Increasing Number of Fitness Centres, Health Clubs, and Gymnasium Along with Consumer Awareness to Thrive Market!
In the past few years, the number of health clubs and fitness centres are increasing expeditiously. The trend changing to the gymnasium and growing awareness about fitness among the youngsters is anticipated to bolster the demand for the supplements. Also, the consumers are shifting towards natural products. Thus, this inclination towards natural products is expected to boost the demand for herbal supplements further propelling theherbal supplements marketgrowth over the forecast period. As well, the adoption of sports as a career is surging leading to an increase in demand for sports nutrition. Moreover, the Research and Development (R&D) activities are also increasing.
As being the availability of the huge gap between supply and demand, the government, as well as various key players, are investing heavily in R&D as well as with an intention to increase the production to grasp the opportunity to meet the untapped demand. Furthermore, the working population around the globe is increasing along with the struggle to fulfil the daily nutrient requirements owing to hectic work schedules and changing lifestyles. Owing to such routine, the dependence on supplements to fulfil the requirements is surging, in turn further propelling the market growth over the forecast period. On the other hand, the stringent government regulations regarding food & safety are anticipated to hamper the market growth.
What Will Be the Market By 2028?
Our report on the herbal supplements market has covered the study of the latest development and investment in the market. Additionally, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for Herbal Supplements. Furthermore, our report includes market drivers, restraints and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, and forecasts & predictive analysis.
The global herbal supplements market is expected to reach over USD 120 billion in 2028 at a CAGR of 6%.
Some of the key players in the herbal supplements market include Glanbia plc (Ireland), Blackmores (Australia), NBTY, Inc. (U.S.), Arizona Natural Products (U.S.), Nutraceutical International Corporation (U.S.). Ricola (Switzerland), Herbalife International of America, Inc. (U.S.), NaturaLife Asia Co., Ltd. (Korea), Archer Daniels Midland Company (U.S.), Bio-Botanica Inc. (U.S.), among others.
The Asia Pacific is projected to dominate the herbal supplements market. The presence of countries such as India and China which are the most populated countries in the world is providing a large base population of consumers. Thus, owing to the large base of the population present in this region is expected to grow the market over the forecast period. Moreover, there is an upsurge in the growth of industrial and commercial sectors in the APAC region. Thus, further anticipated to drive the herbal supplements market in the region over the forecast period.