The Herbal Supplement Market Experiencing Phenomenal Growth!
In the last 5 years, the $4.8 billion herbal supplement market in the United States has grown significantly, the economic downturn notwithstanding
. Today, according to the latest reports from the American Botanical Council (ABC), sales of herbal supplements have reached $5.3 billion, showing an increase of 4.3 percent from the previous year (2010). Mass channel sales continued to increase by 3 percent and sales in the natural and health channels increased by 5.5 percent.1-2
Major Factors Driving Growth
Plants have been used for health and medicinal purposes for centuries. But with the advent of industrialization, the use of pharmaceuticals became ubiquitous. It became the more common way to treat illness and pain as doctors began prescribing pharmaceuticals to their patients for quick relief. It was only in the 1960s, when back-to-nature trends became popular and paved the way for natural products that work with the bodys natural systems. Herbs were observed to have less harmful side effects when compared to treatment with drugs. The herbal supplement industry began to flourish. Today, herbal products are becoming more main stream and spur growth each year. Factors that are driving its growth are:Advances in clinical research show the benefits of botanicals and herbs for general and specific health conditions.More consumer trust of herbal supplements has been instilled through tighter regulations (cGMPs) and their stringent enforcement. Greater emphasis on R & D in the supplement industry leading to more innovative, well-formulated products. A growing aging population thats more eager to try herbal supplements to maintain health and an active lifestyle.Growing consumer awareness of herbs in preventive healthcare.Herbs have little or no side effects and are proving their efficacy.Herbal supplements enable consumers to treat their ailments on their own. They have the liberty to choose for themselves the supplements they want to meet their health needs.
As a result, consumer confidence is up.
Top-Selling Herbs in 2011
Data from different sales channels have been broken down to give us the top-selling herbs in 2011. SymphonyIRI, a large market research company based in Chicago, Ill. provides sales data from the Food, Drug and Mass Merchandiser market (FDM). SPINS, a market research company based in Schaumburg, Ill, provides a breakdown of sales in the natural and health food channels. The two firms use different methods to categorize products so their data is not necessarily analogous. According to SPINS, the top selling herbs in 2011 were flaxseed oil, wheat and barley grass, turmeric, aloe and milk thistle. According to SymphonyIRI, the top-selling singles were cranberry, soy, saw palmetto, garlic and gingko leaf extract.
No Decline in Herbal Supplement Market Growth despite the Recession
While most industries experienced a decline during the recession, the herbal supplement industry remained unfazed. In fact, sales remained robust and the industry showed no apparent decline. This shows how much consumers value herbal products. If anything, the recession helped drive more consumers to herbal supplements. Soaring prices, limited disposable income combined with rising healthcare costs, prompted consumers to turn towards safer, more economical options to cope with their health problems and relieve anxiety. According to Global Industry Analysts (GIA), leaders in global market research with headquarters in the U.S., the following trends have been observed:3Middle-aged women are the major buyers of herbal supplements, followed by those that fall into the Baby Boomer category. There is a growing demand for natural health and food supplements, as opposed to conventional synthetic supplements. Products include fish oils, probioitic acidophilus, and natural detox kits. Consumers are showing a preference towards food supplements. These are considered to be anti-medicinal and low-cost options contributing to a healthy lifestyle. Some food supplements that showed steady market growth in spite of the economic recession were omega-3 fatty acids, herbal extracts, multivitamins, probiotics, chondroitin and glucosamine. Trends show a shift from a single ingredient market to a multiple ingredients-based market. Having multiple ingredients that work in synergy to achieve the desired benefit is preferred against a single ingredient formula. There is increased consumer demand for multi-formula or combo packed formats, as well as chewables, capsules and tablets. According to GIA, the global herbal supplement market will reach $93.15 billion by 2015, due in large part to growing consumer confidence in herbal products, product innovations and stricter enforcement of Current Good Manufacturing Practices (cGMPs). By 2012, the global herbal market is expected to reach $107 billion.4
Add Herbal Supplements to Your Product Line
Supplement business owners and retailers can create their own brand of herbal supplements with the help of an experienced nutraceutical supplement manufacturer. Look for one that has received various honors and accolades, provides competitive quote and product turnaround times and can offer you in-house services such as label and packaging design, order fulfillment and drop shipping. Taking advantage of these services saves you both time and money and can potentially help you bring your product to market faster than your competition!
References:Herbal Supplement Sales Experience Slight Increase in 2008, HerbalGram. 2009;82:58-61 American Botanical Council, Issue: 82 Page: 58-61. cms.herbalgram.org/herbalgram/issue82/article3400.html?Issue=82Herbal Dietary Supplement Retail Sales Up 4.5% in 2011, HerbalGram. 2012; American Botanical Council, Issue: 95 Page: 60-64. cms.herbalgram.org/herbalgram/issue95/hg95-mktrpt.html Global Herbal Supplements and Remedies Market to Reach US$93.15 Billion by 2015, According to a New Report by Global Industry Analysts, Inc., January 12, 2011. nutraingredients-usa.com/Consumer-Trends/Herbal-supplement-sales-to-hit-93.15-billion-by-2015-Report) Global Herbal Supplements and Remedies Market to Reach US$107 Billion by 2017, According to New Report by Global Industry Analysts, Inc. March 07, 2012. prweb.com/releases/herbal_supplements/herbal_remedies/prweb9260421.htm
by: Kevin A
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