Herbal Medicinal Products Market Overview, Trends and Segment analysis
Market Overview:
Herbal medicinal products are medicines made from plants and plant extracts. Herbal medicines are widely used due to their natural composition and few side effects.
Market key trends:
The rising popularity of herbal products among consumers due to their natural properties without any side effects is a major trend. Consumers are increasingly preferring herbal medicine as an effective alternative to modern medicine which has side effects. Furthermore, innovations in herbal drug delivery methods and combining herb extracts for multi-target treatment is also gaining traction.
Segment Analysis
The global herbal medicinal products market is segmented on the basis of product type, form, and therapeutic application. Based on product type, the market is categorized into ayurvedic medicinal products, homeopathic medicinal products, and Chinese medicinal products. The Chinese medicinal products segment holds the largest market share owing to the increasing demand of traditional Chinese medicines globally. Based on form, the market is bifurcated into tablets & capsules, powders, extracts, teas, and others. The extracts segment dominates the market due to rising demand of herbal extracts for treatment of several chronic illnesses. On the basis of therapeutic application, the market is segmented into medicine, health care, food & beverages, personal care & others.
Key Takeaways
The global herbal medicinal products market size is expected to reach US$ 9,623.5 Mn by 2030, expanding at a CAGR of 5.93% over the forecast period. The market is majorly driven by rising consumer preference for herbal medicines due to perceived fewer side effects than synthetic drugs.
Regional Analysis
Asia Pacific dominates the global Herbal Medicinal Products Market Share and is estimated to maintain its dominance over the forecast period. Rapid adoption of herbal medicines, presence of major herbal medicine producing countries such as China and India are the key factors responsible for dominance of Asia Pacific. Increasing preference for traditional Chinese medicines in the region further supports market growth in this region. Europe is the second largest market for herbal medicinal products however witnessing fastest growth in North America attributed to rising health and wellness trend.
Key Players Analysis
Key players operating in the herbal medicinal products market are Dabur, Himalaya Drug Company, Zandu Pharmaceuticals Works Ltd., Arjuna Natural Pvt Ltd, Ayurveda, The Himalaya Drug Company, and others. Dabur is one of the leading players owing to its diversified product portfolio of ayurvedic medicines and health supplements. Himalaya Drug Company focuses on R&D to develop herbal medicines that effectively treat chronic diseases.
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