Herbal supplement sales to hit $93.15 billion by 2015: Report
The new report, “Herbal Supplements and Remedies: A Global Strategic Business Report” by Global Industry Analysts, notes that recent negative publicity surrounding herbal ingredients such as ephedra has tarnished the image of herbal supplements. However, this is now turning around with widespread acceptance of functional foods, supplier innovations and the Current Good Manufacturing Practices (cGMP) for dietary supplements by FDA.
The report notes a “major trend observed in the market” as the shift from from single ingredient formulations to “multiple ingredient-based medications” that are condition specific.
Multi-herbal formulations are the largest segment, and this is forecast to stay ahead of the pack, with a projected compounded growth rate of 9 percent.
Such statements appear to support recently published data from researchers at the National Institutes of Health, Office of Dietary Supplements. According to findings published in the Journal of Nutrition (doi: 10.3945/jn.110.133025), about 20 percent of adults using a dietary supplement with at least one botanical ingredient. This was the first time the use of botanical supplements amongst a sample of the US population has been reported, said the NIH researchers.
Regional markets
According to Global Industry Analysts, Europe is leading the way as the largest regional market, while the market with the highest growth rate is Asia-Pacific with a CAGR of 10.7 percent through 2015.
Supply from Asia-Pacific is also on the up, says the report, with “herbal supplements made in China [experiencing] significant demand in the EU and the US”.
The influence of the Baby Boomers
The first of the Baby Boomers are turning 65 this year, and the power of this group is reflected in the herbal supplements market, says the report. Herbal and botanical supplements are increasingly seen as natural alternatives for hormone replacement therapy, as well as offering natural ways of improving prostate health, brain health and cognitive function, and joint and connective tissue health.
There have also been success stories for supplement ingredient crossing over to functional food, including phytosterols, green tea, antioxidant herbal extracts and natural sweeteners, adding to the already established ingredients of ginseng, açai, and guarana.
The major consumer group for herbal supplements are reported to be women, particularly in the middle-aged bracket, adds the report.
The report lists the major participants in the market as: Amerifit Brands, Arizona Natural Products, Arkopharma, Bio-Botanica, Blackmores, International Vitamin Corp, MMS Pro Professional Products, NBTY, Sundown Nutrition, Nutraceutical International Corp., Pharma Nord APS, Ricola USA, TwinLab Corp., and Nature’s Herbs.
