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Global Herbal Supplements and Remedies Market to Reach US$111.6 Billion by the Year 2026

Herbal supplements represent dietary supplements obtained from herbs or plants that hold compelling health benefits and medicinal value. These supplements are witnessing increasing applications in the cosmetics, pharmaceutical and food & beverage industries. Known for their numerous health benefits, herbal supplements are steadily gaining traction with rising attention of people on self-care and preventive healthcare. The growth of the market is propelled by strong focus on preventive healthcare, surging geriatric population, consumer attention on health and wellbeing, and increasing uptake of health supplements. Rising concerns over health along with increasing spending on preventive healthcare products are augmenting global demand for herbal supplements. These products are gaining from rising incident of lifestyle-related medical conditions like obesity and diabetes that are prompting people to consider herbal supplements to mitigate health risks. The market growth is also favored by increasing attention on personalized medicines and easy availability of herbal supplements. Factors like side-effects associated with allopathic drugs and rising uptake of dietary supplements are bolstering the market growth.

Amid the COVID-19 crisis, the global market for Herbal Supplements and Remedies estimated at US$84 Billion in the year 2022, is projected to reach a revised size of US$111.6 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Multi-Herbs, one of the segments analyzed in the report, is projected to grow at a 10.3% CAGR to reach US$68.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Specialty Herbs segment is readjusted to a revised 8.6% CAGR for the next 7-year period. This segment currently accounts for a 9.8% share of the global Herbal Supplements and Remedies market. The market for specialty herbal supplements is experiencing remarkable increase since the past few years. Specialty products are scientifically proved as safe and efficient dietary supplements aimed at self-help oriented customers.

The U.S. Market is Estimated at $15.3 Billion in 2022, While China is Forecast to Reach $17.7 Billion by 2026

The Herbal Supplements and Remedies market in the U.S. is estimated at US$15.3 Billion in the year 2022. The country currently accounts for a 18.5% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$17.7 Billion in the year 2026 trailing a CAGR of 11% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 7.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while Rest of European market (as defined in the study) will reach US$3.9 Billion by the end of the analysis period. The global market for herbal supplements and herbal medicine has been predominantly concentrated in the West, due to relatively high levels of health consciousness, and widespread and easy access to products. The ever increasing drive towards staying active, and remaining healthy among the older age population would drive market sales. Major factors driving growth in emerging countries include expanding population base, growing tendency of living healthy among consumers, increasing consumer awareness about wellness and dietary requirements, and growing demand for natural remedies.

Garlic Segment to Reach $5.1 Billion by 2026

Garlic supplements strengthen the immune system, prevent common cold, detoxify, support overall health and wellbeing, improve bone health, prevent infection, prevent specific nutritional deficiencies, enhance athletic performance and support longevity. Increasing instances of cardiovascular diseases caused by hectic lifestyle schedules are propelling the demand for garlic-based herbal supplements. Women in the age group of above 40 years of age are also demanding natural garlic herbal supplements that help in maintaining a healthy heart. In the global Garlic segment, USA, Canada, Japan, China and Europe will drive the 6.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion will reach a projected size of US$4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$675.6 Million by the year 2026, while Latin America will expand at a 7.6% CAGR through the analysis period.