…FMI says Growth to Hamper Due to COVID-19 Outbreak
The global herbal supplements market size is expected to reach US$ 191.7 Bn by the end of 2030.
According to a latest study, the market will show a steady rise at 10.6% CAGR between 2020 and 2030.
According to the report, the growing need for supplements to encourage preventive health initiatives and an increase in disposable per capita income in the world’s developing economies is accelerating global market growth.
Herbal supplements help conserve cholesterol levels, control the digestive system and reduce stress. The industry players are promoting these benefits widely, which in turn boosts the sales of herbal supplements worldwide.
The report provides a detailed analysis of the industry, covering key drivers of growth, restraints, opportunities and dominant patterns. This uses innovative analysis techniques to provide market analyzes with the most precision.
It includes in-depth insights into the herbal supplements market. Some of these are:
The estimated value of the market was at US$ 70 Bn in 2020. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
High demand for plant-based products and easy availability of herbs are driving regional market growth in countries like China and India.
Rising geriatric population and the prevalence of chronic disorders in the area are expected to further fuel the Asia-Pacific demand for herbal supplements over the forecast period.
The European market is projected to show the highest growth rate in the forecast period due to the increasing vegan population, followed by government policies to promote the consumption of organic goods, in particular in Germany and France.
In the forecast period Asia-Pacific is expected to rise at the fastest CAGR.
“Consumers are able to integrate herbal supplements into their routine dietary regime and this in effect has contributed to market growth.
Additionally, high healthcare costs, inactive lifestyle, tighter government budgets and increasing prices of medicinal and nutritional products have led customers to shift to more economical choices, such as herbal supplements.
Based on their changing preference, companies are more likely to focus on strengthening their portfolio and expanding geographical reach to gain competitive edge,” said a lead analyst.
COVID-19 Outbreak will Impact Growth in the Industry
Many medicine manufacturing companies are launching herbal medicine products as these drugs are less susceptible to side effects, hence these factors function during the forecast period as a beneficial opportunity for the herbal supplements industry.
Herbal supplements are less successful and thus result in delayed recovery in many medical conditions hampering the growth of the market.
Coronavirus outbreak had a major impact on buyers’ consumption habits. Companies tend to closely track their supply chains, and take the appropriate measures to ensure that consumers have consistent access to the goods they want.
They are able to handle disruption and transfer sourcing to minimize any effects from one country to another. On the F&B sector the coronavirus outbreak wasn’t easy. At this crucial juncture, all industry players are rooting unanimously for the government to support them.
Who is Winning?
The key players in the global herbal supplements and remedies market include Sundown Nutrition, Twinlab Corporation, Martek Biosciences Corporation, Natures Aid, DSM Nutritional Products Ltd., i-Health, Inc., Nutraceutical Corporation, Ricola AG, Bio-Botanica, Inc., ARKOPHARMA Pharmaceutical Laboratories, and The Himalaya Drug Company. In nature, this market is fragmented.
The main strategic tactics that market players follow to achieve competitive edge are direct sales, product bundling deals, and comprehensive discounts.
Additionally, mergers and acquisitions continue to be a common strategy among market players. Through strategic partnerships corporations plan to extend their global presence.