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Herbal medicinal products are medicinal products manufactured by using parts of plants and extracts of plants. Some of the frequently used herbal medicinal products include dietary supplements such as ginseng, ginkgo biloba, St. John’s wort, echinacea, valerian, turmeric, and ginger supplements. They are used for various purposes such as improving overall health and well-being, increasing energy levels, boosting immunity, aiding digestion, supporting heart health, and relieving stress and anxiety. Rising consumer preference for alternative medicine over pharmaceutical drugs to maintain health and manage health conditions is expected to drive the growth of the herbal medicinal products market.
The global herbal medicinal products market is estimated to be valued at US$ 199.07 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the herbal medicinal products market is the rising consumer preference for alternative medicine. Consumers are increasingly adopting alternative therapies and natural remedies such as herbal medicines for disease prevention and management due to increasing awareness about the side effects associated with chemical-based drugs. Herbal medicines are perceived to cause fewer side effects by consumers. Increasing consumer focus on preventive healthcare and holistic wellness is also expected to drive the demand for herbal medicinal products. Furthermore, rising consumer preference for herbal medicinal products over OTCC drugs due to perceived effectiveness in boosting immunity and managing lifestyle diseases will boost the growth of the herbal medicinal products market over the forecast period.
Segment Analysis
The global herbal medicinal products market can be segmented into ayurvedic medicine, homeopathy, Chinese and others. Ayurvedic medicine dominates the market and currently holds around 30% share owing to the increasing popularity and applications of Ayurveda globally. Some key conditions treated through Ayurvedic products include arthritis, diabetes, skin problems, stress and anxiety amongst others.
PEST Analysis
Political: Government regulations regarding the manufacturing, imports, and advertising of herbal medicines vary widely across countries. Changes in these policies impact the industry.
Economic: Rising incomes and changing disease patterns have increased focus on preventive healthcare. This is driving demand for alternative treatment methods including herbal medicines which are considered more natural.
Social: Growing popularity of herbal and natural products for healthcare due to perceived safety is a key trend. Consumers also want to avoid synthetic drugs. This is propelling the industry growth.
Technological: Advancements in R&D, standardization processes, and manufacturing technologies have improved the efficacy and safety profiles of herbal products. This is helping gain wider acceptance.
Key Takeaways
The global herbal medicinal products market is expected to witness high growth over the forecast period of 2023 to 2030 on the back of rising health awareness, preventive healthcare focus and demand for natural treatment options. Regional analysis wise, Asia Pacific currently dominates the market led by large consumer bases in countries like India, China and increasing uptake in other developing economies. Key players operating in the herbal medicinal products market are Blackmores Limited, Sanofi-Aventis Healthcare PTY Ltd., Arkopharma SA, Nutraceutical Corporation, STADA Arzneimittel AG, Himalaya Global Holdings Ltd, Integria Healthcare, Boiron Group, Young Living Essential Oils, Mountain Rose Herbs.
Regional analysis
The Asia Pacific region holds the largest share in the global herbal medicinal products market due to large consumer bases in countries like India and China that have deep-rooted traditions in Ayurveda, homeopathy and other alternative treatment systems. Changing lifestyles and focus on preventive healthcare are further augmenting demand.
Key players
Key players operating in the herbal medicinal products market are Blackmores Limited, Sanofi-Aventis Healthcare PTY Ltd., Arkopharma SA, Nutraceutical Corporation, STADA Arzneimittel AG, Himalaya Global Holdings Ltd, Integria Healthcare, Boiron Group, Young Living Essential Oils, Mountain Rose Herbs. These manufacturers are focusing on new product development and introducing enhanced efficacy products to strengthen their positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
