Global Herbal Supplements and Remedies Market to Expand owing to High Adoption Rate05 Apr 2016
A report from Transparency Market Research, titled ‘Herbal Supplements and Remedies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,’ states that the global herbal supplements and remedies market is predicted to expand at a rapid pace owing to the increasing variety of products made from herbal supplements.
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Botanicals or herbal supplements are non-pharmaceutical and non-food substances that are commercialized in the market to improve health. Throughout the history of human civilization, herbs and plants have been used for the preparation of dietary supplements and medicines. Herbal supplements are a type of dietary supplements and are sold in various forms such as teas, capsules, extracts, tablets, dried or fresh herbs, and powders. Before CGMP regulations were introduced, herbal supplements were not regulated strictly as pharmaceutical medical products. Nowadays, people believe that herbal supplements are ‘natural’ and thus use them to retain their health. However, just like any other supplements, herbal supplements also have some side effects. Nevertheless, the high adoption rate of herbal supplements and products is expected to propel the global herbal supplements and remedies market during the period between 2015 and 2023.
Some of the products and herbs commonly used in the production of herbal supplements are aloe vera, garlic, Ginkgo biloba, soy, Echinacea, Hypericum perforatum, and horse chestnut. The global herbal supplements and remedies market is divided by geography into North America, Asia Pacific, Europe, and Rest of the World. Currently, the global herbal supplements and remedies market is led by North America, followed by Europe. The North America market for herbal supplements and remedies is expected to expand in the years to come due to factors such as the increasing usage of herbal products in the production of dietary supplements and supplementary vitamins. The Europe herbal supplements and remedies market is predicted to rise faster owing to high consumer acceptance and favorable legislations for herbal dietary supplements.
Acquisitions of new nutraceutical companies by leading pharmaceutical companies are expected to play a major role in the development of the global herbal supplements and remedies market in the years to come. Due to increased focus on the production of herbal supplements, their increasing acceptance rate, and advanced research and development activities, the global herbal supplements and remedies market is predicted to expand considerably in the next few years. Factors such as stringent regulatory policies, scarcity of products, and high cost of products are predicted to hamper the growth of the global herbal supplements and remedies market in the next few years.
The global herbal supplements and remedies market is highly competitive and fragmented due to the growing participation of many emerging and established nutraceutical and pharmaceutical companies. The major factors expected to create new growth opportunities in the global herbal supplements and remedies market are the increasing customer confidence for using herbal supplements, high lifestyle costs, escalating prices of dietary products and medicines, and easy availability of a variety of herbal supplements.
ARKOPHARMA Pharmaceutical Laboratories, DSM Nutritional Products Ltd., Martek Biosciences CorporationNatures Aid, Ricola AG, The Himalaya Drug Company, Twinlab Corporation, Bio-Botanica, Inc., i-Health, Inc., Nutraceutical Corporation, and Sundown Nutrition are some of the leading companies in the global herbal supplements and remedies market.
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