Market
Insights
Herbal medicinal products are medicinal
products which have been prepared using plant or other natural sources. Herbal
plants have a number of medically relevant natural ingredients which can be
used in the production of dietary supplements, ointments and a variety of other medical products. Market Research
Future has performed a detailed study regarding the growth of the herbal
medicinal products market share is anticipated to grow USD 21.01 billion by
2032 at a healthily CAGR of 12.2 % over the assessment period from 2023 to
2032.
Due to urbanization and the adoption of
busy lifestyles, chronic diseases and other lifestyle problems are at an all-time high. Consumers are increasingly
becoming health conscious and aware
regarding various vital ingredients in medicine and food products. As a result,
increasing consumer demand has been witnessed for green label products that are
largely composed of natural ingredients. Moreover, allopathic medicine famously
uses synthetic chemicals and other ingredients which can cause side effects.
The growing awareness regarding these ill effects of allopathic medicine is expected to drive the growth of the
herbal medicinal products market insights. Although it is recommended that
consumers consult their doctor before
consumption of any medically relevant products, herbal medical products are
often very safe to take and do not require a prescription. In certain parts of
the world, traditional herbal medicine is still embraced, driving consistent
demand. Additionally, there is a low processing cost associated with herbal
medicinal products which are also
expected to boost market growth over the assessment period.
Notably, the market's growth is hindered by
the lack of government support for the promotion of herbal medicinal products.
The presence of market players who promote herbal medicinal products which are
untested and have no medicinal value is
also expected to challenge market growth. However,
R&D activities regarding herbal
ingredients will likely mitigate some challenges and prove the market with room
to grow.
Key Players
Herbal Medicinal Products Market
players are included in
Young Living Essential Oils LC (U.S.),
ARKOPHARMA Laboratories Company Ltd. (France), Nature's Answer, Inc. (U.S.),
TSUMURA & CO. (Japan), Ricola AG (Switzerland), Bio-Botanica Inc. (U.S.),
and Sanofi-Aventis Healthcare Pty Ltd. (Australia) are the more prominent
market participants in the global herbal medicinal products market. MRFR has identified and recorded pertinent information
regarding these players competitive roles
in the market.
Market
Segmentation
The global herbal
medicinal products market outlook has been segmented on the basis of type,
function, form, and region. Types of herbal medicinal products have been segmented
into homeopathic medicines, traditional Chinese
medicines, aromatherapy medicines, ayurvedic medicines, and others. Ayurvedic
medicines possess the largest share of the market, and the segment is followed by Chinese
medicine. Ayurvedic formulations are in high demand are often easily approved for distribution by the relevant regulatory authorities.
Function has been segmented to include
cardiovascular health, general
wellness, gut & digestive health, cognitive health, and others. Gut and
digestive health is the dominating segment among the mentioned segments. The
increasing demand and use of herbal medicinal products for digestive problems are expected to drive the market. Herbal
medicines for cardiovascular health have been witnessed to have a growing
demand.
Forms of herbal medicinal products have
been segmented into syrups, powder, ointments, capsules, tablets, oils, and
others. Tablets lead the market and are followed by capsules as they deliver
the ideal dosage of herbal medicinal ingredients . Tablets and capsules are
also easy to store and carry.
Regional
Analysis
MRFR has covered regions such as Asia
Pacific, Europe, North America and Rest of the World. Europe leads the market with the largest share and is followed by
the Asia Pacific regional market. Europe has been observed to be having the
highest consumption and demand for herbal medicinal products. The rising
awareness regarding herbal ingredients and the support of relevant government
bodies for new product launches will likely be key in the region's growth. Meanwhile, the APAC is growing rapidly due to
the high adoption of products which include herbal ingredients. Country-level markets such as India and China are
the birthplaces of ayurvedic medicine and
Chinese medicine respectively. As such
the region has an affinity toward the adoption of herbal medicinal products
over allopathic medicinal products.
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