The herbal supplements market is projected to reach USD 86.74 billion by 2022 at a CAGR of 6.8% from 2016 to 2022. The market is driven by factors such as increase in ageing population, growing female buyers for dietary supplements, use of herbal products by young demography, and increasing consumer awareness for preventive healthcare measures.
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- Archer Daniels Midland Company (U.S.)
- Glanbia plc (Ireland)
- Herbalife International of America, Inc. (U.S.)
- Blackmores (Australia)
- Nutraceutical International Corporation (U.S.)
Pharmaceuticals segment led the herbal supplements market by application, with the largest share
Herbal supplements are heavily used in the pharmaceutical industry. European herbal medicine ingredients have a promising market in countries, such as U.S., Russia, and Japan. This is due to consumer preference regarding the quality of European herbal medicines, especially German and Swiss production. The Latin American and Asia-Pacific regions are promising markets for the application of herbal supplements in the pharmaceutical industry due to increased research & development activities, and consumer acceptance towards herbal remedies.
Europe to lead the market in terms of market share by 2022
Europe is the largest market for herbal supplements. Growing awareness about dietary supplements in the region fuels the growth of the herbal supplements market. In this region, Germany leads the market owing to the high consumption of dietary supplements in the country, which provides considerable potential for the growth of herbal supplements as well. Other countries such as France and Italy are among the major markets for herbal supplements. Consumer preference for natural, chemical-free products is one of the major factors driving the growth of the European market.
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This research report categorizes the herbal supplements market based on source, function, application, form, and region. The market has been segmented on the basis of source, which includes leaves, barks, fruits & vegetables, and roots. On the basis of function, it includes medicinal and aroma. On the basis of application, it includes pharmaceuticals, food & beverages, and personal care. Capsules, powder, syrups, and oils are the forms of herbal supplements. Regional segmentation of the market includes North America, Europe, Asia-Pacific, and RoW (Rest of the World).