The Global Market for Herbal Supplements & Remedies is Projected to Exceed US$140 Billion by 2024
Losing Appeal of Chemical
Remedies and Growing Consumer Interest in Herbal Medicine and Supplements Drives
Market Growth, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Herbal Supplements and
Remedies market. The global market for Herbal
Supplements and Remedies is projected to exceed US$140 billion by 2024, driven by the myriad
health and wellness benefits offered by herbs against the backdrop of growing
focus on natural remedies and preventive care as a safe and effective strategy
to improve health and well-being.
Herbal
supplements and remedies are whole plants or individual parts of plants used to
prevent or treat illness or disease. Seeds, bark, stems, leaves, roots,
extracts, and flowers of various plants have been used by mankind for decades
without prescription. Various health and wellness benefits of herbs that are
recognized for about 4000 years and represent the primary factor for their
widespread adoption over the years include antimicrobial, anti-inflammatory,
analgesic, antiaging, anti-anxiety, anti-HIV, and treatment of various
disorders from acne, asthma, migraine, and impotence to chronic fatigue,
gallstones, and Alzheimer’s disease. 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.
Healthy
growth is projected for the market in the coming years driven by the consumer’s inclination
towards natural products amidst declining interest in conventional medications; growing preference for
self-medication; cultural heritage of herbal medications; and increased focus
on preventive medicine. The expanding aging population also represents another important
factor driving strong demand for herbal supplements and medicines that offer
health enhancing properties. Other prominent factors benefiting market
expansion include growing popularity of Multi-herbs in enhancing the
functioning of the cardiovascular, immunity, digestive and reproductive systems,
besides boosting body vitality and correcting sleep disorders; and surging
demand for herbs such as soy that aid weight loss. Supported by various
research programs conducted on discovering their healing characteristics, Garlic, Ginkgo Biloba, Ginseng, Echinacea, Black Cohosh, and
St. John’s Wort, among several other herbs, are touted to offer enormous
medicinal value in terms of lowering blood pressure and treating depression and
memory disorders, besides offering immune stimulating properties and preventing
certain types of cancers; controlling blood glucose levels and improving
insulin sensitivity; aiding cardiovascular health, and providing relief from
menopausal symptoms.
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 8.2% 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.
Key
players in the market include Arizona Natural Products, ARKOPHARMA Laboratories
Company Limited, Bio-Botanica, Inc., Bionorica SE, Blackmores Ltd., Gaia Herbs
LLC, Herbalife International of America Inc., Hevert Arzneimittel GmbH & Co
KG, Himalaya Drug Company, Indfrag Ltd., Jemo-pharm A/S, Nature's Bounty Inc.,
NaturaLife Asia Co. Ltd., Pharma Nord ApS, Pharmavite® LLC, Potter’s Herbals,
PuraPharm Corporation Limited, Rainbow Light Nutritional Systems Inc., Ricola
AG, and Twinlab Consolidated Holdings Inc., among others.
The
research report titled “Herbal Supplements and Remedies:
A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review of trends, growth drivers, restraints, and
strategic corporate activities of major players. Major geographic regions
covered include the United States, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and
Rest of Asia-Pacific), Latin-America (Brazil, and Rest of Latin America) and
Rest of World. Key product segments analyzed in the report include Ginkgo
Biloba, Garlic, Ginseng, Echinacea, St. John's Wort, Soy, Aloe Vera, Specialty
Herbs, Multi-Herbs and Other Herbal Supplements.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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