Introduction
The term nutraceutical describes products made from natural sources that have health benefits beyond the basic nutritional value found in food. Nutraceuticals are used to promote general well-being and prevent illnesses.
Herbal nutraceuticals are obtained from natural sources with no added chemicals or toxins. These products are highly effective and safer and more tolerable than conventional products available in the market. It helps in maintaining health and acts against nutritionally induced acute and chronic diseases, which promotes optimal health, longevity, and quality of life.
Herbal nutraceuticals are gaining importance in consumer’s daily diet around the world. The major reasons for this change have been the increasing prevalence of lifestyle diseases and people consciously taking preventive healthcare measures with natural products.
The demand for these products are likely to increase during this pandemic period. It playing a crucial role in prevention of the infection, treatment of infection-associated malnutrition, and possibly the infection itself in COVID-19 patients and suspected cases.
Table of Contents
Market Overview
The global herbal nutraceuticals market is expected to grow to $43.80 billion by 2025
Growth momentum is expected to accelerate during the forecast period with an 8.52% CAGR.
Growth in the field of herbal medicines and their medicinal products, consumer attitude towards these products with added health and wellness benefits is fueling the market growth.
APAC is dominating the market owing to the burgeoning population coupled with rising disposable income.
Key Trends
Evolving consumer trends, in terms of diet and consumption of various natural nutritional products, are one of the major factors expected to have a strong influence on the overall growth
The booming e-Commerce sector around the world is another major factor anticipated to fuel the growth of the global market during the forecast period.
R&D in herbal nutraceutical products is also expected to aid in growth of the market
Key Market Players
Some of the key players in the market are Now foods, Herbochem, OREGON'S WILD HARVEST, Gaia Herbs Farm, Nature’s Bounty, Bio Botanica.
The market players are continuously engaged in growing their presence in the market through various inorganic strategies, such as acquisition, merger, strategic collaboration, and others, to gain significant market share and strengthen their product portfolios.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, herbal nutraceuticals products are helpful in the management of chronic diseases.
The rising global geriatric population is another crucial driving factor.
Changing lifestyle and the rising disposable income is driving the market.
The high prices of organic products are limiting their adoption is a major restraining factor in the global market.
Limited awareness about these products and their health benefits in many countries are challenging the market growth.