October 23, 2018: Adroit Market Research published a report on the, “US Herbal Supplements Market Size 2017 By Type (Echinacea, Ginseng, Gingko Biloba, Garlic, St. John's Wort, Peppermint, Ginger, Soy, Chamomile, Others), By Channel (Mass Market, Natural & Healthcare, Direct Sales), By Application (Food & Beverage, Pharmaceutical, Personal care) and Forecast 2018 to 2025”. The study covers the US herbal supplements market value for a period ranging between 2015 and 2025. The US herbal supplement market report also includes the current and future driving and restraining factors along with its impact in shaping the market. The report talks in detail about the US herbal market.
By 2025, the US herbal supplements market revenue is estimated to reach USD 14.69 billion by 2025 driven by the increasing demand for the product as a natural source of nutrition. Rising consumer demand for supplements across the world due to its contribution towards general well-being is expected to augment the demand for herbal supplements over the forecast period.
Dietary supplements are products that contain minerals, vitamins, and herbs that are intended for direct consumption. These are usually available in the form of tablets, powders, capsules, gels, and liquids and labeled as dietary supplements. A paradigm shift towards natural therapies has increased the consumption of herbal supplements in the US over the past few years.
The US herbal market is growing steadily with the demand for herb and botanical products rising among young and adult population. The high cost of medical treatment and an inactive lifestyle is the primary factor that is driving the growth of the US herbal supplements market.
Side-effects associated with natural herbs is restraining the growth of the US herbal supplements market. For instance, Echinacea which is known to be an effective remedy for cold can cause diarrhea, skin rashes, increased asthma, and upset stomach. Garlic, a long known herb to treat a cough and cold is likely to cause breath and body malodor, heartburn or acidity, and sometimes allergic reactions.
Escalating prices of medicine and expensive health budget of new medicinal systems are driving the US population to shift towards the traditional and economical way of diet control, i.e., herbal supplements. Moreover, authorized bodies are implementing regulations to increase reliance on herbal supplements being sold in the US to maintain a positive perception of products.
Echinacea, ginseng, gingko biloba, garlic, and St. John’s wort altogether accounted for a market revenue share exceeding 70% in 2017 and is projected to maintain its dominance over the forecast period. Introduction of new herbal supplements is likely to hamper the growth of these herbs. However, benefits associated with new herbs is projected to boost the U.S. herbal supplements market over the projected period.
Past studies on the medication patterns of the U.S. population has shown that nearly 50% of the Americans routinely have taken more than one vitamin supplement, 14% of the population consumed herbs or supplements once, and nearly 16% of the population have regularly used herbal supplements, such as echinacea, ginseng, and amino acids among others.
Studies have found that Americans with more education about herbal supplements are likely to be regular users as compared to Americans with less awareness about herbal supplements. Furthermore, it was also found that uninsured Americans tend to use more dietary supplements as compared to Americans that hold active health insurance.
Mislabeling of products, scandals, and product recall of high profile brands is the major concern hampering the purchase behavior of herbal supplements in the US The regulations associated with the sale of herbal supplements are less stringent as compared to the regulations associated with the administration of food and drug. However, regulations are getting rigorous as per FDA guidelines to provide high-quality herbal supplement products, leading to high cost and high barriers to entry for new market players.
Key segments of the US herbal supplements market
Type Overview, 2015-2025 (USD Billion)
- Gingko biloba
- St. John's wort
Channel Overview, 2015-2025 (USD Billion)
- Mass Market
- Natural & Health Food
- Direct Sales
Application Overview, 2015-2025 (USD Billion)
- Food & beverage
- Personal care