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Insights and trends in the US homeopathic medicine and herbal remedy market
Hi, and thank you for asking Wonder to provide you with insights and trends in the US homeopathic medicine and herbal remedy market. The short answer is that herbal remedies are becoming increasingly popular as people look to natural remedies to treat minor ailments.
METHODOLOGY
I looked for sources that provided current and predicted future trends in the homeopathic and herbal medicines market. I have provided a general breakdown of the most important aspects of the industry followed by a list of market drivers and trends.
RESULTS
It is projected that by 2020, the market reach for herbs and homeopathic remedies will reach $115 billion in the US. In 2015, herbal and botanical remedies sales grew 7.8% to nearly $2.4 billion in sales. Western herbalism holds the highest market share in terms of both value and volume, and multi-herb supplements show the highest growth rate. On the retail front, Walmart tops the list of retailers where individuals purchase herbs and dietary supplements, which means the retail scene dominates the market, although online sales are close behind with Amazon ranking seventh among sources from which consumers regularly buy dietary supplements. Of note, conventional retailers commanded 27% of sales, and oft-dreaded internet retailers accounted for just 6% of supplement purchases. Interestingly, homeopathic remedies were among the top 10 best-sellers in the kids’ OTC internal analgesic, cough/cold, ear, allergy and sleep sectors. In addition, the top three major players in this market to watch are Arizona Natural Products, Arkopharma, and Blacksmores.
* Emphasis on healthy living
*Ageing population
*Growing consumption of health supplements
*Trend towards preventative healthcare
* Increasing demand for supplements geared towards women
* Concerns over the side-effects of certain medicines
*Popularity of multi-herb supplements
Trends
Parents are tending to chose homeopathic medicines over traditional medicines for minor ailments such as teething. In fact Hyland's products outsold Orajel nearly 2:1. 34% of adults used a complimentary medicine approach to heal an ailment in the past year.
People are moving away from processed foods and using whole foods instead of standard supplements to improve their nutritional health.
The number of people who think they require supplements to meet their nutritional goals continues to fall.
Ten years of ethnographic research from the Hartman Group confirms that core users are cutting back on supplements because they believe the nutrients in food are best and have pervasive doubts about the bioavailability of even the highest quality supplement brands.
Three in 10 consumers classify their “diet lifestyle” as “whole foods;” and 24% “minimally processed.
Not surprisingly, whole food supplements were one of the fastest growing supplement sectors in 2014, with sales projected by NBJ to grow from $1.7 billion to $2.7 billion by 2017.
A big consumer worry is that the homeopathic medications that they take are clean, safe and effective. 58% of consumers want clinical proof that the active ingredient is in the product and is actually working.
Sales of supplements through health practitioner offices remain a big opportunity, topping $3.1 billion in 2014 sales, up 7.9%; only 18% of sales came through physicians’ offices in 2013, according to NBJ.
Eight in 10 physicians recommend supplements to their patients, 72% of patients given a recommendation comply.
Physicians were most likely (42%) to recommend vitamin D, one-third calcium/fish oil, one in five B vitamins/C and one in 10 iron, antioxidants, fiber, vitamin A/E, probiotics or potassium.
Globally, Euromonitor projected sports nutrition will be the fastest growing health category through 2018.
The FDA is regulating the homeopathic market and ensuring that medications are safe for consumption.
The market has seen a consistent growth as people look for whole food supplements
The most popular method of taking these is in a veggie capsule form and the use of probiotics in everything from sports nutrition to child health continues to grow.
The demand for plant based supplements continues to grow.
As stress and aging take their toll on the working population, supplements that aide in brain health continue to grow in popularity.
Consumers are continuing to buy supplements with algae for its omega 3 and plant based protein.
Everyone involved in sports is starting to take supplements to aide or increase their performance.
A supplement that has been used for almost 30 years but continues to grow in popularity as more benefits are discovered.
Shown to help with acute and chronic inflammation this supplement will continue to be popular in 2017 as more research on its benefits is done.
CONCLUSION
This is a growth market that will continue to grow as people take of their own health by using preventative homeopathic medicines.
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