Herbal Medicine Market Scope
Market Research Future (MRFR) expects the herbal medicine market to thrive at a rate of 5.88% between 2020 and 2027. MRFR adds that the market size can be worth USD 1,29,689.3 Million by 2027-end.
Major Drivers and Challenges
Soaring awareness among people about the benefits of herbal medicines should be a major growth booster in the global market. since these products are chemical-free and natural, they are gaining the interest of a growing number of consumers. the fact that these are lower priced and can be easily attained also elevate their demand in the market.
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Surge in research investments for the development of a variety of herbal medicines will present lucrative opportunities in the near future. The recent COVID-19 outbreak has also emerged as a significant opportunity for the manufacturers since more and more people are opting for natural and immunity boosting products to fight off the risks of the infection.
The dramatic increase in the number of diseases and disorders worldwide has fostered the demand for herbal medicines. Side effects associated with allopathic medicines seem to be shifting consumers’ preference towards natural products, which should augment the market position in the following years. Over the years, the market for herbal beauty products has taken off at a rapid pace, in view of rising disposable income, high availability of various products and the elevated focus on grooming and general well-being.
Herbal Medicine Market Segmental Review
The herbal medicine industry has been considered for category, source, form, distribution channel region.
Categories included in the report are herbal dietary supplements, herbal pharmaceuticals, herbal beauty products, and herbal functional foods. With the highest share, the herbal pharmaceutical segment is backed by the surge in extensive research and development activities for a variety of herbs to assess their medicinal qualities and the booming sales of natural medicines with lower chances of side-effects. Other encouraging factors can be the significant worldwide burden of several chronic ailments like arthritis, diabetes, sleep disorders, digestive issues, and cancer.
Various forms in which herbal medicines are generally available include powders, extracts, syrups, capsules and tablets, and more.
With respect to distribution channel, the major segments can be e-commerce, hospital and retail pharmacies, and more. The top spot has been procured by the hospital & retail pharmacies segment since with the rising prevalence of infectious diseases and cancer, the admission rates have gone up as well. Advances in healthcare infrastructure, and the soaring number of skilled medical professionals also add to the growth of the hospital and retail pharmacies segment in the global market.
Herbal Medicine Market Regional Insight
Asia Pacific/APAC, North America, Europe, as well as RoW/rest of the world are the prominent markets for herbal medicines.
European market is the highest gainer and is the top consumer of herbal medicines due to the soaring awareness levels regarding the benefits of such items. Government gives strong support for introduction of new products, encouraging manufacturers to focus on research and development activities. The sales in the region are also driven by key segments such as energy, menopause, sexual performance, sports nutrition and arthritis. Herbs like valerian, echinacea and ginkgo have a massive customer base in the region, in line with the surging preference for traditional medicines and natural alternatives. These factors speak volumes about the growth potential of the European market.
The APAC market stands to profit from mounting consumer awareness as well as the heightened demand for skin care products and dietary supplements that are natural and organic. Countries like India and China generate massive demand for herbal medicine, given the strong government assistance for exhaustive research activities. For instance, the Indian government set up a board called the Indian System of Medicine and Homeopathy to push the manufacturing rate of herbal products. The sales in the region are also rising in view of the growing number of critical disorders.
Herbal Medicine Market Affluent Vendors
Affluent manufacturers of herbal medicines in the global market include
- Arizona Natural Products
- Bayer AG
- Venus Pharma GmbH
- ZeinPharma Germany GmbH
- Dasherb Corp
- Hishimo Pharmaceuticals
Drug authorities have given the approval for three Chinese medicines developed for the treatment of COVID-19, for their availability to the public. These herbal medicines play integral role in bringing down the infection’s incidence rate and speeding up the patients’ recovery rate. The three medicines include Huashi Baidu Formula, Xuanfei Baidu Formula and Qingfei Paidu Formula, which contain ancient Chinese ingredients that have anti-inflammatory, antiviral, immune and antipyretic regulation functions.
Rooted Actives has introduced Medicinal Mushroom Extracts & Superfood blends containing Medicinal Mushrooms infused with herbs such as Bacopa, Elderberry, Ashwagandha, Maca, etc. Major applications include brain health, cardio, immunity, and others and are available in powdered extracts that can be easily mixed with tea, water, juices, salads.
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