Market Overview The global market for Organic Medicinal Herbs achieved a valuation of USD 346.03 Million in 2020 and is poised to reach USD 533.21 Million by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 6.37%. The driving forces behind this growth include an increasing preference for natural and organic products, heightened awareness of preventive healthcare, and a rise in expenditures on health and wellness. The aging global population, coupled with the growing prevalence of chronic conditions, further contributes to the escalating demand for medicinal herbs worldwide.
The World Health Organization (WHO) reports that over one billion people globally rely to some extent on herbal medicines. The WHO has identified 21,000 plants with reported medicinal uses across the world. Consumers in developed countries are showing a growing interest in natural products, seeking detailed information about the ingredients and additives in their food, beverages, and health products. This trend extends to the demand for local, organic herbs, reflecting the resurgence of herbalism and holistic medicine.
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The market's growth is fueled by factors such as increased research funding for herbal medicines, diverse applications of herbal medicine, and a rising demand for natural herbs. However, challenges such as poor standardization, side effects, and allergic reactions limit market growth from 2017 to 2027.
Key Report Highlights The report covers a comprehensive assessment of regions and countries from 2017 to 2027, with 2018 as historical data, 2019 as the base year, and 2020-2027 as forecasts. It includes a regional analysis of competitors' product pipelines, demand and supply analysis, market share analysis of key industry players, and strategic recommendations for new entrants. The report also provides market forecasts for a minimum of six years for all mentioned segments and regional markets, along with trends (drivers, constraints, opportunities, and threats) in the market.
Noteworthy Trends in the Organic Medicinal Herbs Market Traditional herbal medicinal products rely on long-term traditional use and experience, with a minimum usage of 30 years, including 15 years of demonstrated safe use within the community. Many plants native to North America, such as Echinacea, stinging nettles, and lavender, play a vital role in supporting pollinators and growing in diverse communities.
Utilization of medicinal plants includes direct use in various forms like plant parts, powders, extracts, medicinal chemicals, and plant drugs. The International Regulatory Cooperation for Herbal Medicines (IRCH), established in 2006, oversees the regulation of herbal medicines, with 34 member countries promoting public health and safety.
Organically grown medicinal and aromatic products gain acceptance in the global market, commanding premium prices over conventionally grown alternatives. However, Europe and the United States pose challenges for developing countries and Least Developed Countries (LDCs) due to stringent testing requirements.
Key Players in the Market Leading participants in the Organic Medicinal Herbs market include Young Living, Symrise AG, Firmenich, Worlee Group, Kangcare Bioindustry Co, Ltd, Sunrise Nutrachem, Organic Spices, Inc., Frontier Natural Products Co-op, Native Extracts Pty Ltd, and New Zealand Botanicals, among others.
Market Analysis Europe holds the largest market share, reaching USD 139.0 Million in 2020, driven by consumer preferences for organic medicines over conventional alternatives. The Asia Pacific region is projected to be the fastest-growing segment at a CAGR of 7.30%, attributed to extensive herbal medicine use. India, China, and Brazil stand out as chief exporters of medicinal plants globally.
The companies producing medicinal herb products face new quality control efforts, testing for purity, active compounds, and bacterial contamination. OECD group members, including the EU, United States, and Japan, are extensively involved in the medicinal plant trade, with larger imports than exports.
Segmentation of the Organic Medicinal Herbs Market The report segments the market based on herbs, sources, products, forms, end-use, and regions:
Herbs: Echinacea, Rosemary, Sage, Myrtle, Thyme, NML, Chives, Mint, Multi-herb Products, Others Source: Leaves, Roots, Fruits, Others Product: Extracts, Essential Oil Form: Powder, Liquid End Use: Medicinal, Functional food & beverage, Others Regions: North America, Europe, Asia Pacific, Rest of the World (Middle East & Africa, Latin America)
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