Herbal Medicinal Products Market By Product (Chinese Medicines, Homeopathic Medicines, Ayurvedic Medicines, and Aromatherapy Products), Source (Barks, Plants, Oils, Fruits and Vegetables, and Others), Function (Organic, General Wellness, Cardiovascular Health, Cognitive Health, and Others), Application (Food & Beverages, Pharmaceuticals & Nutraceutical, Personal Care, and Others), Formulation (Syrups, Powder, Capsules & Tablets, Oils, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023–2032
Market Perspective
The global Herbal Medicinal Products Market size was worth around USD 148.6 billion in 2022 and is anticipated to grow to around USD 770 billion by 2032 at a CAGR of around 17.8% between 2023 and 2032. It has become the mainstream as improvements in analysis and quality control and advances in clinical trials demonstrate the value of herbal medicines in the treatment and prevention of disease.
The number of side effects caused by the use of allopathic medicines is increasing rapidly, which is a major problem among the growing population of the world. This has increased the use of herbal medicines, including pharmaceuticals, capsules & tablets, and other industries.
Herbal preparations are products made only from plant sources, herbs consist of many natural constituents such as phenols, glycosides, terpenoids, polysaccharides, alkaloids, and resins, which are used in herbal preparations for their medicinal properties. Herbal medicines are health-related products made from plants or herbal plants that are used to treat diseases, and conditions or maintain healthy lifestyles. Another common plant product is flax, which is known for its cholesterol-regulating effects and is a rich source of omega-3 fatty acids.
The herbal drugs are widely used in patients with chronic conditions such as diabetes, asthma, cancer, end-stage renal disease, and other medical problems. The use of herbal medicines has a greater association with other external factors such as age, ethnicity, gender, and social and educational class. Ongoing research on herbal medicines focuses on analyzing the safety and interactions of the active ingredients, as well as determining the effectiveness of the compounds. There is little evidence to support the use of herbal medicines. However, as the potential of herbal preparations grows, market participants invest in the development of new dosage forms. The development of herbal medicines continues and industrial parties are involved in the extensive pharmacological screening of medicinal plants.
Key Insights
- Based on the product, the ayurvedic medicines segment held the largest market share
- Based on source, the plant's segment generated the highest revenue
- By function, the organic segment has dominated the market share in 2022
- By application, the pharmaceuticals & nutraceutical segment has dominated the market share in 2022
- By formulation, the capsules & tablets segment has dominated the market share in 2022
- Based on distribution channels, online pharmacies are expected to register the highest growth over the forecast period
- On the basis of region, Europe accounted largest market share
Increasing Consumer Demand for Green Label Products is Augmenting the Market Growth
The spread of healthy lifestyles is increasing the sales of natural and pure health products. Natural and organic products are considered safer and higher quality alternatives. With the increasing prevalence of liver and heart diseases and increased research & development into newer versions of more effective herbal remedies, many health-conscious people are using these natural remedies as medicine. Green-label products with several medicinal properties are fuelling the herbal medicinal products market share.
The increasing number of young people are approaching consuming natural products such as herbal remedies and health supplements which has actively promoted online sales, particularly through branded online stores, and offered discounts on several herbal medicines. Such factors are expected to accelerate the herbal medicinal products market revenue during the forecast period.
Rising Trend Toward Self-Medication Propels the Market Growth
The growing focus on herbal medicines has expanded immensely mainly because end consumers prefer organic products over synthetic products. Due to the spread of the Internet and the consequent increase in access to information, more people are aware of the harmful or side effects of chemical products. A significant and growing part of the population is opposed to the use of chemically produced medicines due to their various side effects. As herbal medicines have been used for several decades without any possible unwanted effects, the global market is witnessing a growing awareness of the medicinal benefits and hence more people tend to use herbal medicines for common health problems Another factor that helps herbal medicines gain popularity is that these medicines are not addictive, unlike other pharmaceutical and laboratory preparations, which have caused many deaths worldwide due to overdose or addiction problems.
The increased amount of information related to herbal medicines available on the internet and their increasing accessibility through online methods such as e-commerce and social networking sites. The global market for herbal medicines is expected to benefit from the growing trend of self-medication among the population.
Limited Awareness about the benefits of the Usage of Herbal Medicines is Hampering the Market Growth
The limited awareness about the use of herbal medicines is a major challenge for the growth of the market. Over the past few decades, the use of herbal medicines has grown exponentially. Although treatments using these compounds have shown considerable promise and several herbal remedies have been demonstrated to be effective, many remain untested. In addition, there is insufficient information on their modes of action, possible side effects, contraindications, and combinations with currently available general wellness medicines and healthy foods to promote the safe and rational use of these agents. Safety remains a major concern in the use of herbal medicines and therefore relevant regulatory authorities must take adequate measures to protect public health by ensuring that all herbal medicines are safe and of high quality.
Recent Development
In July 2022: Dermapharm Holding SE acquired Apharma TopCo SAS, which enriched them with particularly excellent knowledge in the field of herbal medicines and nutritional supplements. The acquisitions aim to significantly expand its presence in Western Europe and give us access to the French market.
