According to a Future Market Insights (FMI) analysis, the herbal medicinal products market revenue would reach US$ 171.62 billion in 2021. Overall sales of herbal medicinal Products are predicted to reach US$ 360.35 billion by 2031, increasing at a 7.7% CAGR from 2021 to 2031.
Government efforts to encourage the use of herbal medicine around the world, notably in the West, have resulted in the development of mass distribution networks, increasing homoeopathic remedy prescription, and increased demand for Ayurvedic therapies.
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According to a recent analysis by Future Industry Insights, certain characteristics have been crucial in driving growth in the market for herbal medicinal products. In 2021, sales of these products are estimated to exceed US$ 171.62 billion, with a projected compound annual growth rate of 7.7% from 2021 to 2031.
Growing concerns regarding the adverse effects of allopathic medicines have led to a gradual shift in preference towards traditional herbal medicines. These remedies are often used to treat a range of ailments, including neurological diseases, coughs, colds and flu, sexual problems, feminine issues, and metabolic diseases. Herbal medicine is valued for its ability to promote health and systemic balance without causing sedation or side effects.
In 2015, La Political de Attention Integral a la Saluda Indigene de FUNASA of Brazil supported traditional health systems of indigenous communities, while the government recognized homeopathic medicines as a medical specialty and included them in the National Health System. Brazil now boasts around 12,000 homeopathic physicians and 300 homeopathic pharmacists.
According to the World Health Organization (WHO), around 60% of the world’s population relies on herbal medicines for primary healthcare needs, with this number increasing to up to 80% in developing countries. Of these sales, around 75% are made through direct user-pharmacy contacts. The rise of online pharmacies and mail-order purchases has further fueled demand for self-medication.
The global geriatric population is growing rapidly due to higher life expectancy rates. The World Bank reports that in 1990, the average mortality rate among the elderly worldwide was around 6%, rising to 9.5% in 2020. Chronic diseases associated with aging populations highlight the need for effective medications.
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Key Takeaways from Herbal Medicinal Products Study:
- Due to investments in the promotion of traditional Chinese medicine, demand for Chinese medicines is predicted to expand at an 8.2% CAGR until 2031.
- Retail pharmacies are expected to account for more than 23% of the global market by 2031. This is due to the accessibility of consumer health items.
- Europe is the most lucrative market for herbal medicinal items, with Germany accounting for roughly 18% of the regional market in 2031.
- China is the market leader in East Asia, accounting for more than 49% of the market in 2031.
- South Asia is the third most profitable market, with India accounting for more than 74% of the market in 2031.
Competitive Landscape
Herbal medicine manufacturers are primarily interested in strategic expansions and patent filings in order to consolidate growth in a competitive industry.
For example, Arkopharma SA filed a patent in October 2020 for the Arkodigest® No Reflux 100% natural composition to enhance digestion.
Mountain Rose Herbs plans to turn the Phoenix Industrial Park in Eugene, which has 205,000 square feet of operational space and a 12-acre campus, into green space in November 2020 as part of its corporate expansion strategy.
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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,
- Mountain Rose Herbs
Herbal Medicinal Products Market by Category
Product Type:
- Ayurvedic
- Homeopathic Medicines
- Chinese Medicines
- Aromatherapy product
Form:
- Capsules/Tablets
- Powder
- Syrups
- Oil and ointment
- Others
Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Mail order pharmacies
- E commerce
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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