The Herbal Medicinal Products Market is flourishing, fueled by a growing consumer preference for natural and alternative healthcare solutions. According to a groundbreaking study by Future Market Insights (FMI), a leading market research firm, the market is expected to surge from a valuation of US$199.07 billion in 2023 to a staggering US$417.99 billion by 2033. This translates to a robust Compound Annual Growth Rate (CAGR) of 7.7%, highlighting a significant shift towards natural remedies within the healthcare landscape.
Shifting Tides in Healthcare:
This surge is attributed to a significant shift towards herbal and alternative medicine. Consumers worldwide are increasingly seeking holistic healthcare options, drawn to the perceived natural benefits of herbal remedies. This trend is particularly strong in the Western world, where governments are actively promoting the use of herbal medicine as a complementary healthcare approach.
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According to a recent Future Industry Insights report, certain qualities have been critical in driving growth in the herbal medicinal product market. Sales of these items are expected to hit US$ 171.62 billion in 2021, with a compound annual growth rate of 7.7% forecast from 2021 to 2031.
Growing worries about the side effects of allopathic drugs have resulted in a steady shift in preference for traditional herbal treatments. These treatments are frequently used to cure a variety of maladies, including neurological diseases, coughs, colds, flu, sexual troubles, feminine concerns, and metabolic diseases. Herbal medicine is valued for its potential to enhance health and systemic balance without drowsiness or negative side effects.
In 2015, Brazil’s La Politica Integral de Atención Integral a la Salud Indigena de FUNASA supported indigenous communities’ traditional health systems, while the government recognized homeopathic medicines as a medical specialty and incorporated them in the National Health System. Brazil today has approximately 12,000 homeopathic doctors and 300 homeopathic chemists.
According to the World Health Organisation (WHO), herbal medicines are used by approximately 60% of the world’s population for primary healthcare, with this figure rising to up to 80% in underdeveloped countries. Around 75% of these sales are done through direct user-pharmacy contacts. The growth of online pharmacies and mail-order shopping has boosted demand for self-medication even further.
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 Market Study:
- Demand for Chinese medications is expected to grow at an 8.2% CAGR through 2031, owing to investments in the promotion of traditional Chinese medicine.
- By 2031, retail pharmacies will account for more than 23% of the global market. This is owing to the ease of access to consumer health products.
- The most profitable market for herbal medicinal goods is Europe, with Germany accounting for around 18% of the regional market in 2031.
- China is the East Asian market leader, accounting for more than 49% of the market in 2031.
- In 2031, South Asia will be the third most profitable market, with India accounting for more than 74% of the market.
Competitive Landscape in the Herbal Medicinal Products Market
Herbal medicine manufacturers are primarily interested in strategic expansions and patent filings 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.
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
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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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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