Herbal Herbal Supplements Market Report 2023 to 2030

Brazil Herbal Supplements Market Report

$ 3999

The Brazil Herbal Supplements Market was valued at $131.50 Mn in 2023 and is predicted to grow at a CAGR of 7.2% from 2023 to 2030, to $213.94 Mn by 2030. The key drivers of this industry include health awareness, government support, and growth in the wellness industry. The industry is primarily dominated by players such as Herbalife, Himalaya, NOW Foods, and Botanic Supplements among others.

ID: IN10BRON001 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Brazil AUTHOR: Aashwi Mehta

Buy Now

Brazil Herbal Supplements Market Executive Summary

The Brazil Herbal Supplements Market was valued at $131.50 Mn in 2023 and is predicted to grow at a CAGR of 7.2% from 2023 to 2030, to $213.94 Mn by 2030.

Herbal supplements are plant-based products used to treat diseases or maintain health. These supplements, which include herbal, botanical, or phytomedicines, are derived from plants or composed of one or more herbs. They are intended for internal use and are commonly found in solid forms such as capsules, pills, tablets, and lozenges, as well as in liquid or powder forms. However, herbal supplements can interact with prescription medications and may cause side effects like allergic reactions, nausea, and headaches. Popular herbal supplements include turmeric, ashwagandha, ginseng, echinacea, and valerian root.

In 2023, it was found that around 51.2% of individuals in Brazil reported using herbal medicines. Additionally, in 2022, 5.2% of Brazilian adults had utilized complementary and alternative medicines, including medicinal plants and herbal remedies, within the preceding year. The market is driven by significant factors like health awareness, government support, and growth in the wellness industry. However, cost constraints, perception and trust, and competition from pharmaceuticals restrict the growth and potential of the market.

Prominent players in this field include Herbalife, Himalaya, NOW Foods, and Botanic Supplements among others.

Brazil Herbal Supplements Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Health Awareness: Growing consumer awareness about the advantages of natural and holistic health practices is driving demand for herbal supplements in Brazil. This trend fuels the market as consumers seek alternatives to traditional medicines, favoring natural products perceived as potentially more beneficial for health and wellness.

Government Support: The updates by Agência Nacional de Vigilância Sanitária (ANVISA) to the Brazilian Pharmacopoeia, including the release of the 2nd edition of the Herbal Medicines National Formulary in 2021, provide clearer regulatory guidelines for herbal and traditional products in Brazil. This regulatory clarity enhances market conditions by promoting compliance, ensuring product quality, and boosting consumer confidence in herbal supplements.

Growth in Wellness Industry: The growth of the wellness sector and consumer inclination towards preventive healthcare are driving increased demand for herbal supplements in Brazil. This trend supports market expansion as consumers prioritize natural and proactive health solutions, thereby boosting the popularity and consumption of herbal supplements.

Market Restraints

Cost Constraints: The high cost of certain supplements can limit access for consumers with lower incomes, posing a restraint on the herbal supplement market in Brazil. This affordability barrier may prevent a significant portion of the population from purchasing herbal supplements, thereby restricting market growth and adoption rates in the country.

Perception and Trust: Consumer skepticism regarding the effectiveness and safety of herbal supplements compared to conventional medicines can hinder demand and market growth in Brazil. This skepticism may deter potential consumers from opting for herbal supplements, impacting their acceptance and overall market expansion within the country.

Competition from Pharmaceuticals: Established pharmaceutical products may dominate Brazil's healthcare landscape, overshadowing herbal supplements in perceived effectiveness and reliability, thereby restraining the herbal supplement market.

Regulatory Landscape and Reimbursement Scenario

The regulation of herbal supplements in Brazil is managed by the Brazilian Health Surveillance Agency (ANVISA), which has implemented several measures to ensure product safety and efficacy. Only pharmaceutical industries authorized by ANVISA can register herbal medicines, with the registration dossier requiring a documentary part, a technical report, and a safety and efficacy report. The National Policy of Medicinal Plants and Herbal Medicines (PNPMF) also plays a significant role in the regulation of these products. There is no public reimbursement program for herbal supplements in Brazil. Classified as a subcategory of food, dietary supplements, including herbal supplements, are regulated by ANVISA and are not considered drugs or medicines. Consequently, they are not eligible for reimbursement under the public healthcare system.

Competitive Landscape

Key Players

Here are some of the major key players in the Brazil Herbal Supplement Market:

Herbalife
Himalaya
NOW Foods
Botanic Supplements
Hishimo Pharmaceuticals Pvt. Ltd
Botanic Healthcare
Sabinsa Brasil
Herbarium
Herbalize Indústria de Suplementos
Herbal Nutrition

1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Brazil Herbal Supplements Market Segmentation

By Product Form

Tablet
Capsule
Powder
Others

By Application

Immunity
General Wellness
Specific Health Condition

By Distribution Channel

Pharmacies
Supermarket/Hypermarket
Online
Specialty Stores

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.