Global Herbal Supplements Market: A herb is a plant part or plant used for its flavor, scent, or therapeutic properties. Herbal supplements are type of dietary supplement. They are sold as powders, tablets, capsules, teas, extracts, and fresh or dried plants. People use herbal supplements to maintain or improve their health.
Major factors driving growth of the global herbal supplement market are increasing adoption of herbal products by aging population and increasing incidence of lifestyle related diseases. In addition, changing lifestyle and standards of living, increasing disposable income, and unhealthy eating habits such as fast food and meals-on-the-go are some other factors driving growth of the global herbal supplement market. Increasing demand for dietary supplements among working and pregnant women are other factors further fueling growth of the global herbal supplements market. Growing popularity of multi-herbs and concerns relating to side-effects of allopathic drugs is further fueling growth of the global market.
A major factor hampering growth of the global herbal supplements market is high cost of product. In addition, stringent government regulation, product availability and acceptance, and lack of awareness regarding dosage consumption is further hampering growth of the global market.
Current trend in the market is increasing demand from aging population and people with hectic and fast lifestyle. In addition, increasing R&D and availability of new product variants is expected to create lucrative opportunities for major players in the global market, which is expected to further drive growth of the global herbal supplements market during the forecast period.
The global herbal supplements market is segmented on the basis of source, function, form, application, and region.
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North America dominates the global market in terms of revenue and is expected to maintain its dominance during the forecast period. The market in North America is expected to register a CAGR of XX.X% owing to technological advancements and increasing R&D by major players in this region. The market is Europe holds second position owing to higher acceptance of herbal supplements and favorable government regulations. The market in Asia Pacific is expected to witness significant growth and is expected to register a CAGR of XX.X% during the forecast period.
Key players in the global herbal supplements market are Archer Daniels Midland Company, Herbalife International of America Inc., Glanbia plc, Nutraceutical International Corporation, Arizona Natural Products, Ricola AG, NaturaLife Asia Co. Ltd., Bio-Botanica Inc., Blackmores, and The Himalaya Drug Company.