How are the pharmaceutical and supplement giants in the herbal products business shaping growth? Has their domination become the principal competitive force, or will the regulatory and scientific climate be the prime shaper of this dynamic young industry? This Packaged Facts report covers the $4 billion U.S. herbal products industry and its players. You will learn how changing demographics, external market influences, product and ingredient standardization, and crossover into mass-market retail channels are moving the industry into uncharted directions.
Scope And Methodology
This report covers herbal supplements used for nutritional or medicinal pur-poses and sold at retail primarily through health and natural product stores, mass mer-chandisers, drugstores, supermarkets, direct selling, and mail order. It also covers herbal teas, if they are sold for medicinal uses. This report does not cover herbal products sold at the institutional or professional health-care level or bulk herbs. The report does not cover vitamins; minerals; supplements derived from non-plant sources such as shark cartilage or red yeast; nutraceuticals or functional foods; culinary herbs sold as ingredients; homeopathic or aromatherapy products; nor most sports nutritionals. Note, however, that sports products with a significant competitive overlap in the herbal market, such as ginseng, are covered by this report.
The information contained in this report was obtained from both primary and secondary research. Primary research entailed in-depth, on-site examinations of health and natural product stores, drugstores, mass merchandisers, and supermarkets. Company, distributor, and retailer interviews were conducted to obtain information on market size and growth, marketing programs, and new products. Secondary research entailed data gathering from relevant sources, including consumer and industry publications, newspapers, government and financial reports, company literature, and corporate annual reports. Because a large share of herbal supplement sales occurs in health and natural product stores, which are not monitored by tracking services, retail sales of herbal products can only be estimated. For this sector, Packaged Facts has relied on data published by trade magazines such as Natu-ral Foods Merchandiser, OTC Update, Whole Foods, and Nutrition Business Journal and company interviews. For the mass-market sector, Packaged Facts used data from Information Resources, Inc. (IRI) and trade publications. The analysis of consumer demographics is derived from Simmons Market Research Bureau data for fall 2000.
Herbal Supplements Win Scientific Validity -- Market Swings Dramatically Upward
New York, June 6/PRNewswire –- MarketResearch.com, the premier business intelligence marketplace, announced the release of a new report, “The U.S. Herbal Supplement Market,” published by Packaged Facts. According to the study, herbal care has gained popularity and validity in recent years as herbs have been deemed a medically legitimate form of treatment and prevention. As the regulatory environment has opened up, pharmaceutical manufacturers have identified the herbal supplement market as a growing industry with a high potential for profit, and are now vying for market space against the established supplement brands. Scientific validation has also had an impact upon consumer demand. Americans concerned about aging, an inadequate diet, and a medical system that may fail them at some time in the future, have embraced preventive self-care which may lead to longer, healthier lives.
“The growth of the aging population of the United States will have a direct influence on the herbal care market,” said Richard Koulbanis, VP of Publishing for MarketResearch.com. “Products that address conditions associated with aging, as well as those that support gender specific health concerns, will continue to be of interest to consumers, and the industry will benefit from general shifts in demographics and attitudes.”
Top selling herbs in the nation include ginkgo biloba and ginseng, with a 16.7% and 10.5% market share, respectively. Garlic was the third most popular with a 10.4% market share, followed by echinacea, at 9.9%. The herbal supplement industry is up overall from $1.7 billion in 1996 and sales grew in double-digits until peaking at $2.6 billion in 1998, while sales grew at a compound annual growth rate of 8.2% from 1996 to 2000. The retail market for herbal supplements will near $2.7 billion by 2005, a compound annual growth rate from 2000 to 2005 of 3.6%. Annual growth will increase from a projected flat rate from 2000 to 2001 to 5% by 2005. The compound annual growth rate for the period 1996 to 2005 is projected to be 5.6%. Health and natural product stores accounted for 50.1% of herbal product sales in 2000, up 11.3 percentage points from 38.8% in 1996. In 2000 mass merchandisers retained their place as the second-largest outlet for herbal products, with a 10.4% share of market; drugstores followed with a 10.3% share, and food stores held 6.2% of sales. Direct sales accounted for 17.6% of market share, and mail order/Internet had a 5.4% share in 2000.
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You know the herbal supplements market is growing. But do you know what it is becoming?
In the past four years the market for herbal supplements in the U.S. has experienced radical growth, with annual sales totaling up to $4 billion. As the regulatory environment changes and herbs become a widely accepted form of self care, this market will continue to provide a wealth of opportunity to those who are able to accurately follow the trends and developments in the industry. The U.S. Herbal Supplements Market a new report from Packaged Facts now available through MarketResearch.com, covers the latest industry developments in product development, the regulatory environment, advertising and promotion trends, consumer attitudes, demographics, and sales information that are necessary to succeed in this explosive market.
Use The U.S. Herbal Supplements Market to find out how:
The report also provides detailed industry information on many categories, including:
Representing over 600 hours of research, analysis and execution, The U.S. Herbal Supplements Market is compiled from both primary and secondary data such as:
At MarketResearch.com, we provide critical information to key decision-makers in the herbal supplement industry. Visit our site at www.MarketResearch.com today to purchase any report as a complete study, or buy discrete segments using the options below:
Tables and Graphs:
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