Herbal medicinal products refer to medicinal products containing active ingredients of plant, algal, fungal, or animal origin prepared by various processes like expression, fractionation, extraction, etc. Herbal medicinal products offer several advantages like fewer side effects, natural healing, affordability, and multiple health benefits. With increasing health consciousness, people are adopting natural remedies to cure diseases and maintain well-being, therefore driving demand for herbal medicinal products.
The global Herbal Medicinal Products Market is estimated to be valued at US$ 199.07 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Demand for Natural Products
The key trend propelling growth of the herbal medicinal products market is the increasing demand for natural products. Consumers are increasingly opting for herbal products to maintain wellness and avoid side-effects associated with allopathic medicines. Growing awareness about advantages of herbal medicines such as fewer side effects, natural healing, and affordability has fueled adoption of herbal medicinal products. Herbal products contain antioxidants that promote overall health. Moreover, easy availability of herbal products through online retail channels and specialty stores has made them highly accessible. This rising demand is encouraging manufacturers to develop innovative herbal formulations, thereby driving the market growth.
Strength: Herbal medicinal products have very less side effects compared to conventional medicines making them preferred choice for many. They provide immunity building and overall wellness in a natural way.
Weakness: Lack of standardization and quality control for herbal products leads to inconsistencies. Scientific validation is still required for many herbs used. Market is fragmented with many small players making regulations difficult.
Opportunity: Growing health awareness amongst consumers is driving demand for preventive healthcare and herbal products. Emerging economies with large population offer huge market potential. Innovation in delivery systems can boost adoption.
Threats: Strict regulations in developed markets threaten smaller players ability to compete. Substitution threat from allopathic drugs for certain applications. Economic slowdowns impact discretionary spends on herbal products.
The global herbal medicinal products market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 199.07 Bn in 2023 and grow at a CAGR of 7.7% during the forecast period.
Regional analysis comprises- The Asia Pacific region currently dominates the global market and is expected to maintain its leading position over the forecast period. This can be attributed to the large population base, increasing health awareness, and historical use of Ayurveda and traditional Chinese medicines in countries like India and China.
Key players related content comprises- Key players operating in the herbal medicinal products market are Blackmores Limited,Sanofi-Aventis Healthcare PTY Ltd.,Arkopharma SA,Nutraceutical Corporation,STADA Arzneimittel AG,Himalaya Global Holdings Ltd,Integria Healthcare,Boiron Group,Young Living Essential Oils,Mountain Rose Herbs. Blackmores is a leading player with strong supply chain and brand presence across geographies. Other major players are focusing on product innovation and regional expansions to gain market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it