Herbal Supplements Market Growth Trajectory Through 2024-2033

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The Herbal Supplements Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Herbal Supplements Global Market Report 2024, The herbal supplements market size has grown strongly in recent years. It will grow from $46.39 billion in 2023 to $50.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing consumer awareness, shift towards preventive healthcare, rise in lifestyle-related health issues, government initiatives and regulations.

The herbal supplements market size is expected to see strong growth in the next few years. It will grow to $66.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to continued consumer education, expanding aging population, global wellness trend, personalization and customization, market innovations and product diversity. Major trends in the forecast period include eco-friendly packaging solutions, cultural and traditional influences, collaborations and partnerships, rising demand for personalized nutrition.

The increase in number of health-conscious consumers is significantly driving the growth of the herbal supplements market. Herbal supplements have numerous health benefits and are chemical-free. They are used to supplement diets and cure common ailments. According to the International Food Information Council’s (IFIC) 2022 food and health survey, Americans have a strong interest in becoming more health-conscious, In 2022, 52% of Americans report that they followed a diet or eating pattern in the past year, a significant increase from the past few years (39% in 2021, 43% in 2020) Hence, the increasing number of health-conscious people is expected to propel the growth of the herbal supplements market in the forecast period.

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The herbal supplements market covered in this report is segmented –

1) By Form: Tablets, Capsules, Liquid, Powder And Granules, Soft Gels

2) By Sources: Leaves, Fruits, Roots, Vegetables, Barks

3) By Application: Food And Beverages, Pharmaceuticals, Personal Care

4) By Distribution: Store Based, Non-Store Based

Major companies operating in the herbal supplements market are focusing on development of innovative products such as natural ingredient supplements to meet growing consumer demand for holistic health solutions. Natural ingredient supplements are dietary products derived from naturally occurring sources such as herbs, plants, or minerals, used to support health and well-being. For instance, in August 2023, Innov Healthcare Technologies, an India-based healthcare supplement company, launched Purobest, a cutting-edge supplement brand, that embodies the potency of natural elements, emphasizing a dedication to combat chronic ailments. Through meticulous crafting and utilizing premium, pure natural extracts, it extends hope and aid to numerous individuals. Its range is meticulously formulated from top-tier natural sources, such as turmeric for curcumin, Sophora Japonica bark for quercetin, green tea for EGCG, Boswellia serrata for AKBA, and Berberis aristata for berberine. These ingredients, extensively researched, target crucial genes and pathways linked to diverse diseases.

The herbal supplements market report table of contents includes: