Market Size, Share, Trends, Growth and Forecast 2032

Herbal Supplement Market Insights

According to a report from Zion Market Research, the global Herbal Supplement Market was valued at USD 46.38 Billion in 2023 and is projected to hit USD 88.62 Billion by 2032, with a compound annual growth rate (CAGR) of 7.46% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Herbal Supplement Market industry over the next decade.

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Global Herbal Supplement Market: Overview

Since decades, herbal supplements are widely being used for their medicinal properties as well as remedies for several diseases. A growing number of people around the globe are switching to herbal supplements owing to their added health benefits. These supplements are natural non-food substances and non-pharmaceuticals mainly used for improving health. They are derived from plant materials and have no or little side effects.

There is a huge demand for herbal supplements around the globe due to their natural label, which is attracting more customers, who want to improve their health and are health conscious. Also, increased prices of medicinal and dietary products propel the growth of the herbal supplements market.

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Herbal Supplement Market: Growth Factors

Herbal medicines involve various herbal supplements, herbal preparations, herbs, and complete herbal products. The herbal supplement is supposed to be a kind of dietary supplement prepared from natural plants. The global herbal supplement market is estimated to see a large rise in the upcoming period. The global herbal supplement market is principally propelled by the increasing requirement for herbal supplements. A worldwide rise in healthcare expenditures is supposed to boost the global herbal supplement market in the upcoming period. Towering costs of drugs, medical devices, and hospital care have triggered to raise the health care cost, which has propelled the global herbal supplement market. The increasing awareness of preventive healthcare techniques is also a key driving factor for the global herbal supplement market.

Herbal Supplement Market: Report Scope

Segment Analysis Preview

Based on the source, the global herbal supplement market is categorized into barks, leaves, roots, and fruits & vegetables. Amongst all the source types, the leaves segment from the global herbal supplement market was the biggest expanding segment in the global herbal supplement market for 2020. This segment in the global herbal supplement market accounted for the major market share in terms of profits. Generally, herbal supplements are prepared using plant leaves. Some herbal supplements are prepared using leaf extracts. These natural contents in herbal products have led to their consistent requirement in the global herbal supplement market. Others sources such as fruits & vegetables, bark, and roots also are estimated to boost the global herbal supplement market in the upcoming period.

Based on application, the global herbal supplement market is segmented into food & beverages, pharmaceuticals, and personal care. Amongst all the applications, the pharmaceutical segment from the global herbal supplement market is the principal application segment. The pharmaceutical segment of the global herbal supplement market occupied the utmost CAGR from 2021 to 2028. The R&D in the global herbal supplement market provides enormous business opportunities for the key players.

Based on the function, the global herbal supplement market is bifurcated into aroma and medicinal. Both of them are supposed to be the leading segments in the global herbal supplement market. In 2020, among these two segments in the global herbal supplement market, the medicinal segment demonstrated the highest market share.

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Region Analysis Preview

North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa are key regional segments of the global Herbal Supplement market. Asia-Pacific is anticipated to remain the leading region over the forecast period. The huge adoption rate of traditional medicine for the management of a number of diseases in this region is one of the key reasons fueling the growth of the market. In addition to this, the presence of a large geriatric population base coupled with growing exports of herbal products boosts market growth. India and China are the key exporters of herbal supplements.

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Key Market Players & Competitive Landscape

The major players operating in the Herbal Supplement market are 

• Arizona Natural Products
• Archer Daniels Midland Company
• Blackmores
• Bio-Botanica Inc.
• Herbalife International of America Inc.
• Glanbia PLC
• Nutraceutical International Corporation
• Naturalife Asia Co. Ltd.
• The Nature's Bounty Co.
• Ricola.

The global Herbal Supplement market is segmented as follows:

By Source

• Leaves
• Barks
• Fruits & vegetables
• Roots

By Application

• Pharmaceuticals
• Food & beverages
• Personal care

By Function

• Medicinal
• Aroma

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa