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 and preference for 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.
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.
Major 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.