June 13, 2024

Herbal Medicinal Products Market set to register high growth owing to growing preference for herbal medicines

Herbal medicinal products are made from plants and plant extracts and have several health benefits. They are commonly used to treat cold, fever, digestive issues, skin problems, fatigue and boost immunity. The growing consumer preference for herbal medicines over allopathic drugs due to perceived natural attributes and fewer side effects is a major factor driving the demand for herbal medicinal products. The global herbal medicinal products market is estimated to be valued at US$ 199.07 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period of 2023 to 2030.

Key Takeaways
Key players operating in the herbal medicinal products 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.

Key opportunities in the herbal medicinal products market include rising health consciousness, growth of online pharmacy, increasing demand for herbal supplements and cosmetic products. Technological advancements are improving herbal drug delivery systems and extraction process to enhance efficacy while reducing side effects.

Market drivers
The growing aging population worldwide prone to diseases and health issues is a major market driver. According to WHO data, by 2050 around 16% of the world’s population will be aged 65 and above. The increasing per capita healthcare expenditure is also fueling market growth as people are willing to spend more on herbal products for healthcare needs and wellness. Expanding distribution channels such as e-commerce are enhancing accessibility of herbal medicines increasing their demand globally.

Current challenges in Herbal Medicinal Products Market
The Herbal Medicinal Products Market faces several challenges currently. Regulations regarding quality standards and product safety vary widely across countries and regions leading to disparities. Lack of scientific evidence and clinical data for majority of herbal products poses another key issue. This limits acceptance of herbal medicine by mainstream healthcare providers. Adulteration and contamination also pose risks as herbal products may be mixed with toxic ingredients during harvesting or processing. Counterfeiting is another concern impacting consumer trust in the market.

SWOT Analysis
Strength: Herbal medicinal products are considered natural and have few known side effects. They fit well into growing trends of holistic wellness.
Weakness: Clinical evidence and research on dosage, efficacy and chemical composition is still limited for most herbal products. Quality assurance can be an issue without proper regulations.
Opportunity: Rising demand for traditional and natural remedies provides scope for new product innovations, particularly for lifestyle-related ailments. Integration with modern medicine holds potential.
Threats: Regulations differ across regions leading to compliance challenges for global companies. Substitution threat from synthetic pharmaceutical drugs remains for serious medical conditions.

Asia Pacific accounts for the largest share in the global Herbal Medicinal Products market in terms of value currently driven by large consumer bases in countries like China, India and Indonesia. High dependence on traditional herbal medicine in healthcare makes the Asia Pacific market lucrative for herbal product companies.

North America is projected to witness the fastest growth during the forecast period owing to increasing preference for herbal supplements and natural remedies among consumers. Rising popularity of Ayurveda and Chinese traditional medicine is further propelling market expansion across the US and Canada.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it