Herbal Nutraceuticals Market is Estimated to Witness High Growth Owing to Increasing Demand for Plant-Derived Medicines
Herbal nutraceuticals are plant-derived products used for food supplements and medicines. They contain active ingredients with potential health benefits such as vitamins, minerals, fatty acids, proteins and fibers. Some common herbal nutraceuticals include ginkgo biloba, echinacea, ginseng, garlic and saw palmetto. They are used to promote general wellness, aid in weight management, boost immunity and treat conditions like arthritis, diabetes and heart disease.
The global herbal nutraceuticals market is estimated to be valued at US$ 36.28 Bn or in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for plant-derived medicines is the major driver boosting growth of the herbal nutraceuticals market.Patients are increasingly preferring natural remedies over pharmaceutical drugs due to fewer side effects. Additionally, rising health consciousness among consumers has heightened demand for dietary supplements offering numerous health benefits. The herbal nutraceuticals market is also driven by its potential anti-inflammatory, anti-oxidant and immune-boosting properties which help prevent onset of chronic diseases. However, lack of clinical trials and standardization in dosage forms remains a challenge for herbal nutraceuticals.
SWOT Analysis
Strength: Herbal nutraceuticals are derived from natural sources and are perceived to have lesser side effects than synthetic drugs. They help boost immunity and have antioxidant properties. Herbal nutraceuticals also address various chronic diseases and aid in recovery from illnesses.
Weakness: Standardization and quality control of herbal products are often challenging. Herbal formulations may interact with conventional drugs. Scientific evidence for the therapeutic efficacy of some herbal nutraceuticals is still limited.
Opportunity: Rising health awareness and preference for preventive healthcare are driving the demand for herbal nutraceuticals. Increasing incidence of lifestyle diseases also provides an opportunity for herbal product companies to innovate and develop formulations targeted at specific health conditions.
Threats: Stricter regulatory norms for herbal products in developed markets and proliferation of counterfeit products are key threats. Price fluctuations of raw material also impact product margins. Patents on herbal formulations are difficult due to the traditional knowledge attached.
Key Takeaways
The global Global Herbal Nutraceuticals Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 36.28 Bn by 2023.
The Asia Pacific region dominates the global Herbal Nutraceuticals market currently. India and China are the major markets in the region attributed to the popularity and tradition of Ayurveda and traditional Chinese medicine. Japan is also a major consumer driven by an increasingly health-conscious population.
Key players operating in the Herbal Nutraceuticals market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart), among others.
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