The global herbal medicinal products market is experiencing significant growth, with total revenue estimated at USD 199.07 billion in 2023. According to a new study by Future Market Insights (FMI), the market is expected to continue its upward trajectory, reaching USD 417.99 billion by 2033, growing at a robust Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period.
How is the Adoption of Traditional Medicine Aiding Market Growth?
Medicinal plants are indispensable elements of complementary or alternative medicines. Due to this, they have occupied a significant part in different communities of lower-income economies. Moreover, due to inadequate healthcare facilities and low purchasing power, lower-income economies are primary markets for herbal medication.
Herbs have been viewed as a vital source of healing and preventive properties for human beings and have been used to extract important bioactive compounds. Nearly 80% of the global population uses traditional medicines, creating a conducive environment for growth.
Key Factors Driving Market Growth:
- Rising Consumer Awareness and Demand for Natural Remedies
As consumers become increasingly health-conscious, there is a notable shift toward natural and herbal solutions for maintaining overall well-being. The growing awareness of the benefits of herbal medicines is driving the demand for alternatives to conventional pharmaceutical treatments, particularly for chronic conditions and general health management. - Increasing Investments in Traditional Medicine
With the increasing acceptance and popularity of herbal and traditional medicine worldwide, both public and private sectors are ramping up investments in promoting and developing herbal products. These efforts, coupled with the integration of herbal remedies into modern healthcare practices, are fueling market growth. - Rising Demand for Ayurvedic Medicines
Ayurvedic medicine is one of the largest segments within the herbal medicinal products market. In 2021, it accounted for nearly 57% of global herbal medicine sales. This surge in demand can be attributed to the growing preference for holistic and preventive healthcare practices, particularly in regions like Asia and the Middle East, where Ayurveda has deep cultural roots. - Expansion of Herbal Product Offerings
As consumers seek more natural treatment options, manufacturers are diversifying their herbal product offerings. From supplements and teas to creams, oils, and tinctures, the range of available herbal medicinal products is widening, making it easier for consumers to incorporate herbal remedies into their daily routines. - Global Health Trends and Changing Lifestyles
Rising incidences of lifestyle diseases such as obesity, diabetes, and cardiovascular conditions, along with the increasing popularity of preventative health measures, are contributing to the growing demand for herbal remedies. Additionally, the global shift toward plant-based diets and sustainable living practices further boosts the appeal of herbal medicinal products.
Competitive Landscape
Herbal medicine manufacturers aim to carry out strategic expansions and file patents to consolidate growth in a competitive market. The herbal medicinal products market is highly competitive by several essential players that invest heavily in research and development activities.
They carry out unique and innovative products through research and development activities. The manufacturer is developing high-quality products as per their consumer’s requirements.
The key players actively focus on acquiring maximum revenue through their various marketing strategies. These strategies are mergers, partnerships, agreements, collaborations, and product launches.
Recent Developments in the Global Herbal Medicinal Products Market are:
- In October 2020, Arkopharma SA filed a patent for the Arkodigest No Reflux 100% natural composition to improve digestion.
- In November 2020, Mountain Rose Herbs purchased the Phoenix Industrial Park in Eugene, with 205,000 square feet of functional space and a 12-acre campus. It is part of a business expansion strategy to develop it into green space.
- Himalaya Drug Company launched herbal-based products for the healthcare industry, including personal care products, herbal supplements, and veterinary products. It is one of the leading companies that offer high-quality products through its research and development activities.
Key Companies Profiled
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
Full Report Revealed
Herbal Medicinal Products Market by Category
By Product Type:
- Ayurvedic
- Homeopathic Medicines
- Chinese Medicines
- Aromatherapy product
By Form:
- Capsules/Tablets
- Powder
- Syrups
- Oil and ointment
- Others
By Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Mail order pharmacies
- e_commerce
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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