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The global herbal food supplements market is driven by increasing the spending capacity of consumers on health and wellness products. Herbal food supplements such as herbal teas, culinary spices, and traditional medicine products are gaining traction owing their efficacy, safety, nature of raw materials especially the plant extracts and the enhanced availability of such products in the retail space. Major companies operating in the global herbal food supplements market are focusing on the new product development in order to remain relevant and maintain their prominence in dynamically evolving market.
Consumers have exhibited greater inclination towards products that facilitate them in the preventive healthcare approach – Additionally the increase in discretionary spending has brought natural products to the forefront. Millennials and Baby boomers have shown willingness to spend extra dollars on supplements with natural product positioning, recognizable and effective ingredients, and ease-of-use. Concretized efforts by market players to develop innovative products and adoption of competitive marketing strategies is further projected fuel the growth of global herbal food supplements market.
Key Market Driver -
Growing Preferences Towards Natural and Minimally-Processed Ingredients such as Curcumin.
Key Market Restraint -
Production Cost and Menace of Sub-Standards Products
The availability of raw materials due to seasonal fluctuations remains uncertain and this is acting as a restraining factor for the market. Furthermore, strict government regulations and lack of awareness about dosage consumption is also expected to restrict market growth. Herbal security is also one of the major concerns that can restrict the full-fledged growth of the market during foreseeable years.
Key emerging markets are still considering herbal supplements under the existing food or drug regulations and legislation. For instance, senna and cascara based herbal medicines with a long history of use are regulated in most countries as OTC drugs rather than dietary supplements.
Some of the major companies that are present in the global herbal food supplements market are Jarrow Formulas, Inc. (U.S.), Bio Botanica, Inc. (U.S.), NOW Foods (U.S.), Ancient GreenFields Pvt Ltd. (India), Nature's Bounty Co. (U.S.), Gaia Herbs (U.S.), Dawnmoringa (India), The Archer Daniels Midland Company (U.S.), Naturalife Asia Co., Ltd. (South Korea), and Arizona Natural Products (U.S.).
On the basis form, the global herbal food supplements market has been segmented into capsules & tablets, oils, powder & granules, and others. Capsules and tablets segment is expected to hold a significant market share owing to enhanced convenience, processing efficiency and wider availability of dietary supplements in the aforementioned forms.
On the basis of ingredient, the herbal food supplements market includes turmeric, wheat/barley grass, flax seed/oil, aloe, and others. Turmeric (curcumin) based herbal supplements are witnessing growing popularity owing to their strong antioxidant properties and well-documented usage that provides it a generally regarded as safe (GRAS) status.
Hypermarkets/supermarkets, convenience stores, online retail, and specialty stores are prominent distribution channels in the global herbal food supplements market. Mass merchandisers (hypermarkets/supermarkets) are leading channels owing to wider product availability, attractive discounts, and distinct shelf space that is provided to nutraceuticals.
North America currently holds sway in the global herbal food supplements market and is expected to continue its dominance during the forecast years, owing to favorable demand dynamics, along with rising product launches in prominent markets such as the United States and Canada.
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Europe is another prominent market for herbal food supplements owing to the growing percentage of elderly people, the robust popularity of plant extracts and active principles thereof. Asia Pacific will witness the fastest growth due to momentous increase in trading activities and consumption patterns of plethora of botanicals in the markets such as India, China, and Thailand.
By Distribution Channel
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