Herbal Supplements Market Size, Share & Trends Analysis Report By Product (Moringa), By Formulation (Tablets, Capsules), By Consumer (Pregnant Women), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Herbal Supplements Market Size & Trends

The global herbal supplements market size was valued at USD 39.3 billion in 2023 and is projected to grow at a CAGR of 7.3% from 2024 to 2030. The market surge can be credited to the major shifts in consumer preferences. Consumers have increasingly recognized the benefits of preventive healthcare and sought natural products and medicines for their physical well-being. For instance, echinacea, a herbal product has gained significant traction owing to its immune-boosting properties in the wake of the recent pandemic.

Another significant market driver is the growing trend towards natural and plant-based products. Herbal supplements are extensively utilized for their healing properties, as treatments for various illnesses, and as effective synthetic alternatives. These supplements are made from natural ingredients, primarily used to enhance physical and mental health. They are manufactured from plant substances and have low side effects. Manufacturers have considerably leveraged the natural labeling of herbal supplements to drive maximum demand from health-conscious consumers seeking natural remedies for their well-being.

Moreover, the popularity of adaptogenic herbs, such as Rhodiola rosea and ashwagandha has also contributed to market growth. These herbs are renowned for their ability to help the body adapt to stress and reduce anxiety, making them highly sought after in today’s fast-paced world. In addition, conditions such as obesity, diabetes, and cardiovascular diseases have prompted individuals to seek preventive and complementary health solutions. Herbal supplements, known for their therapeutic properties, have been used to manage and mitigate these conditions.

Technological advancements and product innovations have further propelled the market. Major companies including Solgar, Inc. and Nature’s Bounty have invested in research and development to create new and improved herbal supplements that cater to specific health needs. For instance, curcumin, derived from turmeric, has been increasingly used for its health benefits and as a natural coloring agent in the food industry. Such dual functionality has driven its demand across various sectors.

Product Insights

The echinacea segment dominated the market with a share of 17.4% in 2023 attributed to the rising awareness about the benefits of echinacea, particularly its immune-boosting properties. Echinacea, known for its ability to enhance immune function and reduce the severity and duration of colds and flu, has increasingly become a popular choice among consumers seeking natural remedies. It is a widely used supplement that improves blood sugar levels, anxiety inflammation, and skin health. Furthermore, major companies have invested in research and development efforts to create new formulations and delivery methods for echinacea supplements, making them more effective and convenient for consumers. Moreover, the expansion of distribution channels, including online retail, has made echinacea supplements more accessible to a broader audience, contributing to increased sales.

Turmeric is expected to register the fastest-growing CAGR during the forecast period. The surging demand is due to the increasing awareness of the health benefits associated with turmeric, particularly its active compound, curcumin. Curcumin is renowned for its potent anti-inflammatory and antioxidant properties that help consumers manage conditions such as skin treatment, arthritis, digestive issues, and overall immune support. Another crucial factor is the expanding application of turmeric across various industries, particularly in the food and beverage sector. Turmeric has been increasingly valued for its health benefits and its use as a natural coloring and flavoring agent. Furthermore, consumers have increasingly sought clean-label products including turmeric free from artificial additives and preservatives.

Formulation Insights

Capsules secured the dominant market share in 2023 pertaining to the wide availability of herbal supplements in capsule form that offers convenience and ease of consumption in pre-measured doses. Unlike other forms such as powders or liquids, capsules are easy to swallow, have no taste, and can be taken on the go. This makes them a preferred choice for busy individuals who seek quick and hassle-free ways to incorporate supplements into their daily routines. Additionally, capsules provide extended shelf life. They are known for their ability to protect the active ingredients from environmental factors such as light, moisture, and air, which can degrade the potency of the supplements. This ensures that the supplements remain effective for a longer period, providing better value for consumers and reducing waste.

Tablets are projected to emerge at a CAGR of 12.3% during the forecast period. Consumers have increasingly preferred tablets as these are easy to swallow, have precise dosages, and easy portability. Tablets aid in quicker absorption of vitamins and minerals. Major companies manufacture herbal supplements in tablet form to offer durability and sturdiness as tablets are less prone to breakage. Furthermore, technological advancements and innovations in tablet formulation have further propelled the market. Enhanced formulation techniques ensure better bioavailability and absorption of the active ingredients, making the supplements more effective. Moreover, the development of vegetarian and vegan tablets has expanded the market, catering to the growing demand for plant-based and cruelty-free products.

Consumer Insights

The adult segment dominated the market in 2023 with a share of 42.7% owing to the rising health-consciousness. With a growing awareness of the benefits of preventive healthcare, many adults have turned to herbal supplements to maintain and improve their health. This trend is particularly strong among those looking to manage stress, boost immunity, and support overall wellness. Conditions such as obesity, diabetes, and cardiovascular diseases have increasingly become more prevalent, prompting adults to seek natural and holistic remedies.

