Global Herbal Supplements and Remedies Market to Reach US$93.15 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Herbal Supplements and Remedies market. The global herbal supplements and remedies market is forecast to reach US$93.15 billion by the year 2015, spurred by increasing incidence of aging population and consumer awareness about general health and well being. Intrinsic benefits including greater efficacy, little or no side effects, economical and increasing inclination towards healthier natural herbs and botanical derivatives promise animated growth in the burgeoning market. However, scientific research and clinical trials corroborating safety claims of herbal supplements and remedies remain a critical factor in determining long-term success of the market.
San Jose, CA (Vocus/PRWEB) January 12, 2011
Herbal medicine plays a major role in the healthcare and functional foods market, both in industrialized and developing nations. The market for herbal supplements varies by region based on factors such as consumer awareness, product availability, and forms of delivery, product acceptance, and regional regulations. In the US and Europe, herbal medicines represent a major share of pharmaceutical market and are included in regular medical practice. However, the market is highly regulated and extremely difficult to enter, as companies need to pass through rigorous tests before mass production. In countries such as France, Germany, UK and India, herbal supplements along with pharmaceuticals are sold in drugstores.
Major manufacturers of herbal supplements and remedies are situated in developed countries, and include giant multinational pharmaceutical companies. Some of the smaller companies specializing in herbal products pose strong competition to these multinationals. Herbal supplements made in China have experienced significant demand in the EU and the US. Factors contributing to the growth include foray of premium and reputed companies from chemical and pharmaceutical industries, rise in consumer awareness, increased number of retail outlets along with e-commerce, coupled with efficient support and cooperation of medical and health professionals. A major trend observed in the market is a shift from single ingredient market to multiple ingredient-based medications for a particular condition. There is also an increased demand for herbal and botanical products in multi formula and combo packed format, as well as for chewable capsules and tablets. Women, particularly in the middle-aged bracket, form the major consumer group owing to their growing health-consciousness, increased concern for diet, and enhanced attention towards preventive healthcare.
The herbal and botanical supplements market is slowly crawling out of the vicious circle of negative publicity framed across certain controversial ingredients such as ephedra and kava. The market is struggling to gain back its lost glory. This is evident from the fact that herbal and botanical supplements sales in all the channels have shown signs of growth as the market rebounds from the recent downturn. The factors that bode growth in the market include widespread acceptance of functional foods, preventive health and alternative medicine regimens, supplier innovations and the Current Good Manufacturing Practices (CGMP) for dietary supplements by FDA. In addition, demographic preferences have also prompted demand for herbal supplements. As the baby boomer generation ages, there is a greater urgency to maintain healthy lifestyles, focusing on alternatives for conventional medicine and general health. Herbal and botanical supplements were natural alternatives for hormone replacement therapy; prostate health; brain health and cognitive function; and joint and connective tissue health. Phytosterols, green teas, antioxidant herbal extracts and natural sweeteners are the few supplements that successfully crossed the threshold of functional foods. Several botanicals such as ginseng, acaí, and guarana are already recognized as crossover ingredients.
The global herbal supplements and remedies market exhibited robust growth over the decade, with little or apparently no significant decline on account of the worldwide recession. The world market infact, exhibited steady growth for the crisis-ridden period of 2008-2009 and beyond. The importance of healthy diet and good lifestyle reigns in the minds of the consumer, which could not be dampened even by the financial meltdown witnessed in almost every other product segment worldwide. In fact, the recession may have actually prompted increased preference for dietary supplements. Escalating prices, tighter budgets and high health care and lifestyle costs have actually driven consumers towards the more economical, healthier and safer option of alternative medicine and dietary supplements for relief from physical and mental disorders. In the US alone, the sales of vitamins and supplements at the retail level recorded a significant increase of over 10% in 2008, as compared to the previous year. Recession in the European economy and the increased capital requirements for registration under EU regulation of companies expanded the resources of small companies and provided opportunities for acquisitions in herbal supplements’ market.
Europe represents the largest regional market, as stated by the new market research report on Herbal Supplements and Remedies, accounting for the single largest share of the world market. Asia-Pacific and Japan make up the other important markets for herbal supplements on a global basis. In terms of growth rate, the Asia-Pacific market, led largely by China and India, is set to pave the way with the highest CAGR of 10.7% through 2015.
Multi-Herbs dominates as the largest segment, capturing a significant share of the overall herbal supplements and remedies market worldwide. The segment is also forecast to race ahead of the other markets at the fastest compounded growth rate of 9.0% over the analysis period. Soy and Specialty Herbs are also expected to display strong growth potential in the future.
Key market participants profiled in the report include Amerifit Brands, Inc., Arizona Natural Products, Arkopharma SA, Bio-Botanica, Inc., Blackmores Ltd., Emami Ltd, Himalaya Drug Co., Imperial Ginseng Products Ltd., Indfrag Ltd, International Vitamin Corp [IVC], MMS Pro Professional Products, Natrol Inc., Nature’s Answer, Nature's Sunshine Products, NBTY, Inc., Sundown Nutrition, Nutraceutical International Corp., Pharma Nord APS, Pharmaton Natural Health Products, Pharmavite® LLC, Potters Herbal Medicines, Ricola USA Inc, TwinLab Corp., and Nature’s Herbs.
The research report titled “Herbal Supplements and Remedies: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides comprehensive industry overview, market trends, distribution/retail structure, efficacy and side effects, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Market analytics are provided in terms of value (US$) for product segments including Ginkgo Biloba, Garlic, Ginseng, Echinacea, St. John’s Wort, Soy, Aloe Vera, Specialty Herbs, Multi-Herbs, and Other Herbal Supplements. The study also provides historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Herbal_Supplements_and_Remedies_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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