Singapore Herbal Supplements Market Insights Forecasts to 2033

• The Singapore Herbal Supplements Market Size was valued at USD 5.5 Million in 2023
• The Market is Growing at a CAGR of 6.68% from 2023 to 2033
• The Singapore Herbal Supplements Market Size is Expected to reach USD 10.5 Million by 2033

The Singapore Herbal Supplements Market Size is anticipated to exceed USD 10.5 Million by 2033, Growing at a CAGR of 6.68% from 2023 to 2033. The increasing prevalence of lifestyle diseases, rising health awareness, and aging population are driving the growth of the herbal supplements market in Singapore.     

Market Overview

Herbal supplements are dietary supplements containing herbs such as aloe, beta-carotene, black cohosh, ephedra, feverfew, garlic, ginger, and many more. These are useful in treating disease or staying healthy and are usually taken by mouth. They have little adverse effects and are made from plant materials. To maximize demand from health-conscious consumers looking for natural cures for their well-being, manufacturers have heavily capitalized on the natural labeling of herbal supplements. There is an increasing use of herbs like echinacea and ginseng, in herbal supplements which are popularly used among athletes as immunity boosters. Further, adaptogenic herbs aid in promoting mental and physical health, counteracting the effects of stress on the immune, neurological, and endocrine systems, and are becoming increasingly popular among athletes and fitness enthusiasts.

Report Coverage

This research report categorizes the market for the Singapore herbal supplements market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore herbal supplements market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore herbal supplements market.

Driving Factors

The population of Singapore is aging at one of the fastest rates in the world. Modifiable risk factors account for about half of Singapore's overall illness burden. The increased lifestyle diseases such as hypertension, diabetes, hyperlipidemia, obesity, and poor mental health along with the rising aging population are significantly driving the market demand for herbal supplements. The growing awareness about the health benefits of herbal supplements and preference for natural and organic products with its growing accessibility via e-commerce platforms are contributing to propel the market expansion. Furthermore, the use of herbal supplements commonly among the elderly for age-related concerns such as joint health, cognitive function, and overall vitality are contributing to driving the market.

Restraining Factors

The lack of conviction about the effectiveness and safety of herbal supplements among consumers restricts its adoption, ultimately leading to restraining the market. Further, the high price and competition from pharmaceuticals are challenging the Singapore herbal supplements market.

Market Segmentation

The Singapore Herbal Supplements Market share is classified into source, function, form, and application.

• The leaves segment accounted for the largest revenue share of the Singapore herbal supplements market in 2023.

The Singapore herbal supplements market is segmented by source into leaves, barks, fruits & vegetables, and roots. Among these, the leaves segment accounted for the largest revenue share of the Singapore herbal supplements market in 2023. Leaves are the most widely used ingredients among other sources of herbal supplements. Leaf parts of plants are used freshly or in dried form.

• The medicinal segment accounted for the largest market share during the forecast period.

The Singapore herbal supplements market is segmented by function into medicinal and aroma. Among these, the medicinal segment accounted for the largest market share during the forecast period. Herbal supplements are available in capsules, pills, tablets, and lozenges, as well as in liquid and powder form for medicinal purposes. The rising need for herbal treatments and the increasing popularity of clean-label and organic herbal supplements are driving the market.

• The capsules & tablets segment dominated the Singapore herbal supplements market during the forecast period.

The Singapore herbal supplements market is segmented by form into capsules & tablets, powders, syrups, and oils. Among these, the capsules & tablets segment dominated the Singapore herbal supplements market during the forecast period. Capsules and tablets are economical in preparing, stable, and convenient in packing, shipping, and dispensing. The rising preference for tablets and capsule forms of herbal supplements owing to their ease of use is driving the market growth.

• The pharmaceuticals segment dominated the Singapore herbal supplements market with the largest market share in 2023.       

Based on the application, the Singapore herbal supplements market is divided into pharmaceuticals, food & beverages, and personal care. Among these, the pharmaceuticals segment dominated the Singapore herbal supplements market with the largest market share in 2023. There is increasing popularity of herbal supplements as consumer’s preferences for eco-friendly and organic products have grown. The increasing research and development by the manufacturers of herbal medications are propelling the market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore herbal supplements market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.  

List of Key Companies

• Himalaya Wellness
• Herbalife
• Amway
• NOW Foods
• Botanic Supplements
• Sonnamera
• Blackmores
• Nature’s Farm
• Forever Living
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2023, Singapore’s HSA to expand the types of supplements applicable for voluntary notification, having received “positive participation” since implementing the initiative a year ago.

• In December 2021, Camsing Healthcare to receive a S$11.3m investment to boost Nature's Farm business. MAINBOARD-listed Camsing Healthcare said it executed an investment and loan agreement in a bid to boost its retail business Nature's Farm.  

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Herbal Supplements Market based on the below-mentioned segments:

Singapore Herbal Supplements Market, By Source

• Leaves
• Barks
• Fruits & Vegetables
• Roots

Singapore Herbal Supplements Market, By Function

• Medicinal
• Aroma

Singapore Herbal Supplements Market, By Form

• Capsules & Tablets
• Powders
• Syrups
• Oils

Singapore Herbal Supplements Market, By Application

• Pharmaceuticals
• Food & Beverages
• Personal Care