Global Herbal Medicinal Products Market, By Product Type (Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines, Aromatherapy) By Dosage Form (Capsules, Powder, Syrups, Oils and Ointments & Others), By Application(Pharmaceutical, Nutraceutical, Personal Care & Beauty Products) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa). The global Herbal Medicinal Products market was valued at US$ 197.77 Bn in 2023 and is expected to reach US$ 344.89 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 3031, as highlighted in a new report published by Coherent Market Insights.
The growth of the Herbal Medicinal Products market is driven by incasing popularity and consumption of Ayurvedic based medicines and products. Ayurveda is one of the ancient holistic healing systems originated in the Indian subcontinent, practiced for overall wellbeing. Ayurvedic medicines are herbal and minerals based formulas used for promoting health as well as treatment of various diseases. Increasing consumer awareness about health, side effects of allopathic medicines and benefits of herbal treatments are the major factors driving the growth of Ayurvedic medicines market globally. Drivers such as rising preference for natural and herbal medicinal systems over pharmaceutical drugs majorly due to lesser side effects is a key factor driving the growth of global Ayurvedic medicines market.
Global Herbal Medicinal Products Market- Drivers
- Increasing preference for herbal medicines over allopathic medicines: There is a growing perception that herbal drugs have lesser side effects and are more natural or organic in composition. consumers are more wary of prolonged usage of allopathic drugs which may cause drug interactions or dependency issues. Additionally, awareness about benefits of Ayurveda and traditional medicine through internet is also fuelling growth. According to World Health Organization (WHO), A survey based study was composed thusly to perceive the awareness about herbal medicines among literate populace. Most extreme people groups (69.67%) satisfy with the use of herbal products.
Global Herbal Medicinal Products Market - Restraints
- Stringent regulatory framework: The stringent regulatory framework for herbal medicinal products across various countries is presenting major roadblocks for the growth of the global herbal medicinal products market. Stringent rules and regulations surrounding the manufacturing, distribution, and marketing of herbal medicines have made it quite challenging for companies to freely operate in this market. As per a 2021 report by the World Health Organization, only 5 of the top 10 countries manufacturing traditional medicines have implemented the WHO guidelines for cultivation, production and quality control of herbal medicines.
Global Herbal Medicinal Products Market- Opportunities
- Untapped emerging markets: Emerging markets in developing countries present a huge untapped potential for herbal medicinal products globally. These countries have a large population base with significant demand for alternative healthcare therapies. Herbal medicines have been an integral part of their traditions for centuries and still form the primary source of healthcare for a large section, especially in rural areas with lack of access to modern allopathic treatments. As per World Bank data, nearly 70% of people in South Asia and large parts of Africa still rely on traditional healers for their primary healthcare needs. These regions have seen rapid economic and infrastructure development in recent years.
Global Herbal Medicinal Products Market Segmentation:
The global Herbal Medicinal Products market report is segmented into Product type, Dosage Form, Application, Distribution Channel, and Region
Based on the product type, the market is segmented into Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines & Aromatherapy Out of which, the Ayurvedic Medicines segment is expected to hold a dominant position in the global herbal medicinal products market during the forecast period, and this is attributed to the consumers preference globally are increasingly gravitating towards natural and herbal products due to growing awareness about potential side effects of certain chemicals used in allopathic drugs. This preference for natural ingredients is a major factor fueling expansion of the Ayurvedic medicines industry. Ayurveda relies predominantly on plant and herb-based formulations to treat various ailments in a holistic manner. Based on Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa Out of which, the North America segment is expected to dominate the market over the forecast period, and this is attributed to increased awareness for using natural and herbal product based medicines.
Browse 35 Market Data Tables and 39 Figures spread through 180 Pages and in-depth TOC on Global Herbal Medicinal Products Market, By Product Type (Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines, Aromatherapy) By Dosage Form (Capsules, Powder, Syrups, Oils and Ointments & Others), By Application(Pharmaceutical, Nutraceutical, Personal Care & Beauty Products) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Developments:
- In January, 2022, Blackmores, an Australian natural health and dietry supplements based company, announced distribution partnership with Udaan platform, a B2B trade platform, designed specifically for small & medium businesses in India for its premium range of multivitamins products in India
- In November, 2020, Kunnath Pharmaceuticals, India based pharmaceutical company in the research, development and manufacture of high quality, result giving ayurvedic medicines and food supplements, announced announced the launch of antiviral immunity booster capsules ‘Viromune’ an Ayurvedic formulation based medicine consisting 17 potent herbs with natural immunity boosting properties
- In December, 2020, Mountain Rose Herbs, an U.S. based producer,, developer of natural herbs, spices, herbal products, announced the buying of Phoenix Industrial Park at in Eugene, U.S., this development will allow the company to consolidate their six separate facilities into one 12-acre campus and will provide 205,000 square feet of critically needed operational space.
Link: https://www.coherentmarketinsights.com/market-insight/herbal-medicinal-products-market-1688
Key Takeaways of the Global Herbal Medicinal Products Market:
- The global Herbal Medicinal Products market is expected to exhibit a CAGR of 7.2% during the forecast period due to increasing business development activities by key players of the market. For instance, on June 28, 2023, Dermapharm Holding SE, Germnay based branded pharmaceutical manufacturing company, announced the acquisition of Apharma TopCo SAS, Arkopharma Group, france based herbal medicine and food supplement manufacturing company.
- Among region, North America is expected to be the dominant region in the global Herbal Medicinal Products market which is resulted by the increasing consumption of natural occurring product consumtion in U.S. For instance, In a survery conducted by The University Of Texas At El Paso, approximately nealy 49 % of American adults which is equals to t of nearly100 million people, have used remedies from plants. Out of which 25 million individuals (24%) considered themselves regular medicinal herb consumers.
- Major players operating in the global Herbal Medicinal Products market 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.
