… IMF Says Growth Will Be Hindered Due To COVID-19 Outbreak
The global herbal supplements market size is expected to reach $ 191.7 billion by the end of 2030.
According to a latest study, the market will show a steady increase at 10.6% CAGR between 2020 and 2030.
According to the report, the growing need for supplements to encourage preventive health initiatives and an increase in per capita disposable income in developing economies around the world is accelerating the growth of the global market.
Herbal supplements help maintain cholesterol levels, control the digestive system, and reduce stress. These benefits are widely promoted by industry players, which in turn drives the sales of herbal supplements around the world.
The report provides a detailed analysis of the industry, covering key growth drivers, restraints, opportunities, and dominant models. This uses innovative analysis techniques to provide market analysis with the highest precision.
It includes in-depth information about the Herbal Supplements market. Some of them are:
The estimated market value was US $ 70 billion in 2020. During the forecast period of the report, the market is expected to show a steady growth rate.
The high demand for herbal products and the easy availability of the herbs are driving the growth of the regional market in countries like China and India.
The increase in the geriatric population and the prevalence of chronic disorders in the region are expected to further fuel the demand for herbal supplements in Asia-Pacific during the forecast period.
The European market is expected to show the highest growth rate during the forecast period owing to the increase in the vegan population, followed by government policies to promote the consumption of organic products, especially in Germany and France .
During the forecast period, Asia-Pacific is expected to increase at the fastest CAGR.
âConsumers are able to incorporate herbal supplements into their routine diet, which has indeed contributed to the growth of the market.
Additionally, high healthcare costs, inactive lifestyles, tighter government budgets, and rising prices for medicinal and nutritional products have led customers to turn to more economical choices, such as supplements. herbal.
Depending on how their preferences change, companies are more likely to focus on strengthening their portfolio and expanding their geographic reach to gain competitive advantage, âsaid a senior analyst.
COVID-19 outbreak will impact industry growth
Many drug companies are launching herbal medicine products because these drugs are less susceptible to side effects. Hence, these factors work during the forecast period as a beneficial opportunity for the herbal supplement industry.
Herbal supplements are less successful and therefore cause delayed recovery in many medical conditions which are hampering the growth of the market.
The coronavirus epidemic has had a major impact on the consumption habits of buyers. Companies tend to closely monitor their supply chains and take the appropriate steps to ensure that consumers have consistent access to the products they want.
They are able to manage disruptions and shift supply to minimize the effects from one country to another. In the F&B sector, the coronavirus epidemic has not been easy. At this crucial moment, all industry players are unanimously rooting for the government to support them.
Major players in the global herbal supplements and remedies market include Sundown Nutrition, Twinlab Corporation, Martek Biosciences Corporation, Natures Aid, DSM Nutritional Products Ltd., i-Health, Inc., Nutraceutical Corporation, Ricola AG, Bio-Botanica , Inc., ARKOPHARMA Pharmaceutical Laboratories and The Himalaya Drug Company. By nature, this market is fragmented.
The main strategic tactics followed by market participants to gain competitive advantage are direct sales, product bundling offers, and full discounts.
In addition, mergers and acquisitions continue to be a common strategy among market players. Through strategic partnerships, the companies plan to expand their global presence.