Sarasota, FL, Sept. 18, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Herbal Supplement Market by source (Leaves, Barks, Fruits & vegetables, Roots); by Application (Pharmaceuticals, Food & Beverages, Personal care); by Function (Medicinal, Aroma): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2022". According to the report, the global herbal supplement market is expected to reach approximately USD 86.74 billion by 2022, growing at a CAGR of around 6.8% between 2017 and 2022.
Herbal medicines include herbal supplements, herbs, herbal preparations, and finished herbal products. The herbal supplement is one of the types of dietary supplements that are made from natural plants. The herbal supplement is nothing but the food supplement. It is used as a medicinal treatment. Herbal supplement strategy is to improve health.
Browse through 39 Market Tables and 21 Figures spread through 140 Pages and in-depth TOC on "Global Herbal Supplement Market: By Source, Application, Industry Size, Share, Segments and Forecast 2016 – 2022”.
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The herbal supplement market is expected to witness substantial growth within the forecast period. The market is mainly driven by the demand for herbal supplements which is stimulated by an increase in healthcare expenses across the globe. Rise in prices of drugs, medical devices, and hospital care is the factors triggering the rise in health care costs. The growing awareness of preventive health care methods is the major driving factor of herbal supplement market.
On the basis of source, the market can be classified into leaves, barks, fruits & vegetables, and roots. Among all the source type, leaves segment is the largest growing segment in herbal supplement market in 2016. It accounted the largest market share in terms of revenue. The herbal supplement is mostly made up from plant leaves, due to this; they have continuous demand in the market. Some of the common leaf extracts are used to make herbal supplements. Others sources like barks, fruits & vegetables, and roots are also expected to propel herbal supplement market in coming future.
Browse the full " Herbal Supplement Market by source (Leaves, Barks, Fruits & vegetables, Roots); by Application (Pharmaceuticals, Food & Beverages, Personal care); by Function (Medicinal, Aroma): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2022 " report at https://www.zionmarketresearch.com/report/herbal-supplement-market
The market can be segmented on the basis of application into pharmaceuticals, food & beverages, and personal care. Among all the applications, the pharmaceutical segment is the leading application segment than others. Pharmaceutical segment held the highest CAGR from 2016 to 2022. Research & development offers the vast opportunity for the industry participants.
On the basis of function, herbal supplement market categorized into medicinal and aroma. Both are the leading segment of herbal supplement market. Among these two, medicinal segment accounted largest market share in 2016, in terms of revenue. The medicinal products of herbal plants have no side effects and it offers ayurvedic treatments.
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Europe is the largest market for an herbal supplement. Europe dominated the global herbal supplement market. It has 45% of the market share during 2016. Key factors affecting the market are increasing the popularity of natural, free chemicals, and more controlled products. Europe leads an herbal supplement market due to higher consumer acceptance rate for herbal products and legislation. Acquisitions of small nutraceutical companies have played a crucial role in aiding market growth in Europe. Western Europe and Eastern Europe together hold the highest market share in terms of revenue.
After Europe, Latin American and Asia-Pacific regions are potential markets for herbal supplements in the pharmaceutical industry due to increased efficiency in research & development initiatives taken by manufacturers. Asia Pacific is the fastest growing market having 9.1% of CAGR. Countries such as China and India are expected to boost the demand for herbal supplements owing to the increased focus on using herbal products, a rise in research activities on dietary supplements, and growing acceptance rate for herbal remedies. China and India are two large contributors to the growth rate of Asia Pacific.
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North America accounts for the leading share in the global market. Supplementary vitamins and dietary supplements in this region use herbal products in high quantity. This, in turn, is expected to increase in applications of herbal supplement market in this region. Consumers of North America spend over a billion dollars a year on herbal remedies.
Middle East & Africa is expected to witness significant growth in the near future. This growth is mainly due to the increasing middle-class population and herbal supplement production. Growth is expected in this region, which offers a considerable opportunity for growth of the herbal supplements market in developing regions due to high consumer acceptability. This region is expected to experience noticeable growth in terms of function over the forecast period as it is an important market.
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Some of the major companies have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. The key players operating in the global herbal supplement market are Archer Daniels Midland Company, Arizona Natural Products, Bio-Botanica Inc., Blackmores, Glanbia PLC, Herbalife International of America Inc., Naturalife Asia Co., Ltd., Nutraceutical International Corporation, Ricola, and The Nature's Bounty Co. The herbal supplements market is characterized by moderate competition due to the presence of a number of large- and small-scale firms.
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This report segments the global herbal supplement market as follows:
Global Herbal supplement market: Source Segment Analysis
Global Herbal supplement market: Application Segment Analysis
Global Herbal supplement market: Function Segment Analysis
Global Herbal supplement market: Regional Segment Analysis
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