The Global Herbal Supplements and Remedies Market is Projected to Reach US$115 Billion by 2020
Focus on Preventive
Healthcare Drives the Global Herbal Supplements & Remedies Market,
According to a New Report by Global
Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Herbal Supplements and
Remedies. The
global Herbal Supplements and Remedies market is projected to reach US$115
billion by 2020, driven by the growing adoption of preventive care as a safe
and effective strategy to improve health and well-being.
The global herbal
supplements market is forecast to witness growth, supported by the rising wave
of healthcare awareness among consumers. Increasing global exposure to health
and beauty trends is resulting in the strong demand for natural and herbal products.
With scientific studies validating the power of herbal and botanical extracts in
positively influencing neurocognitive and hormone function, organic herbal
medicines are growing in popularity as a safe, low-cost treatment alternative
for hormone replacement therapy and neurological therapy for mental, emotional,
and behavioral disturbances. Herbalism is therefore a growing healthcare trend and
poised to benefit are herbal supplements that help enhance immunity, cognitive
functioning, boost energy levels and fitness, and reduce stress.
The rising
incidence of cardiovascular diseases, diabetes, high cholesterol, cancer and
other debilitating chronic illnesses, and the high cost of healthcare are encouraging
consumer adoption of preventive healthcare therapeutics, such as herbal supplements
and remedies. Aging population, falling household incomes and reduced insurance
coverage are exerting pressure on the need to curtail medical expenses, thus
benefiting sales of affordable herbal supplements. Backed by scientific
evidence, therapeutics derived from herbs, such as ginseng, aloe vera,
St.John’s wort, and gingko are witnessing strong growth. Manufacturers are
focusing on the development of herbal supplements for women, given that women
have unique needs related to reproductive health. Changing attitudes,
lifestyles and interests of women are generating significant interest in natural
herbal remedies, supplements and liquid extracts. Alternative measures for weight
control, effective handling of pre and post menstrual conditions, menopause
symptoms and preventive measures against osteoporosis, anemia, and cancer, are spurring
opportunities for herbal supplements. The growing number of self-medicating
consumers also bodes well for market growth. Strong penetration and ubiquity of
the Internet, online retail stores, video streaming websites, and social media
platforms are emerging as dynamic channels for advertising, marketing, and
distributing herbal products.
As stated by
the new market research report on Herbal Supplements and Remedies, Europe represents the largest market worldwide. Asia-Pacific
is poised to emerge as the fastest growing market with a CAGR of 9% over the
analysis period. Growth in the region is supported by cultural affinity to
herbalism and strong consumer confidence in the efficacy and safety of herbal
ingredients. Backyard Herbalism in countries such as China and India provides a
fertile environment for the growth of modern herbalism in the region. China is emerging
as one of the largest suppliers of herbal supplements to the United States and
West European markets. Multi-herbs constitute the largest as well as the fastest
growing product market.
Major players covered
in the report include Arizona Natural Products, Arkopharma SA, Bio-Botanica Inc.,
Blackmores Ltd., DSM Nutritional Products Ltd., Himalaya Drug Company, Indfrag
Ltd., International Vitamin Corp., Natures Aid, Nature’s Answer, Nature's
Sunshine Products Inc., NBTY Inc., Nutraceutical Corporation, Pharma Nord APS,
Pharmavite LLC, Potters Herbal Medicines, Ricola AG, and TwinLab Corporation,
among others.
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