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Homeopathic and Herbal Remedies - US - November 2016

Press Release   •   Nov 21, 2016 06:09 EST

MarketResearchReports.biz has recently announced the addition of a market study “ Homeopathic and Herbal Remedies - US - November 2016 ”, is a comparative analysis of the global market.

The homeopathic and herbal remedies market continues to grow steadily. In 2016, total US retail sales are estimated at nearly $5.4 billion, and Mintel forecasts a stable growth trajectory through 2021.

Table Of Content

OVERVIEW

What you need to know

Definition

EXECUTIVE SUMMARY

The issues

Aging population tempers short-term growth

Figure 1: Total US sales and fan chart forecast of homeopathic and herbal remedies market, at current prices, 2011-21

Consumers don’t understand the category

Figure 2: Barriers to using alternative remedies, August 2016

Competitive landscape adds to consumer confusion

Figure 3: Any use of OTC medication, herbal remedies, and homeopathic remedies to treat ailments, August 2016

The opportunities

Focus on families

Figure 4: Any use of OTC medication, herbal remedies, and homeopathic remedies to treat ailments, by parental status, August 2016

Increase understanding of category with focus on efficacy and safety

Figure 5: Sources of information, August 2016

Homeopathic remedies on deck for future growth

Figure 6: Total US forecast of homeopathic remedies, at current prices, 2016-21

What it means

THE MARKET – WHAT YOU NEED TO KNOW

Steady growth in homeopathic and herbal remedies

Success in herbal remedies reflects natural attributes

Homeopathic remedies on deck for future growth

Competitive landscape adds to consumer confusion

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MARKET SIZE AND FORECAST

Historic and projected sales performance

Figure 7: Total US sales and fan chart forecast of homeopathic and herbal remedies market, at current prices, 2011-21

Figure 8: Total US sales and forecast of homeopathic and herbal remedies market, at current prices, 2011-21

MARKET BREAKDOWN

Herbal remedies dominate market sales

Figure 9: Total US retail sales of homeopathic and herbal remedies, by segment, at current prices, 2014 and 2016

Opportunity for growth in homeopathic treatments

Figure 10: Total US retail sales and forecast of homeopathic and herbal remedies, by segment, at current prices, 2011-21

MARKET PERSPECTIVE

Use and perceptions of OTC medication

Figure 11: Use of OTC medication to treat ailments, August 2016

Figure 12: Perceptions of OTC medication, August 2016

OTC remedies remain the “go-to” treatment

Figure 13: Correspondence analysis – Perceptions, August 2016

Correspondence analysis methodology

Figure 14: Correspondence analysis – Perceptions, August 2016

MARKET FACTORS

Aging population provides a short-term challenge

Figure 15: Population aged 18 or older, by age, 2011-21

Figure 16: Any use of OTC medication, herbal remedies, and homeopathic remedies to treat ailments, by age, August 2016

Potential for future generations as engaged alternative remedy users

Figure 17: Population by generation, 2011-21

Hispanics offer opportunity for category growth

Figure 18: US population, by Hispanic origin, 2011-21

KEY PLAYERS – WHAT YOU NEED TO KNOW

Botanical/herbal claims popular in healthcare products

Targeting families is a successful approach for product launches

Increase understanding of category with focus on efficacy and safety

Organic: The next step beyond natural

Alternative remedies as a “go-to” treatment

WHAT’S WORKING?

Market boosted by herbal remedies

Figure 19: Share of healthcare products launched with botanical/herbal or homeopathic claim, 2011-16

Alternate formats encourage use

Figure 20: Healthcare products launched with botanical/herbal or homeopathic claim, by top 10 subcategories, 2011-16

Focus on families

Figure 21: Any use of OTC medication, herbal remedies, and homeopathic remedies to treat ailments, by parental status, August 2016

Figure 22: Share of healthcare products launched with botanical/herbal or homeopathic claim targeting children, 2011-16

Figure 23: Children’s healthcare products launched with botanical/herbal or homeopathic claim, by top 10 subcategories, 2011-16

WHAT’S STRUGGLING?

Understanding the category

Communicating product efficacy and safety

WHAT’S NEXT?

Going beyond natural to tout organic homeopathic medicine

Figure 24: Total US forecast of homeopathic remedies, at current prices, 2016-21

Challenging OTC as the “go-to” remedy

THE CONSUMER – WHAT YOU NEED TO KNOW

Homeopathic remedies used to treat acute illness

Natural associations encourage use of herbal remedies

Belief in treatment philosophy influences purchase behavior

“Try anything” mentality drives use of alternative remedies

Internet remains the cornerstone of information sourcing

Efficacy and safety concerns remain barriers to use

USE AND PERCEPTIONS OF HOMEOPATHIC REMEDIES

Strong incidence of use for homeopathic remedies

Figure 25: Use of homeopathic remedies to treat ailments, August 2016

Homeopathic remedies attract younger consumers

Figure 26: Use of homeopathic remedies to treat ailments, by age, August 2016

Hispanics more likely to use homeopathic remedies for any ailment

Figure 27: Use of homeopathic remedies to treat ailments, by Hispanic origin, August 2016

Homeopathic remedies perceived as natural

Figure 28: Perceptions of homeopathic remedies, August 2016

Lack of understanding is a barrier to use among older consumers

Figure 29: Perceptions of homeopathic remedies, by age, August 2016

Homeopathic remedies are a go-to remedy among Hispanics

Figure 30: Perceptions of homeopathic remedies, by Hispanic origin, August 2016