastest growing market, owing to rising disposable incomes and changing lifestyles in developing countries such as India and China.
Key players - Key players operating in the herbal nutraceuticals market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Nature’s Bounty, NUTRAMARKS, INC., Now foods, OREGON'S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. These players are focusing on new product launches and expansion strategies to strengthen their market presence.
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