July 15, 2024

Herbal Medicinal Products Market Growth: Harnessing Plant Power

Herbal Medicinal Products Market

Herbal medicinal products have gained widespread popularity in recent years driven by increasing preference for plant-based remedies over allopathic drugs. Herbal medicines are prepared from various parts of plants including roots, leaves, seeds, and flowers and are known to treat or prevent various diseases effectively without any side effects. Commonly used herbal medicines include valerian, echinacea, garlic, ginkgo biloba, ginger, ginseng, St. John’s wort, saw palmetto, and many Ayurvedic preparations. The global demand for herbal medicines has increased dramatically as many people now prefer herbal remedies to treat common ailments such as headache, cough, cold, diarrhea, constipation and menstrual problems. Developing nations especially in Asia have been leading the demand as herbal remedies align well with their traditional systems of medicine like Ayurveda and traditional Chinese medicine.

The global Herbal Medicinal Products Market is estimated to be valued at US$ 199.07 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One key trend in the market is the shift towards more natural and plant-based remedies. With growing health consciousness, people are increasingly inclined towards herbal products believing they have lesser side effects than allopathic drugs. Manufacturers are launching more herbal formulations for common ailments to tap into this growing demand from health-savvy consumers. Another major trend is the ability of herbal medicines to provide holistic wellness in addition to treating diseases. Herbal products are now promoted for their role in boosting immunity, cognitive function and overall well-being. Products containing adaptogens like Ashwagandha, ginseng and holy basil have gained immense popularity.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the herbal medicinal products market is moderate as the market requires substantial regulatory compliances and investments.

Bargaining power of buyers: The bargaining power of buyers in the herbal medicinal products market is high as the market has many buyers and products are substitutable.

Bargaining power of suppliers: The bargaining power of suppliers in the herbal medicinal products market is low as there are many suppliers for raw materials.

Threat of new substitutes: The threat of substitutes in the herbal medicinal products market is high as alternative treatment options like allopathy are available.

Competitive rivalry: Competition in the herbal medicinal products market is high among existing players.

Key Takeaways

The globalĀ  market is expected to witness high growth. The market in the Asia Pacific region is expected to dominate the market and witness the fastest growth over the forecast period owing to the increasing popularity of herbal medicines.

Regional analysis: The Asia Pacific region dominates the global herbal medicinal products market and is expected to witness the fastest growth during the forecast period. Growing herbal culture and popularity of Ayurveda and traditional Chinese medicines are driving the market growth in the region.

Key players: 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. Blackmores dominates the global market with wide herbal product portfolio.

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