Rise in health consciousness among the consumers and increase in number of people suffering from chronic diseases across the globe fuel the growth global herbal nutraceuticals market.By nature, the conventional segment held the major share in 2019. By geography, on the other hand, Asia-Pacific would grow at the fastest CAGR by 2027.
Portland, OR, Oct. 29, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global herbal nutraceuticals market was estimated at $28.32 billion in 2019 and is expected to hit $48.44 billion by 2027, registering a CAGR of 7.55% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in health consciousness among the consumers and increase in number of people suffering from chronic diseases across the globe fuel the growth global herbal nutraceuticals market. On the other hand, high cost associated with organic herbal nutraceuticalsimpedes the market growth. Nevertheless, surge in consumer awareness regarding organic products is anticipated to pave the way for new opportunities in the industry.
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With the outbreak of the pandemic, there’s been a steep increase in demand for herbal nutraceuticals, as they act against nutritionally induced acute and chronic diseases andboost immune system.
People have become more health conscious and thus, there’s also been an increased inclination toward consuming herbal nutraceuticals that promote optimal health, longevity, and quality of life.
The global herbal nutraceuticals market is analyzed across product type, nature, form, distribution channel, and region. By product type, the ginger herbal nutraceuticals segment contributed to nearly one-fifth of the total market share in 2019 and is expected to retain its dominance throughout the forecast period. The green tea segment, on the other hand, is projected to manifest the fastest CAGR of 8.8% from 2021 to 2027.
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By nature, the conventional segment accounted for nearly three-fourths of the total market revenue in 2019 and is expected to lead the trail by the end of 2027. At the same time, the organic segment is expected to grow at the fastest CAGR of 8.4% throughout the forecast period.
By region, Europe garnered the major share in 2019, holding nearly one-third of the global herbal nutraceuticals market. Simultaneously, Asia-Pacific is would showcase the fastest CAGR of 9.0% till 2027. The other two provinces studied in the report include Europe and LAMEA.
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The leading market players analyzed in the herbal nutraceuticalsmarket report include Herbochem, OREGON'S WILD HARVEST,Now foods, Nature’s Bounty. Bio Botanica INC. Herb Pharma (Pharmaca), Solagar, Solaray, Gaia Herbs Farm, andPure Encapsulations, LLC. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry.
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