The global herbal medicine market is estimated to grow at a CAGR of 5.88% during the forecast period of 2018-2023.
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Herbal medicines are plant-based medications used for the treatment of various diseases. These are administered in the form of capsules, tablets, powders, extracts, and teas, among others.
Rising adoption of herbal medicines and increasing research funding for development of herbal medicines are the factors responsible for the positive growth of the herbal medicine market. The National Center for Biotechnology Information (NCBI) in 2015 published that approximately 70 to 80% of the people rely on herbal medicines for their treatment, globally. Furthermore, growing number of therapeutic applications are also expected to drive the market growth.
However, poor standardization procedures and possible allergic reactions of certain plants are expected to negatively impact the market growth during the forecast period.
Segmentation:
The global herbal medicine market has been segmented into product type, type of medicinal plants, form, source, indication, and distribution channel.
On the basis of product type, the global herbal medicine market is divided into herbal pharmaceuticals, herbal dietary supplements, herbal functional foods, and others. Herbal dietary supplements segment is expected to grow at the fastest CAGR owing to its growing awareness globally.
By type of medicinal plants, the global herbal medicine market is classified into aconitum ferox, allium sativum, andrographis paniculata, commiphora weightii, and crocus sativus. Allium sativum is expected to garner significant market share owing to its growing usage for various therapeutic applications.
Based upon the form, the market is categorized into capsules & tablets, powder, and syrups & extracts. Syrups and extracts segment is anticipated to hold the largest market share owing to its high absorption rate as compared to the other forms.
On the basis of source, the global herbal medicines market is segmented into leaves, roots & barks, and whole plants & fruit. Roots & barks segment held the largest market share in 2019 owing to their increasing therapeutic applications.
By indication, the market is classified into cardiovascular disorders, respiratory disorders, digestive disorders, and hypnotics & sedatives. Digestive disorders segment held the largest market share in 2019 due to high number of herbal medicines used for the treatment of problems such as indigestion, gastroesophageal reflux disease, and dyspepsia.
Based upon the distribution channel, the market is divided into hospital & retail pharmacies and e-commerce. E-commerce segment is segment is expected to grow at the fastest CAGR owing to its rising adoption.
Regional Analysis:
By region, the global herbal medicine market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa (MEA), and Latin America.
Europe herbal medicine market held the largest market share owing to the rising funding for research & development of herbal medicine and rising preference for herbal drugs in the region. The Asia-Pacific herbal medicine market is expected to hold the second-largest position owing to rising focus of market players to develop traditional form of medicines, which includes herbal medicines. North American market is expected to grow owing to the growing usage of herbal medicines in the US. The American Botanical Council published that the sale of herbal supplements in the US increased by 7.7% in 2017 from 2016. The Latin American market is expected to grow owing to government support to herbal medicine manufacturing companies. Middle East & Africa market is expected to witness slow growth owing to low awareness regarding herbal medicine in the region.
Competitive Landscape:
Key market players covered in the report include ZeinPharma Germany GmbH (Germany), Dasherb Corp. (China), Bayer AG (Germany), Arkopharma (France), Hishimo Pharmaceuticals (India), BEOVITA (Netherlands), Schaper & Brummer (Germany), Blackmores (Australia), and Dr. Willmar Schwabe India Pvt. Ltd (India), among others.
Companies are involved in strategies such as acquisitions and product launches for gaining competitive advantage over its counterparts. For instance, in November 2016, Arkopharma acquired DISTRIFA, its Portuguese distributor. The company aimed to expand its business in the Iberian Peninsula. Arkopharma strengthened its business in the European market with this. Additionally, in May 2016, Blackmores acquired Global Therapeutics. Global Therapeutics is Australia’s leading Chinese herbal medicine company and Blackmores strengthened its Australian business with this acquisition.
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