According to a report by Future Market Insights (FMI), the Herbal Medicinal Products Market would reach US$ 199.07 billion in 2023. By 2033, it is anticipated that global sales of herbal medicines would total US$ 417.99 billion, growing at a CAGR of 7.7%.
Government attempts to promote the use of herbal medicine around the world, particularly in the Western world, have resulted in the establishment of mass distribution networks, increased homoeopathic remedy prescription, and increased demand for Ayurvedic therapies.
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According to a recent Future Industry Insights report, certain qualities have been critical in driving growth in the herbal medicinal product market. Sales of these items are expected to hit US$ 171.62 billion in 2021, with a compound annual growth rate of 7.7% forecast from 2021 to 2031.
Growing worries about the side effects of allopathic drugs have resulted in a steady shift in preference for traditional herbal treatments. These treatments are frequently used to cure a variety of maladies, including as neurological diseases, coughs, colds, and flu, sexual troubles, feminine concerns, and metabolic diseases. Herbal medicine is valued for its potential to enhance health and systemic balance without drowsiness or negative side effects.
In 2015, Brazil’s La Politica Integral de Atención Integral a la Salud Indigena de FUNASA supported indigenous communities’ traditional health systems, while the government recognised homoeopathic medicines as a medical specialty and incorporated them in the National Health System. Brazil today has approximately 12,000 homoeopathic doctors and 300 homoeopathic chemists.
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According to the World Health Organisation (WHO), herbal medicines are used by approximately 60% of the world’s population for primary healthcare, with this figure rising to up to 80% in underdeveloped countries. Around 75% of these sales are done through direct user-pharmacy contacts. The growth of online pharmacies and mail-order shopping has boosted demand for self-medication even further.
The global geriatric population is growing rapidly due to higher life expectancy rates. The World Bank reports that in 1990, the average mortality rate among the elderly worldwide was around 6%, rising to 9.5% in 2020. Chronic diseases associated with aging populations highlight the need for effective medications.
Key Takeaways from Herbal Medicinal Products Study:
- Demand for Chinese medications is expected to grow at an 8.2% CAGR through 2031, owing to investments in the promotion of traditional Chinese medicine.
- By 2031, retail pharmacies will account for more than 23% of the global market. This is owing to the ease of access to consumer health products.
- The most profitable market for herbal medicinal goods is Europe, with Germany accounting for around 18% of the regional market in 2031.
- China is the East Asian market leader, accounting for more than 49% of the market in 2031.
- In 2031, South Asia will be the third most profitable market, with India accounting for more than 74% of the market.
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Competitive Landscape
Herbal medicine manufacturers are primarily interested in strategic expansions and patent filings in order to consolidate growth in a competitive industry.
For example, Arkopharma SA filed a patent in October 2020 for the Arkodigest® No Reflux 100% natural composition to enhance digestion.
Mountain Rose Herbs plans to turn the Phoenix Industrial Park in Eugene, which has 205,000 square feet of operational space and a 12-acre campus, into green space in November 2020 as part of its corporate expansion strategy.
The key market players covered by FMI include:
- 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
Herbal Medicinal Products Market by Category
Product Type:
- Ayurvedic
- Homeopathic Medicines
- Chinese Medicines
- Aromatherapy product
Form:
- Capsules/Tablets
- Powder
- Syrups
- Oil and ointment
- Others
Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Mail order pharmacies
- E commerce
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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