Herbal medicine is developed by using medicinal plant by pharmacognosy. Global  herbal medicinal product market has witnessed substantial growth in the last 3-4 decades, due  to rising consumer preference for plant-based medicines over synthetic drugs. Herbal products are gaining popularity due to perceived effectiveness against diseases without any side-effects. Herbal drugs are derived from plants and plant extracts and find widespread usage in treating minor ailments like coughs, colds, digestive issues as well as certain serious conditions like cancer and diabetes. Consumers increasingly prefer herbal medicines due to perceived lesser side effects as compared to allopathic drugs. Furthermore, growing awareness about the pharmacological properties and therapeutic benefits of herbs is translating into higher demand. Expanding application scope of herbal extracts in pharmaceuticals, cosmetics as well as food and beverage industries has also propelled the herbal medicinal product market.

Market Dynamics:

Global herbal medicinal products market is driven by factors such as increasing consumer inclination towards natural and plant-derived products, widespread promotion of herbal drugs by government initiatives, growing geriatric population base susceptible to chronic diseases and ailments, and expanding application scope of herbal extracts in various end-use sectors. However, uncertain regulations, supply consistency issues due  to factors like climate change and stringent quality standards set for herbal medicines, continue to restrain the market growth. Meanwhile, emerging trend of herbal cosmetics presents a lucrative opportunity for market players. Research on new therapeutic applications of herbs in treatment of life-threatening conditions like cancer also holds promising growth prospects.

Key features of the study:

• This report provides in-depth analysis of the global herbal medicinal product market, and provides market size (US$ Bn) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global herbal medicinal product market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Boiron, Himalaya Global Holdings Ltd., Arkopharma Laboratories, Cultivator Natural Products, Patanjali Ayurvedic India Ltd, Herbalife International of America, Inc., Emami Ltd, NUTRAMARKS, INC., Arogya Formulations (P) Ltd., Navayur Herbals, Nature's Answer Inc.,  21ST Century HealthCare, Inc. and Bio-Botanica Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global herbal medicinal product market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global herbal medicinal product market.

Detailed Segmentation:

• Global Herbal Medicinal Product Market, By Product Type:
  • Ayurvedic Medicines
  • Homeopathic Medicines
  • Chinese Medicines
  • Aromatherapy
• Global Herbal Medicinal Product Market, By Dosage Form:
  • Capsules
  • Powder
  • Syrups
  • Oil and Ointments
  • Others
• Global Herbal Medicinal Product Market, By Application:
  • Pharmaceutical
  • Nutraceuticals
  • Personal Care & Beauty Products
  • Others
• Global Herbal Medicinal Product Market, By Distribution Channel:
  • Hospital Pharmacies
  • Retail Stores
  • Specialty Clinics and Stores
  • E-commerce
• Global Herbal Medicinal Product Market, By Region: 
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Top Companies in the Global Herbal Medicinal Product Market
  • Himalaya Global Holdings Ltd.
  • Arkopharma Laboratories
  • Cultivator Natural Products
  • Patanjali Ayurvedic India Ltd
  • Herbalife International of America, Inc.
  • Emami Ltd
  • NUTRAMARKS, INC.
  • Arogya Formulations (P) Ltd.
  • Navayur Herbals
  • Nature's Answer Inc. 
  • 21ST Century HealthCare, Inc. 
  • Bio-Botanica Inc.