Market Overview:
Herbal medicinal products are derived from plants or plant extracts and are widely used as remedies for various health conditions. Plant-based remedies are increasingly popular due to their natural ingredients and minimal side effects. The market covers a variety of herbal products in different forms including capsules, powders, teas, and tinctures addressing conditions like cold, digestion, pain relief, immunity and skin issues.
Market Dynamics:
Increasing consumer preference for herbal and natural remedies over conventional medicines is a key driver for the herbal medicinal products market. Growing health awareness and shift towards preventive healthcare approaches have boosted demand for herbal supplements and medicines. Furthermore, the COVID-19 pandemic experience has led to rising importance of boosting immunity through natural products, benefitting market growth. Efforts by market players to launch new herbal formulations and combinations backed by clinical research is expanding the consumer base for herbal remedies.
Market key trends:
One of the key trends in the global herbal medicinal products market is the growing preference for herbal medicines over conventional drugs due to perceived minimal side effects. Many consumers consider herbal medicines to be safer and more natural compared to conventional drugs. This perception has increased the demand for herbal products in both developed and developing countries over the past few years.
SWOT Analysis
Strengths: Herbal medicines have perceived advantages of minimal side effects and are considered natural by many consumers. This gives herbal products an edge over conventional drugs.
Weaknesses: Lack of scientific evidence and standardization for the efficacy of many herbal products. Herbal products may also interact with conventional drugs.
Opportunities: Growth in demand for herbal products in developing countries due to increasing health awareness. Innovation in delivery methods can improve efficacy of herbal medicines.
Threats: Stringent regulations in developed countries pose challenges to market players. Supply chain issues due to dependence on natural sources of raw materials.
Key Takeaways
The global Herbal Medicinal Products Market Share is expected to witness high growth, exhibiting CAGR of 5.93% over the forecast period, due to increasing health awareness and perceived safety of herbal medicines. The market size in 2023 is estimated at US$ 6,943.4 Mn.
Regional analysis: Asia Pacific region currently dominates the global herbal medicinal products market due to widespread use of Ayurveda and traditional Chinese medicines. The Asia Pacific region is expected to retain its leading position, exhibiting highest CAGR during the forecast period owing to large patient pool and rising health consciousness.
Key players: Key players operating in the herbal medicinal products market include Dabur, Hamdard, Himalaya Global Holdings Ltd, DHANTERAS, Baidyanath, and Zandu Pharmaceutical Works Ltd. These players are focusing on developing innovative delivery systems and leveraging e-commerce channels to expand consumer outreach.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
