03.07.12
The global herbal supplements and remedies market is forecast to reach $107 billion by the year 2017, spurred by growing aging population and increasing consumer awareness about general health and well being, according to a new report from Global Industry Analysts. Additionally, the fact that herbal supplements and remedies cause little or no side effects and provide greater efficacy is also proving to be a major factor aiding market growth.
The global herbal supplements and remedies market exhibited robust growth over the last decade, with little or no significant decline on account of the recent economic recession. The factors that fueled growth in the market include widespread acceptance of functional foods, rise in consumer confidence to include herbs in preventive health and alternative medicine regimens, supplier innovations, and the much awaited release of Current Good Manufacturing Practices (CGMP) for dietary supplements by FDA. The global market, in fact, exhibited steady growth during the crisis-ridden period of 2008-2009 and beyond. The importance of healthy diet and good lifestyle dominated the minds of consumers, which could not be dampened even by the financial meltdown witnessed in almost every sector worldwide. In fact, the recession has actually prompted increased preference for dietary supplements. Escalating prices, tighter budgets and high healthcare and lifestyle costs, have actually driven consumers towards the more economical, healthier and safer option of alternative medicine and dietary supplements, to get relief from physical and mental disorders.
Presently, the market for herbal supplements varies by region based on factors such as consumer awareness, product availability, and forms of delivery, product acceptance, and regional regulations. In the US and Europe, herbal medicines represent a major share of the pharmaceutical market and are included in the regular medical practice. However, the market is highly regulated and extremely difficult to enter, as companies need to pass through rigorous tests before mass production. In countries such as France, Germany, UK and India, herbal supplements along with pharmaceuticals, are sold in drugstores.
Europe is the largest region for herbal supplements and remedies, as stated by the new market research report on Herbal Supplements and Remedies, accounting for the largest share of the world market. Asia-Pacific and Japan make up the other important markets for herbal supplements on a global basis. In terms of growth rate, the Asia-Pacific market, led largely by China and India is set to pave the way with the highest CAGR of 10.5% through 2017. In terms of the product segments, Multi-Herbs dominates as the largest segment, capturing a significant share of the overall herbal supplements and remedies market worldwide. The segment is also forecast to race ahead of the other markets at the fastest compounded growth rate of 9.15% over the analysis period. Soy and Specialty Herbs are also expected to display strong growth potential in future.
Women, particularly in the middle-aged bracket, form the major consumer group owing to rising health-consciousness, increased concern for diet, and enhanced attention towards preventive healthcare. Over the years, several manufacturers of herbal supplements have emerged with various alternative therapies to relieve women from widely seen problems such as menopause, insomnia and hot flashes. Baby boomers represent another major consumer group for herbal supplements and remedies.
A major trend engulfing the marketplace is the rising demand for natural health and food supplements. Fish oils, herbal supplements and other natural offerings such as probiotic acidohiplus and detoxes are emerging as alternatives to conventional synthetic supplements. There is also a substantial increase in the sale of food supplements, despite the slow economy, as large numbers of consumers perceive food supplements as an anti-medicinal, low-cost alternative to lead a healthy life style. Food supplements including omega-3s, herbal extracts, multivitamins, probiotics, chondroitin and glucosamine experienced healthy growth rates despite the economic downturn. Another major trend observed in the market is a shift from single ingredient market to multiple ingredient-based medications for a particular condition. There is also an increased demand for herbal and botanical products in multi formula and combo packed format, as well as for chewable capsules and tablets.
The global herbal supplements and remedies market exhibited robust growth over the last decade, with little or no significant decline on account of the recent economic recession. The factors that fueled growth in the market include widespread acceptance of functional foods, rise in consumer confidence to include herbs in preventive health and alternative medicine regimens, supplier innovations, and the much awaited release of Current Good Manufacturing Practices (CGMP) for dietary supplements by FDA. The global market, in fact, exhibited steady growth during the crisis-ridden period of 2008-2009 and beyond. The importance of healthy diet and good lifestyle dominated the minds of consumers, which could not be dampened even by the financial meltdown witnessed in almost every sector worldwide. In fact, the recession has actually prompted increased preference for dietary supplements. Escalating prices, tighter budgets and high healthcare and lifestyle costs, have actually driven consumers towards the more economical, healthier and safer option of alternative medicine and dietary supplements, to get relief from physical and mental disorders.
Presently, the market for herbal supplements varies by region based on factors such as consumer awareness, product availability, and forms of delivery, product acceptance, and regional regulations. In the US and Europe, herbal medicines represent a major share of the pharmaceutical market and are included in the regular medical practice. However, the market is highly regulated and extremely difficult to enter, as companies need to pass through rigorous tests before mass production. In countries such as France, Germany, UK and India, herbal supplements along with pharmaceuticals, are sold in drugstores.
Europe is the largest region for herbal supplements and remedies, as stated by the new market research report on Herbal Supplements and Remedies, accounting for the largest share of the world market. Asia-Pacific and Japan make up the other important markets for herbal supplements on a global basis. In terms of growth rate, the Asia-Pacific market, led largely by China and India is set to pave the way with the highest CAGR of 10.5% through 2017. In terms of the product segments, Multi-Herbs dominates as the largest segment, capturing a significant share of the overall herbal supplements and remedies market worldwide. The segment is also forecast to race ahead of the other markets at the fastest compounded growth rate of 9.15% over the analysis period. Soy and Specialty Herbs are also expected to display strong growth potential in future.
Women, particularly in the middle-aged bracket, form the major consumer group owing to rising health-consciousness, increased concern for diet, and enhanced attention towards preventive healthcare. Over the years, several manufacturers of herbal supplements have emerged with various alternative therapies to relieve women from widely seen problems such as menopause, insomnia and hot flashes. Baby boomers represent another major consumer group for herbal supplements and remedies.
A major trend engulfing the marketplace is the rising demand for natural health and food supplements. Fish oils, herbal supplements and other natural offerings such as probiotic acidohiplus and detoxes are emerging as alternatives to conventional synthetic supplements. There is also a substantial increase in the sale of food supplements, despite the slow economy, as large numbers of consumers perceive food supplements as an anti-medicinal, low-cost alternative to lead a healthy life style. Food supplements including omega-3s, herbal extracts, multivitamins, probiotics, chondroitin and glucosamine experienced healthy growth rates despite the economic downturn. Another major trend observed in the market is a shift from single ingredient market to multiple ingredient-based medications for a particular condition. There is also an increased demand for herbal and botanical products in multi formula and combo packed format, as well as for chewable capsules and tablets.
