The global Herbal Medicinal Products Market is set for remarkable growth, with revenues totaling US$ 199.07 billion in 2023, as reported by Future Market Insights (FMI). By 2033, the market is projected to achieve an impressive valuation of US$ 417.99 billion, expanding at a CAGR of 7.7% over the forecast period.
The surge in consumer awareness about the benefits of herbal medicines and the increasing focus on promoting traditional medicine systems are key factors driving market growth. Governments and private entities are investing heavily in research and development to modernize and commercialize herbal products, ensuring their widespread availability and adoption.
Ayurvedic medicine, a significant segment of the herbal medicinal products market, accounted for nearly 57% of total sales in 2021, and its demand continues to grow. With a shift towards natural and holistic healthcare solutions, this segment is expected to maintain its stronghold, further boosting overall market expansion.
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Key Takeaways:
- Market Size: Valued at US$ 199.07 billion in 2023, projected to reach US$ 417.99 billion by 2033.
- Growth Rate: Anticipated CAGR of 7.7% during the forecast period.
- Market Drivers: Growing consumer awareness, rising investments in traditional medicine, and increasing demand for natural healthcare solutions.
- Emerging Trends: Strengthened focus on ayurvedic medicine and modernization of herbal product development and distribution.
Growth Drivers
- Rising Consumer Awareness: Increased awareness regarding the benefits of herbal medicines is driving demand, as consumers seek natural and alternative remedies for health issues.
- Investments in Traditional Medicine: Growing investments in promoting traditional medicine practices are further accelerating market growth, especially in regions where such practices are prevalent.
- Demand for Ayurvedic Medicine: Ayurvedic medicine is anticipated to play a significant role, accounting for nearly 57% of herbal medicine sales in 2021, reflecting its popularity and effectiveness.
- Shift Towards Natural Products: There is a notable shift among consumers towards natural and organic products, which is influencing the growth of the herbal medicinal products market.
Regional Insights
- The Asia-Pacific region is expected to dominate the market due to the historical use of herbal medicines and the prevalence of traditional medicine systems such as Ayurveda and Traditional Chinese Medicine.
Competitive Landscape
Herbal medicine manufacturers aim to carry out strategic expansions and file patents to consolidate growth in a competitive market. The herbal medicinal products market is highly competitive by several essential players that invest heavily in research and development activities.
They carry out unique and innovative products through research and development activities. The manufacturer is developing high-quality products as per their consumer’s requirements.
The key players actively focus on acquiring maximum revenue through their various marketing strategies. These strategies are mergers, partnerships, agreements, collaborations, and product launches.
Recent Developments in the Global Herbal Medicinal Products Market are:
- In October 2020, Arkopharma SA filed a patent for the Arkodigest No Reflux 100% natural composition to improve digestion.
- In November 2020, Mountain Rose Herbs purchased the Phoenix Industrial Park in Eugene, with 205,000 square feet of functional space and a 12-acre campus. It is part of a business expansion strategy to develop it into green space.
- Himalaya Drug Company launched herbal-based products for the healthcare industry, including personal care products, herbal supplements, and veterinary products. It is one of the leading companies that offer high-quality products through its research and development activities.
Other Essential Players in the Global 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
Herbal Medicinal Products Market by Category
By Product Type:
- Ayurvedic
- Homeopathic Medicines
- Chinese Medicines
- Aromatherapy product
By Form:
- Capsules/Tablets
- Powder
- Syrups
- Oil and ointment
- Others
By Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Mail order pharmacies
- e_commerce
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Author By:
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 faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as 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 stands as 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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