Herbal nutraceuticals are plant or herb-based products used for maintaining human health and address specific health conditions. They help boost immunity, improve cardiovascular health, and provide other health-related benefits to users. Factors such as rising consumer preference for herbal products owing to fewer side effects as compared to conventional medicine along with increased focus on preventive health are driving the demand for herbal nutraceuticals. Herbal nutraceuticals are gaining traction for their role in immunity boosting which is much needed during the ongoing global health crisis.
The global Herbal Nutraceuticals Market is estimated to be valued at US$ 36.28 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Increased demand for herbal supplements known for building immunity provides strong growth opportunity for herbal nutraceuticals market players. Consumers across regions are increasingly opting for herbal supplements containing ingredients like turmeric, ginger, garlic, and green tea which are known to support immunity. The ongoing COVID-19 pandemic has further accelerated the demand as people look for natural ways to boost their body's defence system. Herbal nutraceuticals manufacturers can capitalize on this trend by developing new immune-boosting formulations and launching effective marketing campaigns highlighting the benefits of specific herbs. Focusing product development and promotion on immunity-boosting properties can help companies gain greater market share in the growing herbal nutraceuticals industry.
Porter's Analysis
Threat of new entrants: Low capital requirement and easy availability of raw materials reduces barriers to entry in this market. However, established brands and regulations makes it difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. Switching costs are low for customers.
Bargaining power of suppliers: Suppliers of raw materials have moderate power due to access to unique ingredients and formulations. However, suppliers are fragmented.
Threat of new substitutes: Threat is high from introduction of new herbal formulations addressing similar health conditions. Technology disruption can further challenge market.
Competitive rivalry: Intense competition exists among existing players due to low product differentiation and price competition.
SWOT Analysis
Strength: Wide applications in conditions like joint pain, digestive issues boosts demand. Herbal products have least side effects.
Weakness: Lack of clinical evidence and standardization. Lower margins compared to medicines.
Opportunity: Rising health concerns and preventive healthcare drives market. Growth in e-commerce sales and innovative delivery formats open new avenues.
Threats: Strict regulations. Counterfeits erode brand value.
Key Takeaways
The Global Herbal Nutraceuticals Market Growth is expected to witness high growth. The market was valued at US$ 36.28 Bn in 2023 and is projected to reach US$ 62.31 Bn by 2030, registering a CAGR of 6.9% during the forecast period. North America dominates currently due to high health awareness and disposable income in countries like US and Canada. However, Asia Pacific is expected to be the fastest growing market due to rising middle class population and growing westernization of dietary habits in countries like India and China.
Key players operating in the herbal nutraceuticals market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart), among others. Major players are focusing on new product launches, acquisitions and geographic expansion to strengthen their market position. For instance, Mars Inc. acquired Animal Emergency and Specialty Hospital to expand its animal hospitals business in US in 2023.
The report provides a comprehensive analysis of the drivers and restraints in the market along with opportunities. The regional analysis covered in the report provides insights into the current scenario and forecast of the market in key geographies. The competitive landscape section provides insights into the key players operating in the market, their strategies, key developments, and financial performance.
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Pcd Parma Franchise Services in chandigarh Established in the year 1998, Focus Healthcare Private Limited is a pharmaceutical company engrossed in manufacturing and supplier of pharmaceuticals, nutraceuticals and herbal products
