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 size is anticipated to grow USD 21.02 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
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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