The geriatric population is expected to emerge as the fastest-growing CAGR segment during the forecast period owing to the increasing awareness of preventive healthcare among the elderly. They have increasingly preferred herbal supplements as a natural and holistic approach to combat the rising prevalence of chronic diseases and age-related issues such as arthritis, cardiovascular diseases, and cognitive decline. Herbal supplements, with their therapeutic properties, have been used as complementary treatments to manage these conditions. For instance, turmeric is popular for its anti-inflammatory benefits, while ginkgo biloba is sought after for its potential to enhance cognitive function

Distribution Channel Insights

The offline segment dominated the market in 2023. The easier availability of various herbal supplement products in offline retail and wholesale stores aids the market growth of this segment. Major companies have invested heavily in marketing campaigns by advertising their products in these offline stores. They have leveraged clean-label products with attractive packaging and discounts to improve market penetration. Furthermore, a strong distribution network among retail stores, wholesalers, and manufacturers has allowed seamless and efficient trade of products. These factors have collectively resulted in the market growth of this segment.

Online channels are expected to grow at a substantial CAGR over the forecast period owing to the increased adoption of online platforms and the booming e-commerce sector. Major companies have adopted online visibility strategies by selling their products through their websites and e-commerce platforms to aid market expansion. E-commerce platforms enable companies to reach consumers globally and expand their market. Furthermore, consumers have alarmingly switched to online shopping. It allows them to browse through various categories and gain knowledge about different herbal supplement products to make an informed decision before purchase.

Regional Insights

The herbal supplements market in North America registered 43.2% of the global revenue share in 2023 owing to the increasing health consciousness among consumers. As more people become aware of the benefits of preventive healthcare, the market saw an increasing shift in consumer preference for natural products including herbal supplements over synthetic alternatives. The growth was further augmented by the heightened focus on maintaining health and managing age-related conditions. Herbal supplements, known for their natural and therapeutic properties have been increasingly favored by adults seeking to support joint health, cognitive function, and cardiovascular health.

U.S. Herbal Supplements Market Trends

The U.S. herbal supplements market was propelled by the growing number of consumers adopting natural and clean-label products. Consumers have become alarmingly aware of the benefits of preventive healthcare, resulting in a growing preference for natural and plant-based products over synthetic alternatives. In addition, the rise in chronic diseases and lifestyle-related health issues such as obesity, diabetes, and cardiovascular diseases have also driven the market growth to manage and mitigate these conditions.

Europe Herbal Supplements Market Trends

The Europe herbal supplements market held a lucrative market share of 36.1% in 2023. This growth can be attributed to the growing geriatric population leading to an increased demand for herbal supplements. These supplements aid in improving immunity and cognitive function. Furthermore, the expansion of distribution channels, including online retail, has made herbal supplements more accessible to a broader audience. The convenience of online shopping, coupled with the availability of a wide range of products, has significantly driven sales and market penetration.

The UK herbal supplements market is expected to grow rapidly due to the rising number of health-conscious consumers preferring herbal supplements over supplements with artificial ingredients. Growth in the fitness community had a positive influence in driving demand for herbal supplements as an easy, convenient option to consume the required nutrients to maintain a healthy body.

Asia Pacific Herbal Supplements Market Trends

The Asia Pacific herbal supplements market accounted for 13.9% of the market share in 2023 owing to the increased adoption of herbal supplements to improve physical and mental health. The market was propelled by technological advancements and product innovations. Major companies have heavily invested in R&D efforts to create new and improved herbal supplements that can cater to specific health needs. Furthermore, rising disposable income has resulted in consumers opting for herbal supplements made from premium ingredients.

Key Herbal Supplements Company Insights

Some of the major companies operating in the herbal supplements including Jarrow Formulas, Inc., Solgar, Inc., Nature’s Bounty, and more have increasingly focused on improving market expansion by launching new products with better ingredients, innovative marketing campaigns, mergers, and strategic partnerships to continue their dominant footprint in the market.

• Jarrow Formulas, Inc. is a company that formulates and supplies natural supplements. The company specializes in the sale of products such as dietary supplements, probiotics, and vitality products.

• Solgar, Inc. is a vitamins and herbs company that manufactures and distributes nutritional supplements. The company deals with sale of products such as multivitamins, minerals, botanicals, and specialty formulas.

Recent Developments

• In May 2023, Solgar Inc. announced a three-year partnership of becoming the official wellness partner of The Great Run Company to spread brand awareness through this collaboration along with the benefits of their high quality nutritional supplements.

Herbal Supplements Market Report Scope

Global Herbal Supplements Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global herbal supplements market report based on product, formulation, consumer, distribution channel, and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Moringa

  • Echinacea

  • Flaxseeds

  • Turmeric

  • Ginger

  • Ginseng

  • Others

• Formulation Outlook (Revenue, USD Million, 2018 - 2030)

  • Tablets

  • Capsules

  • Liquid

  • Powder

  • Soft Gels

  • Others

• Consumer Outlook (Revenue, USD Million, 2018 - 2030)

  • Pregnant Women

  • Adults

  • Pediatric

  • Geriatric

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Offline

    • Pharmacies & Drug Stores

    • Hypermarkets/Supermarkets

    • Others

  • Online

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait