Government initiatives undertaken around the world, especially in the West to encourage the use of herbal medicine has resulted in the development of mass distribution networks, increasing prescription of homeopathic medications, and demand for Ayurveda treatments.
According to a recent study by Future Market Insights (FMI), these factors have proven crucial at enabling growth in the herbal medicinal market. Sales of herbal medicines are expected to top US$ 171.62 Bn in 2021, at a CAGR of 7.7% during the forecast period (2021-2031).
Soaring concerns pertaining to adverse effects of allopathic medicines has been causing gradual shift of preference in favor of traditional herbal medicines. These medicines are often used for treatment of ailments including neurological diseases, cough, cold & flu, sexual problems, feminine problems, and metabolic diseases. Herbal remedies are used to maintain health and systemic balance, of body functions without sedation and side effects.
In 2015, La Political de Attention Integral a la Saluda Indigene de FUNASA of Brazil promoted traditional systems of health of indigenous communities. Similarly, the government has recognized homeopathic medicines as a medical specialty and included it in the National Health System. Brazil is currently home to around 12,000 homeopathic physicians and 300 homeopathic pharmacists.
As per the World Health Organization (WHO), around 60% of the world’s population is reliant on herbal medicines for primary health care needs. In developing countries, this number accounts for up to 80%. Around 75% of such sales are made through direct user-pharmacy contacts. The growing trend of online pharmacies and mail-on-order purchases drives the demand for self-medication.
The global geriatric population is rapidly expanding with higher life expectancy rates. According to the World Bank, in 1990, the average mortality among geriatric world population was around 6 %, which increased to 9.5% in 2020. The prevalence of chronic diseases associated with an aging population portrays the need for effective medications.
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Key Takeaways from Herbal Medicinal Products Market Study
- Demand for Chinese medicines is expected to grow at 8.2% CAGR through 2031, owing to investments into promotion of traditional Chinese medicine.
- Retail pharmacies are projected to capture over 23% of the global market by 2031. This is attributed to availability of consumer health products.
- Europe is the largest revenue-generating region for herbal medicinal products, with Germany accounting for nearly 18% of the regional market in 2031.
- China holds the leading position in East Asia, and is expected to account for over 49% of the market in 2031.
- South Asia is the third most lucrative market with India accounting for over 74% of the share in 2031.
“Import-export opportunities for local players and government support for new herbal start-ups will continue creating growth opportunities for manufacturers through the assessment period ending in 2031,” says the FMI Analyst
Who is Winning?
Some of the leading manufacturers of herbal medicinal products are focusing on product launch strategies for global expansion objectives, thereby, enhancing their market presence.
- In 2021, Arkopharma filed a patent for Quercetin and Kaempferol. These products have a genotoxic potential of plant-based preparations containing free flavones.
- In Aug 2020, Young Living Essential Oils launched the Hand-blown Artisan Glass Diffuser, Cassia Oil-new skincare line, as additions to the Savvy Minerals makeup line. The product includes diffusers, new essential oil blends and essential oil-infused wearable rings.
The key market players covered by FMI include 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, and Mountain Rose Herbs.
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global herbal medicinal product market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on herbal medicinal products segment based on Product type (Ayurvedic, Homeopathic Medicines, Chinese Medicines, Aromatherapy product), Form (Capsules/Tablets, Powder, Syrups, Oil and ointment, Other) Distribution Channel (hospital pharmacies, retail pharmacies, mail order pharmacies, e-commerce) across seven major regions.
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Key Questions Answered in Report
- How much is the herbal medicinal products market worth?
The herbal medicinal products market is worth at US$ 171.62 Bn in the year 2021 and is expected to reach US$ 360.35 Bn by 2031 owing to higher adoption of traditional medicines and government initiatives for herbal products.
- What is the demand outlook of the herbal medicinal products market?
Herbal medicinal products are projected to reflect high demand in the forecast period with a CAGR of 7.7%.
- At whatrate did the herbal medicinal products market rise in the last 5 year ?
Historically, the market has grown at a CAGR of 2.4% from 2016 to 2020.
- What are the key trends of herbal medicinal products?
Developing manufacturing sector in emerging countries, and increased focus on alternative medicine are some of the prominent trends which drive the demand for herbal medicinal products.
- What factors are driving demand for herbal medicinal products?
The transition from conventional to traditional medicines in all developed and developing countries is a major driving factor.
- What is the market share of the top players in the herbal medicinal products market?
The cumulative market share of the top players including Mountain Rose Herbs, Arkopharma SA, Boiron Group, Himalaya Global Holdings Ltd, Blackmores Limited constitutes around 2.8% of the overall fragmented market.