Herbal/Traditional Products in the US

PROSPECTS

Changing consumer demands for natural options driving herbal/traditional products

Consumer preference for natural products has continued to drive demand in the herbal/traditional space of consumer health. A combination of consumers favouring naturally derived options over synthetic or chemical ones and the growing prominence of self-care in consumer health has maintained the strong growth of years past.

FDA increasing regulatory efforts

The FDA’s role in providing a regulatory framework for herbal/traditional products continues to be tested in 2019. With the FDA maintaining a firm position on new dietary ingredient (NDI) notifications and taking a proactive role in penalising supplement companies making unsubstantiated claims, the agency has had to realign its approach to consumer education with an evolving market.

Rise in demand putting pressure on global supply chain for botanicals

As herbal/traditional products see their demand proliferate in the US, supply chains will be tested for their ability to produce the quality products that consumers expect under FDA regulation. Due to the nature of many herbal/ traditional products requiring niche or uncommon ingredients, their production is largely dependent on the success of a particular crop’s production, which can vary on a year-to-year basis.

COMPETITIVE LANDSCAPE

Performance Health Inc capitalising on growth in herbal/traditional topical analgesics

In the space of herbal/traditional topical analgesics, leading player Performance Health Inc has continued its strong growth in 2019 due to its Biofreeze brand’s growing popularity. In 2016, Biofreeze’s expansion from specialist and clinical distribution to a larger retail footprint has broadened the product’s potential consumers and sparked growth.

CBD capitalising on herbal/traditional product popularity

Cannabidiol (CBD) has continued to take the consumer health industry by storm as consumer interest has spiked surrounding the cannabis by-product’s purported effects such as pain relief and anti-anxiety. CBD currently lacks FDA legal approval for use as a dietary supplement, however the product is widely popular in internet retail in all its formats, including oils, creams, vapes, and patches.

Packaging changing in herbal/traditional products

As demand further rises for herbal/traditional products, players are aiming to stand out using innovative packaging. In a highly fragmented market with many brands offering similar, if not the same products, packaging is often the distinguishing factor that can sway a consumer’s decision to purchase.

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