Fairfield Market Research study reveals that, the global herbal medicine market which is valued at around US$ 150 Bn is slated for strong double-digit growth over the course of the next few years.
Rising Use of Natural Medications to Treat Illnesses to Influence Herbal Medicine Market Growth
Use of herbal medicines has been on an upswing since the past couple of years owing to growing awareness regarding side effects of allopathy and efficacy of medicines obtained from natural sources. The herbal medicine market continues to witness stable growth on the back of increasing attempts by countries to expand their herbal medicine coverage. This is also backed by growing customer expectations and demand for natural products coupled with increasing costs of pharmaceutical or synthetic drugs causing healthcare burden. Furthermore, herbal medicine facilitates improvement of general human health by eliminating the root cause of the disorder. Herbal medicines do not cause side effects and are widely used to treat several critical illnesses and disorders. Owing to their anti-inflammatory, antioxidant, and pharmacological properties, herbal medicines are used in the treatment of diseases such as dementia, malaria, cancer, diabetes, and tuberculosis to name a few. In addition, herbal medicines help in maintaining the natural balanced state of the human body that facilitates in developing internal immunity which supports in fighting diseases or ailments. This factor remains instrumental in driving growth of the herbal medicine market on the global front.
Moreover, increasing research and development on herbal medicines is another aspect influencing market growth. Institutions and universities have been relying on indigenous and traditional knowledge regarding herbal medicines to guide scientific research. They are often in collaboration with local communities to obtain know-how regarding different types of sources of herbal medicines and other facets that help them guide development of advanced natural herbal medicines. That said, continual research in the development of new natural medications is expected to augur well for the market.
Rising Demand for Herbal Supplements to Provide New Growth Avenues to Herbal Medicine Market
The demand for antibiotic alternatives, for instance herbal products, has been growing since last few decades. Herbal products have been gaining significant traction both from the patient population and common individuals and healthcare professionals. For instance, according to the WHO, approximately 10-15% of the population across developed nations is using herbal products on a daily basis. This is mainly owing to higher immunity offered by herbal products as compared to synthetic drugs. This has triggered increasing sales of herbal supplements, in turn paving an opportunistic pathway for the growth of the herbal medicine market.
Growing Preference for Natural Ingredients in Cosmetics to Trigger Momentum for Herbal Medicine Market
Rising inclination towards plant based products has transformed the cosmetics sector. The demand for natural ingredients in cosmetic products is expected to increase significantly thus bolstering growth of the herbal medicine market. Growing consumer awareness regarding natural cosmetic and beauty products has resulted in the development of new beauty products with herbal medicinal base. Cosmetic companies, in this backdrop, are making efforts to research and innovate new cosmetic offering to meet the increasing customer demand for natural beauty creams, lotions and balms. That said, cosmetic companies are using natural ingredients and are substituting synthetic components with natural counterparts. With increasing adoption of herbal ingredients in beauty and cosmetics sector, the market is likely to witness momentum in the coming years.
Asia Pacific to Account for a Significant Share in Herbal Medicine Market
Demand for herbal medicines in developing countries continues to grow significantly owing to rising population, awareness apropos to health benefits of different herbal products and their cost effective nature. In addition, these products are considered more effective, and safer as compared to allopathic drugs or formulations. Developing nations such as India and China are expected to showcase faster growth as compared to developed economies with regards to production and consumption of herbal medicines. China, especially post-COVID-19 scenario, is expected to reflect high attractiveness and is likely to remain at the helm of production of herbal medicines owing to increasing research and development programs that are taking place to ascertain traditional natural Chinese medicines. Following China, India is expected to remain a key growth contributor for the herbal medicine market. According to IBEF (India Brand Equity Foundation), India has remained one of the biggest exporters of medicinal plants and value added medications. Annually, the country exports around US$22 Bn worth of natural medicines. In the long run, manufacturers can expect momentous opportunities from Asia Pacific, with its herbal medicine market growing at an exponential pace.
Herbal Medicine Market: Competitive Scenario
Companies in the market are focused on research and development to launch new products to meet customer demand. For instance, in 2020, Kunnath Pharmaceuticals, a herbal product manufacturer, introduced antiviral immunity boosters in capsule form under the brand “Viromune” in India. On the other hand, in 2021, Lotus introduced Lotus Botanicals. Through this brand, customers can order a range of hair and skin care products.
A few of the key players in herbal medicine market include Cultivator Natural Products Pvt. Ltd., Patanjali Ayurved Limited, Himalaya Global Holdings Ltd., Emami Limited, Herbalife Nutrition, Nutraceutical Corporation, Nature’s Answer LLC, and ZeinPharma Germany GmbH.
The Global Herbal Medicine Market Is Segmented As Below:
By Distribution Channel
Key Elements Included In The Study: Global Herbal Medicine Market
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