The herbal medicinal products market consists of a wide range of drugs containing active ingredients derived from plants and plant materials. These products are used for various therapeutic applications such as skincare, hair care, immune health, pain relief, weight management, and digestive health. The herbal extract market is growing rapidly as these products are considered safer and more natural compared to conventional medications. The Global Herbal Medicinal Products Market is estimated to be valued at US$ 199.07 Billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Key Takeaways
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. Key players are focusing on expanding their product portfolios and global footprint to tap the market potential.
The growing demand for herbal products is being driven by rising awareness about their health benefits and fewer side effects compared to synthetic drugs. Several factors such as growing urbanization, rising per capita income, and busy lifestyle are increasing the demand for herbal remedies to improve immune health, relieve stress, and manage chronic conditions.
Herbal medicinal products companies are expanding their global presence through acquisitions and commercial agreements. Regions such as Asia Pacific and Latin America are witnessing significant market growth due to growing consumer preference, supportive regulations, and increase in herbal ingredient production. Europe currently dominates the global market due to strategy adaptations by key players and strong regulatory approvals for herbal medicines.
Market Key Trends
One of the key trends gaining traction in the herbal medicinal products market is the growing popularity of Ayurveda and traditional Chinese medicine. These ancient medical systems use botanical formulations for various indications and are regaining global attention due to their holistic approach and lesser side effects. Manufacturers are launching customized blends of medicinal herbs backed by these traditional knowledge systems. Standardization of herbal extracts and development of innovative delivery formats such as tablets, capsules are also propelling the market growth. Further, rising health issues amid the COVID-19 pandemic have boosted consumer urge for preventive healthcare solutions, driving the demand for immunity-enhancing herbal drugs.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D and approval processes pose a barrier. Bargaining power of buyers: Large retail chains can negotiate lower prices due to their purchasing power. Bargaining power of suppliers: Raw materials for herbs are widely available reducing supplier control. Threat of new substitutes: Potential for alternative medicine types but herbal products have long history of acceptance. Competitive rivalry: Fierce competition to offer unique ingredients and formulations.
Europe dominates the global market as herbal medicines have a long-established history and acceptance in this region. China is the fastest growing market due to increasing preference for traditional remedies and strong government support for herbal R&D.
Geographical Regions
Europe accounts for over 35% of the global herbal medicinal products market value due to long-standing traditions of herbal medicine and general acceptance. Countries like Germany, France and United Kingdom have the highest per capita herbal expenditure.
The Asia Pacific region is the fastest growing geographical segment for herbal medicinal products market. Specifically, China has experienced exponential growth annually due to factors such as increasing population age and preference for traditional remedies. Government initiatives supporting development and promotion of herbal R&D are driving market expansion.
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