Mexico Herbal Supplements Market Report 2023 to 2030

Mexico Herbal Supplements Market Report

$ 3999

The Mexico Herbal Supplements Market was valued at $78.90 Mn in 2023 and is predicted to grow at a CAGR of 6.45% from 2023 to 2030, to $122.21 Mn by 2030. The key drivers of this industry include an aging population, growing health consciousness, and preference for personalized supplements. The industry is primarily dominated by players such as Himalaya Wellness, Herbalife, Amway, and NOW Foods among others.

ID: IN10MXON001 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Mexico AUTHOR: Aashwi Mehta

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Mexico Herbal Supplements Market Executive Summary

The Mexico Herbal Supplements Market was valued at $78.90 Mn in 2023 and is predicted to grow at a CAGR of 6.45% from 2023 to 2030, to $122.21 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.

Approximately 90% of Mexico's general population uses medicinal plants, and 85% of healthcare professionals are knowledgeable about herbal medicines. Nearly 75% of healthcare professionals recommend the use of herbal remedies. The market is therefore driven by significant factors like an aging population, growing health consciousness, and preference for personalized supplements. However, lack of standardization, counterfeit products, and distribution challenges restrict the growth and potential of the market.

Prominent players in this field include Himalaya Wellness, Herbalife, Amway, and NOW Foods among others.

Mexico Herbal Supplements Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Aging Population: The expected increase in the population aged 65 and older to 20.2% by 2050 is a significant driver for the herbal supplement market in Mexico. This demographic shift will likely lead to a higher demand for supplements aimed at addressing age-related health concerns, as older individuals often seek natural remedies to maintain their health and manage chronic conditions.

Growing Health Consciousness: Mexican consumers are becoming increasingly health-conscious, which is driving a heightened interest in natural and herbal remedies for various health issues. This trend is a market driver for the herbal supplement industry because it encourages consumers to seek out and purchase herbal supplements as part of their health and wellness routines.

Preference for Personalized Supplement: Mexican consumers seek convenient supplement forms and personalized health recommendations. This drives the herbal supplement market by increasing demand for tailored and easily accessible products.

Market Restraints

Lack of Standardization: Inconsistent regulations and standards can result in problems with product quality and safety. This is a market restraint for the herbal supplement industry in Mexico because it can undermine consumer trust and make it difficult for companies to ensure the reliability and efficacy of their products.

Counterfeit Products: Counterfeit and substandard products can erode consumer trust and hinder market growth. This is a market restraint for the herbal supplement industry in Mexico because it damages the reputation of legitimate products and reduces consumer confidence in the market.

Distribution Challenges: Expanding distribution through mainstream retail outlets is difficult due to regulatory challenges and consumer preferences, despite direct selling being the dominant channel. This is a market restraint for the herbal supplement industry in Mexico because it limits the potential for broader market reach and sales growth.

Regulatory Landscape and Reimbursement Scenario

In Mexico, the Federal Commission for Protection against Sanitary Risk (COFEPRIS) oversees the regulation of food supplements, including herbal products. These supplements must undergo a registration process with COFEPRIS, which includes providing detailed product information, safety data, quality control documentation, compliance with Good Manufacturing Practices (GMP), and precise labeling. Currently, consumers in Mexico typically bear the cost of herbal supplements themselves. While a few private health insurance plans may cover specific medicamentos herbolarios, such coverage is rare and often comes with significant limitations.

Competitive Landscape

Key Players

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

Himalaya Wellness
Herbalife
Amway
NOW Foods
Botanic Supplements
Natural Health
Vida Herbal Laboratorios
PH & S laboratories
Kurmin Health
Botanic Healthcare

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

Mexico 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.