The global herbal food supplements market size is projected to grow at a promising rate stoked by the increasing demand for natural health and wellness products. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Herbal Food Supplements Market, 2021-2028.” The growing inclination of consumers toward naturally grown herbal supplements is driving the industry leaders operating in the health and wellness industry to introduce a new herbal range of products. For instance, in March 2021, Gaia Herbs introduced two new products based on, full-spectrum extract 10mg and full spectrum extract 20mg.
The COVID-19 pandemic has brought the economies around the world to a standstill. Nationwide lockdowns across regions have negatively impacted businesses worldwide. However, the demand for herbal ingredients has been consistent amid the COVID-19 pandemic due to their capability in reducing inflammation and fighting viral and bacterial infections. This has given a significant boost to the herbal food supplements market.
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We have categorized the market on the basis of ingredient, form, distribution, and geography. In terms of type, the market is divided into turmeric, wheat/barley grass, flaxseed/oil, aloe, and others. Based on form, it is fragmented into capsules and tablets, oils, powder and granules, and others. In terms of distribution, the market is bifurcated into hypermarkets/supermarkets, convenience stores, online, specialty stores, and others. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Highlights of the Report:
The report incorporates competitive developments, such as expansions, mergers and acquisitions, collaborations, partnerships, agreements, and new product developments. In addition to this, it includes an in-depth analysis of the competitive landscape for renowned players. Apart from this, the report provides detailed information about micro markets with respect to contributions, prospects, and trends.
Drivers and Restraints-
Rising Awareness Regarding Health and Wellness to Drive Growth
According to the Global Wellness Institute, the global wellness industry grew by 6.4% between 2015 and 2017 and recorded a market value of USD 4.5 trillion in 2018. The rising awareness among people regarding health and wellness is driving them to add natural and minimally processed ingredients to their diet. The increasing demand for such ingredients is projected to drive the herbal food supplements market. In addition, the increasing spending capacity of individuals in developing economies is projected to further strengthen the adoption of herbal supplements.
New Product Launches in the U.S. to Boost Demand in North America
North America is projected to dominate the herbal food supplements market during the forecast period. The introduction of unique products by prominent enterprises in the U.S. is expected to accelerate the demand for herbal food supplements in the region. For instance, in 2019, BI Nutraceuticals, Inc. launched its new based ingredients at Supply Side West Expo in Las Vegas, Nevada.
Europe is anticipated to hold a significant market share in the projected timeline. The increasing adoption of medicinal plant-based extracts backed by the increasing elderly population in the region is anticipated to drive the market growth of herbal food supplements in the region.
Mergers and Acquisitions to Aid Prominent Enterprises Expand their Product Line
Key players operating in the herbal food supplements market are focusing on expansion strategies such as mergers and acquisitions. This will help them expand their herbal product line. For instance, In March 2021, Gaia Herbs, a prominent herbal supplement brand, joined hands with SALUS Haus GmbH and co. kg, a German food supplement enterprise. The acquisition will help Gaia expand its herbal portfolio.
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In March 2021,Tumrubthai Herb announced plans to expand its services internationally. The company has registered patents for its brand in 16 countries. It is planning to enter new markets through joint ventures.
In March 2019,The Martin Bauer Group, one of the leading herbal products companies in Germany, announced the acquisition of BI Nutraceuticals, Inc. The acquisition will help the company enhance its RandD and manufacturing domains.