Herbal supplements: Key market research findings
- Increase in healthcare expenses drives market growth
- Europe dominates the market geographically
- Key vendors – Gaia Herbs, Herb Pharm, Nature’s Bounty, Nutraceutical, and Rainbow Light Nutritional Systems
Technavio’s market research analysts predict the global herbal supplements market to grow at a CAGR of more than 6% between 2016 and 2020. The demand for herbal supplements is stimulated by an increase in healthcare expenses across the globe. Rise in prices of drugs, medical devices, and hospital care are the some of the factors triggering the rise in healthcare cost. In 2015, the global herbal supplements market was dominated by Europe with a market share of around 45%. Growing e-commerce and number of retail stores coupled with a rise in the older population is expected to boost growth in the herbal supplements market in Europe during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the herbal supplements segments based on the distribution channel.
“Recently, there has been an increase in the demand for dietary supplements, especially from women. Use of dietary supplements is comparatively higher among women than men and increases with age and education. The high demand for these supplements among women can be attributed to high requirement of calcium and iron in women,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
During 2015, the retail store segment dominated the global herbal supplements market by accounting for a market share of more than 52% in terms of revenue. Retail stores include hypermarkets, supermarkets, grocery stores, drugstores, natural, and health food stores. The majority of the demand in the retail segment comes from grocery stores and drugstores. Continuous innovation in these channels, experiential customer service with information based models, and the availability of a variety of products are factors that will drive growth in this segment in the coming years.
The key vendors in the market include Gaia Herbs, Herb Pharm, Nature’s Bounty, Nutraceutical, and Rainbow Light Nutritional Systems. The global herbal supplements market is extremely fragmented due to the presence of various large and small pharmaceutical companies, where small businesses sell a handful of products based on traditional medicine, and big companies undertake extensive R&D to produce standardized phytomedicines. The vendors in this market compete in terms of price, quality, product differentiation, distribution, and promotion to gain maximum market prominence during the forecast period. The competitive environment is likely to intensify with an increase in product or service extensions, product innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Herbal Supplements Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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