The latest market report published by Credence Research, Inc. “Global Herbal Supplements Market: Growth, Future Prospects, and Competitive Analysis, 2022 – 2030. The worldwide herbal supplements market has grown steadily in recent years and is predicted to increase at a CAGR of 6.50% between 2023 and 2030. In 2022, the market was valued at USD 6.5 billion, and it is predicted to grow to USD 10.1 billion by 2030.
Herbal Supplements Market represents a burgeoning segment within the global health and wellness industry, anchored in the ancient practice of using plants for medicinal purposes. These supplements, derived from herbs, roots, flowers, and other plant parts, have been increasingly embraced by modern consumers seeking natural alternatives for healthcare and well-being. Driven by a collective shift towards organic and holistic health solutions, the market has seen an uptick in demand across various demographics, from millennials to the elderly.
Global trends, such as the growing awareness of preventive healthcare, the distrust of synthetic chemicals, and the influence of traditional medicine systems like Ayurveda, Traditional Chinese Medicine, and Naturopathy, further bolster its growth. Coupled with scientific research validating the efficacy of certain herbs and aggressive marketing by manufacturers, herbal supplements have found their way into mainstream health regimes. However, the market also grapples with challenges such as quality control, standardization, and regulatory discrepancies. In essence, the Herbal Supplements Market is a confluence of tradition and modernity, catering to a consumer base that values natural, holistic health solutions.
Herbal Supplements Market faces several major challenges that require careful consideration for sustained growth and development. One of the primary hurdles is the lack of stringent regulations in this industry, which leads to concerns regarding product quality, authenticity, and safety. Due to limited oversight, it becomes difficult for consumers to distinguish between genuine herbal supplements and counterfeit or adulterated products. Additionally, misinformation and unsubstantiated health claims surrounding these supplements further compound the challenge by creating confusion among potential buyers. Moreover, the market’s rapid expansion has attracted numerous new entrants who may not possess adequate knowledge about herb-drug interactions or appropriate dosage recommendations – posing potential risks for consumer health.
List of the prominent players-
- Royal Cosun (Netherlands)
- Greenyard (Belgium)
- Himalaya Food International Ltd. (India)
- J.R. Simplot Company (US)
- Lamb Weston Holdings, Inc. (UK)
- General Mills, Inc. (US)
- Mondelez International, Inc. (US)
- THE KRAFT HEINZ COMPANY (US)
- Royal Ingredients Group (Netherlands)
Browse 253 pages report Herbal Supplements Market By Formulation (Powder, Liquid, Tablets, Capsules) By Product type (Moringa, Echinacea, Flaxseeds, Turmeric) – Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/herbal-supplements-market
Herbal Supplements Market Partnership and Acquisition-
- Expansion into New Markets: Established herbal supplement brands often partner with or acquire local companies to gain a foothold in emerging markets, leveraging the local company’s distribution network, market knowledge, and consumer trust.
- Access to Raw Materials: Acquisitions can be strategically aimed at securing consistent, high-quality sources of raw herbal ingredients, ensuring supply chain stability.
- Product Portfolio Diversification: Acquiring companies with a distinct range of herbal products allows firms to offer a more comprehensive product lineup, catering to a broader consumer base.
- Research Collaborations: Companies often collaborate with research institutions, universities, or biotech firms to bolster R&D capabilities. Such partnerships can lead to the development of advanced, evidence-backed herbal formulations.
- Strengthening E-commerce Presence: With the rise of online shopping, acquisitions of or partnerships with e-commerce platforms or digital marketing agencies can enhance a company’s online visibility and sales.
- Vertical Integration: Acquiring firms up or down the supply chain, from cultivation to retail, allows companies to control more aspects of the product lifecycle, ensuring quality and potentially reducing costs.
- Innovation Drive: Startups often bring innovative products or technologies to the table. Acquiring or partnering with these startups allows established companies to introduce novel products and stay ahead of market trends.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Herbal Supplements Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The global Herbal Supplements Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
Browse Full Report: https://www.credenceresearch.com/report/herbal-supplements-market
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