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 21.01
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. 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.
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.
Key Players
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.
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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