Global herbal supplements market size is anticipated to grow at a CAGR of 10.8% during 2018-2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the herbal supplements market based on product, Source, Application, end user and region.
According to the report, the growing geriatric and obese population worldwide promotes the growth of the global herbal supplements market. Moreover, the increasing trend of sedentary lifestyle, growing use of functional foods, and rising consumer awareness pertaining to preventive healthcare support industry growth. Surging disposable income in emerging economies, growing awareness regarding the health benefits of herbal supplements, and increasing health-related disorders further drive market growth. Also, the sedentary lifestyle of individuals causing lifestyle diseases, and surging disposable income boost the herbal supplements market size.
Over the past few years, the occurrence rate of health disorders such as cancer, cardiovascular diseases, and diabetes have elevated substantially in developed nations. Growing incidences of health-related disorders have bolstered awareness pertaining to healthy eating habits. Fitness and health consciousness have also grown among consumers in nations such as India and China owing to changing eating habits and improving lifestyle. Consumers have become aware of optimum nutritional intake, and advantages of herbal supplements, thus expediting the growth of the herbal supplements market.
Key findings of the report are highlighted below:
• The pharmaceutical market segment accounted for the biggest share of the global market in terms of revenue, in the year 2017.
• Speaking of regional distribution, North America is anticipated to dominate the market in terms of revenue in the year 2017.
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Speaking of the regional segmentation, North America market captured the biggest market share with regards to revenue in the year 2017 and is projected to lead the worldwide industry during the predicted period. This region’s growth can be attributed to the rising population of obese people, investments and initiatives by the government to boost health consciousness, and shifting lifestyle patterns. The increasing number of members of gyms and health clubs has bloated substantially, thereby endorsing the growth of the herbal supplements trade in the region. The rising pervasiveness of obesity-related diseases such as hypertension and diabetes together with high disposable income further advances the revenue influx in the region, cites the report.
Renowned contenders in the global herbal supplements industry have launched initiatives to boost awareness amid customers via health subscription and other promotional campaigns. In 2014, Herbalife introduced a new line of herbal green tea, available in two different flavors, namely original & pomegranate. The new green tea line has low calories and does not contain any artificial sweeteners, colors, and flavors.
The key companies profiled in this business space include Ricola AG, Herbalife International of America, Inc., Archer Daniels Midland Company, Bio-Botanica Inc., Nutraceutical International Corporation, Arizona Natural Products, Rainbow Light Nutritional Systems, The Himalaya Drug Company, Blackmores Ltd, and Dr. Willmar Schwabe GmbH & Co. KG. These market-leading organizations largely count on growth strategies such as new product launch, collaboration, merger & acquisition, and geographical expansion to enhance their product portfolio, customer base, and global reach.