Growing awareness among consumer about Ayurveda and traditional Chinese medicine, and rising interest in alternatives to allopathic medicine are driving forces behind herbal alternatives. Driven by these trends, Future Market Insights has estimated the growth of the herbal medicinal products market to surpass a very promising CAGR of 7.5% through the end of the assessment period in 2031.
The global market for herbal medications is expected to gain ground rapidly in the near future owing to improved distribution and accessibility for consumers to promote herbal products through e-commerce channels. In addition, favorable regulations by governments towards herbal products will also help in long-term market developments.
Furthermore, minimal side effects from herbal medicines as compared to traditional drugs has also bolstered adoption rates in the industry. Herbal medicinal products are relatively cost-effective, which makes these products popular among consumers, especially in the low-income demographic.
Tablets and capsules are expected to find attention of consumers as a preferred mode of administration. This can be largely attributed to high levels of accuracy in terms of dosage, resulting in improved patient compliance rates. However, lack of adequate research and scientific evidence on the efficacy of herbal medications is anticipated to remain a matter of concern for manufacturers through the forecast period, despite applications in treating a wide range of chronic diseases.
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Key Takeaways from Herbal Medicinal Products Market Study
- The global herbal medicinal products market is projected to grow at over 7% CAGR through the period of projection.
- Ayurvedic medicine will accounting for more than half of the overall market share, with impetus from clean label trends in pharmaceuticals.
- The U.S. will hold the lead in the North American market, driven by the popularity of supplements among geriatrics.
- Russia will reflect high growth potential supported by relatively higher popularity of traditional medicines.
- China will contribute significantly to market developments supported by the growing awareness and popularity of traditional Chinese medicine in the field.
“Herbal medicine is being increasingly considered as an affordable and accessible solution for healthcare in developing countries, which can be attributed to the shortage of medical professionals in modern healthcare. The rapid growth of geriatric demographics and the resultant cases of chronic diseases, rising from consumer awareness and the preference for minimal side-effects will stimulate the adoption rate of herbal medicinal products in the years to come. The growing prices of pharmaceutical drugs coupled with a higher health budget has boosted demand traditional herbal medicinal formulations, thereby fostering industry growth through the assessment period,” says the FMI analyst.
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Who is Winning?
Leading players in the moderately fragmented herbal medicinal products market are increasingly investing in portfolio and geographical expansion strategies, in a bid to leverage emerging markets and consumer health consciousness consolidating market position.
For instance, in April 2020, Elix emerged as a new menstrual wellness brand combining, clinical research and traditional Chinese medicine for health solutions associated to hormonal health imbalances, including period relief solutions and more.
In May 2020, the Institute of Advanced Study in Science and Technology announced the development of a smart-bandage that can deliver pH responsive herbal medication for faster wound recovery objectives, with nano-technology based cotton patches.
Some of the leading players in the market include but are not limited to 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, NBTY Inc., Arizona Natural Products, Ricola Ltd., Indfrag Limited, Koninklijke DSM N.V., Hahnemann Laboratories Inc., Potter’s Herbals, Pharmavite LLC, Twinlab Corporation, and A Nelson & Co. Ltd.
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