Herbal Nutraceuticals Market Expected to Reach $48.4billion by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, “Herbal Nutraceuticals Market by Product Type, Nature, Form, Sales Channel, and Region: Opportunity Analysis and Industry Forecast, 2021–2027,”the global herbal nutraceuticals market size was valued at $28,329.7 million in 2019, and is projected to reach $48,446.5 million by 2027, registering a CAGR of 7.55% from 2021 to 2027.

Herbal nutraceuticals help in maintaining health and act against nutritionally induced acute and chronic diseases, which promotes optimal health, longevity, and quality of life.Some common herbal nutraceuticals includealoe vera, turmeric, ginger, and garlic.These herbal nutraceuticals are available in different formats in the market, which includecapsules, tablets, liquids, spray, syrups,and powders. In addition, expansion of distribution channels such as online stores, supermarkets, hypermarkets, and pharmacy has made these herbal nutraceuticals easilyavailableto customers, which, in turn, contributes tothe market growth. Moreover, enhancing immunity power is one of the new herbal nutraceuticals market trends now. 

The global herbal nutraceuticals market analysis is segmentedon the basis of  product type, nature, form, sales channel, and region. By product type, it is classified into ginger, garlic, turmeric, aloe vera, green tea and Others. By nature, it is divided into conventional and organic. By form, the market is segmented into capsules & tablets, powder, liquid, and others. Based on distribution channel, the market is segregated intopharmacy, online store, supermarket/hypermarket and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, India, Japan,  Indonesia and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

By product type, the green tea segment is anticipated to grow at the highest CAGR during the forecast period. This is attributedto rise in consumer awareness regarding health benefits associated with consumption of green tea and its easy availability in various formats in the market. 

Moreover, bynature, the organic segment in the herbal nutraceuticals market is anticipated to grow at the highest CAGR , in terms of value sales, during the herbal nutraceuticals market forecast period. Rise in number of health-conscious consumers along with rise in consumer awareness regarding health benefits associated with consumption of organic herbal nutraceuticals are the major factors that drive growth of the organic herbal nutraceuticals market. 

Furthermore, by sales channel,the online store segment is anticipated to be the fastest growing segment, in terms of value sales, during the forecast period, owing to the rise in use of online platforms or e-commerce  for purchase ofherbal nutraceuticals among customers. This is attributedto easy availability of different brands ofherbal nutraceuticals on online platform. Moreover, thissales channel also provides   information about the productssuch as their health benefits, dosage direction, and ingredients. Moreover, online store has time-saving features and the facility of home delivery, which has increases consumers inclination towards online stores. In addition, owing tothe COVID -19 pandemic, consumers are restraining themselves to go outside their homes and in crowded places such as supermarkets and hypermarket, which, in turn, has increased distribution of herbal nutraceuticals through online stores.

Key findings of the study

• By product type, the ginger segment accounted for the highest herbal nutraceuticals market share in 2019, growing at a CAGR of 6.20% from 2021 to 2027.
• By nature, the conventional segment accounted for the highest market share in 2019, growing at a CAGR of 7.30% from 2021 to 2027.
• By form, the capsules & tablets segment accounted for the highest market share in 2019, growing at a CAGR of 6.70% from 2021 to 2027.
• By sales channel, the online store segment accounted for the highest market share in 2019, growing at a CAGR of 6.56% from 2021 to 2027.
• By Region, Europeoccupied maximum share in the herbal nutraceuticals market in 2019 and is expected to dominate the market during the forecast period.

The key players operating in the global herbal nutraceuticals industry include Now foods, Herbochem, OREGON'S WILD HARVEST, Gaia Herbs Farm, Nature’s Bounty. Bio Botanica INC. Herb Pharma (Pharmaca),Solaray, Pure Encapsulations, LLC,and  Solagar