Herbal Dietary Supplement Market to Reach $21.4 Billion Globally by 2032 at 7.1% CAGR: Allied Market Research
Increasing global demand for natural health solutions and herbal supplements to enhance well-being is projected to drive the global herbal dietary supplement market’s growth during the forecast period. The Europe region is predicted to hold the major market share by 2032.
/EIN News/ -- Wilmington, Delaware, June 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Herbal Dietary Supplement Market Size, Share, Competitive Landscape and Trend Analysis Report by End User, by Product Type : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global herbal dietary supplement market generated $11 billion in 2022, and is anticipated to generate $21.4 billion by 2032, rising at a CAGR of 7.1% from 2023 to 2032.
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Prime Determinants of Growth
The growing awareness among consumers about the health benefits of herbal dietary supplements and the changing consumer preferences towards natural & plant-based solutions for health & wellness are the factors expected to drive the growth of the global herbal dietary supplement market in the forecast period from 2023 to 2032. However, the quality & safety concerns and the lack of strict regulations may restrict market growth in the coming future. Contrarily, the increasing integration of herbal dietary supplements & CAM into mainstream healthcare and the growing consumer preference for minimally processed foods with additional nutritional benefits are expected to offer remunerative opportunities for the herbal dietary supplement market expansion during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $11 billion |
| Market Size in 2032 | $21.4 billion |
| CAGR | 7.1% |
| No. of Pages in Report | 310 |
| Segments Covered | Product Type, End User, and Region |
| Drivers | Increasing awareness about the importance of health & well-being |
| Growing preference for natural alternatives | |
| Rising healthcare investment | |
| Opportunities | Rising consumer preference for minimally processed foods |
| Integration in healthcare | |
| Restraints | Lack of strict regulations |
Product Type: Tablets and Capsules Sub-segment to Hold Major Share by 2032
The tablets and capsules sub-segment accounted for the largest global herbal dietary supplement market share of 40.5% in 2022 and is expected to continue to hold major share by 2032. This growth is majorly owing to their convenience, precise dosing, and ease of incorporation into daily routines. These forms offer controlled release for better absorption, easy storage, portability, and accurate dosage measurement, enhancing consumer acceptance and driving market growth.
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End User: Home Use Sub-segment to be the Most Dominant During the Forecast Period
The home use sub-segment held the largest market share of 43.2% in 2022 and is predicted to lead and grow at the highest CAGR of 7.6% during the forecast period. This growth is mainly owing to the versatility and personalization of herbal supplement powders. Consumers favor powders for their flexibility, allowing incorporation into beverages like smoothies and teas, catering to individual taste preferences and health goals, thus boosting the sub-segment's growth.
Region: Europe Market to Witness Prominent Growth by 2032
The Europe herbal dietary supplement market accounted for the largest share of 43.0% in 2022 and is predicted to continue to dominate in terms of market share by 2032. The region’s growth is attributed to dynamic consumer preferences, increasing incorporation of supplements into daily regimens, and the convenience of over-the-counter availability. The market’s focus on natural, plant-based solutions aligns with Europe’s emphasis on preventive health and holistic wellness approaches.
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Leading Players in the Herbal Dietary Supplement Market:
- GNC
- Rainbow Light
- Jarrow Formulas
- Pure Essence
- Swanson
- Amway
- Herbalife
- Nature’s Sunshine
- Nature’s Way
- Pharmavite
The report provides a detailed analysis of the key players of the global herbal dietary supplement market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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