Herbal nutraceuticals are derived from plant sources with medicinal benefits and contains phytochemicals that provide health benefits beyond basic nutrition. They help in the prevention, treatment, and management of various lifestyle related health conditions. Rising awareness about preventive healthcare and focus on maintaining overall wellness has driven the demand for herbal nutraceuticals.
Market key trends:
Rising demand for functional foods and natural remedies: The growing preference for functional foods and natural remedies over synthetically manufactured medicine has accelerated the demand for herbal nutraceuticals market. Consumers are shifting from curative to preventive healthcare approach to maintain overall wellness, especially after the COVID-19 pandemic. They are incorporating herbal nutraceuticals into their diet and lifestyle to boost immunity and reduce the risk of chronic diseases. This rising demand is a major trend fueling the growth of herbal nutraceuticals market.
Segment Analysis
The global herbal nutraceuticals market is dominated by dietary supplements sub-segment. This sub-segment accounts for over 35% of the total market share owing to increasing health consciousness among individuals and growing preference for natural remedies over synthetic ones. The dietary supplements sub-segment is expected to witness the highest growth during the forecast period attributable to the wide availability and acceptance of herbal supplements for maintaining overall health and wellness.
Key Takeaways
The Global Herbal Nutraceuticals Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis suggests that Asia Pacific region currently holds the dominant share of around 40% in the global market. Factors such as thriving herbal industry, large consumer base, and traditional usage of herbal medicines are expected to support the growth of the herbal nutraceuticals market in the Asia Pacific region.
Key players operating in the herbal nutraceuticals market include 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. These players are focusing on adopting growth strategies such as new product launches, mergers, acquisitions, and geographical expansions to gain a competitive edge in the market.
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