In December 2021: Globalpharma launched its first line of herbal medicines for the treatment and prevention of respiratory infections, digestive disorders, skin infections, headaches, and diabetic diseases. Located at Globalpharma's premises in Dubai Investments Park, the facility is expected to have an annual production capacity of approximately half a million capsules, manufactured on-site in a fully GMP-compliant facility.
In February 2021: Manipal Group launched a new Nutraceuticals and Herbal Extracts manufacturing facility at Dabaspet Industrial Estate in rural Bangalore, Karnataka, India. The plant produces standardized plant extracts, phytochemicals, organic plant extracts, and nutrients for major nutritional supplement manufacturers worldwide, and the facility is designed to meet international standards in processing areas and meet an ISO Class 8 clean room.
Segmentation Analysis
Based on product, the market is categorized into Chinese medicines, homeopathic medicines, ayurvedic medicines, and aromatherapy products. Ayurvedic medicines are expected to register the highest growth owing to the easy approval process for ayurvedic formulations in medicines by the regulatory authorities.
Based on function, the market is segmented as organic, general wellness, cardiovascular health, cognitive health, and others. The organic segment is the dominating segment owing to the growing consumption of herbal medicines for illnesses such as indigestion and dyspepsia is majorly accelerating the growth of the segment.
Based on formulation, the herbal medicinal products market is segmented into syrups, powders, capsules & tablets, oils, and others. The capsule & tablet formation is the most dominating segment followed owing to its dose accuracy and being handy, which is an added benefit over other formulations.
Based on distribution channels, the market is categorized into hospital pharmacies, retail pharmacies, online pharmacies, and others. The online pharmacies segment registers the highest growth owing to the growing awareness, increasing usage of mobile phones connected with internet facilities, and ability to reach small towns & villages. The online pharmacies segment is the most cost-efficient channel as the number of intermediaries is certainly reduced.
Europe is Dominating the Market Share Due to the Increased Focus on Maintaining their Health through Herbal Medicines
The herbal medicinal products market in the Europe region is expected to generate high revenue due to the wider adoption of herbal medicines in various economies. The population across the region is focusing on maintaining their health through regular exercise and dietary forms containing minerals and vitamins. As herbal medicines can provide several health benefits, their consumption has recently increased in Europe, leading to high regional growth.
The regional growth is also driven by increased research & development activities supported by increased investments by government & private institutions in herbal medicinal products. The regional expansion of the market can also be fuelled by the growing number of patients suffering from chronic diseases and the change in the mindset of the population towards investing in healthy lifestyles and better immune systems, resulting in the consumption of unhealthy herbs such as turmeric and other herbal supplements.
In addition to this, the Herbal Medicines Committee (HMPC) provides scientific opinions on herbal substances and preparations on behalf of the European Medicines Agency (EMA), and information on recommended uses and safe conditions. It provides companies and national competent authorities with a clear point of reference when preparing or evaluating an application for marketing authorization or registration of herbal medicinal products in member states of the European Union (EU). The growing investments in innovation and R&D across Europe have increased the use of herbal medicinal products across the region.
North America is the Fastest Growing Market Owing to the Rising Research and Funding on Herbal Medicinal Products
North America is expected to emerge as one of the major regions for the herbal medicinal products market due to the growing population and increasing inclination towards herbal products. The increase in government support and the prevalence of chronic diseases promote the growth of the regional market over the forecast period. This is mainly because end consumers prefer organic products over synthetic products. The changing lifestyle and transformation of herbal products in fashion, cosmetics, and beauty purposes and the consequent increase in access to information, more people are aware of the harmful or side effects of chemical products, propel the demand for herbal medicinal products.
North America can also have a significant impact, as pharmaceutical companies have recently taken an interest in researching the market for herbal medicines, to which the U.S. Food & Drug Administration also contributes by regularly monitoring the sale of these medicines. The growing elderly population is another factor driving the development of the herbal medicinal products market. The populations in countries such as Brazil and Mexico are focusing on consuming capsules & tablets to support the supply of herbal medicines. Increasing funding for medicinal plant research and increasing preference for herbal medicines would significantly increase the growth of the regional market.
Competitive Landscape
- Bayer AG
- Blackmores Ltd.
- Dabur
- Dasherb Corp.
- Diapharm
- DRONANIA pharmaceuticals GmbH
- GSK plc
- Himalaya Herbal Healthcare
- Moderna, Inc.
- Pfizer Inc.
The global herbal medicinal products market is segmented as follows:
By Product
- Chinese Medicines
- Homeopathic Medicines
- Ayurvedic Medicines
- Aromatherapy Products
By Source
- Barks
- Plants
- Oils
- Fruits & Vegetables
- Others
By Function
- Organic
- General Wellness
- Cardiovascular Health
- Cognitive Health
- Others
By Application
- Food & Beverage
- Pharmaceuticals & Nutraceuticals
- Personal Care
- Others
By Formulation
- Syrups, Powder
- Capsules & Tablets
- Oils
- Others
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
Herbal Medicinal Products Market By Product
- February-2023
- 148
- Global
- healthcare-medical-devices-biotechnology
Related Research
2022-2030 Global and Regional B-Cell Non-Hodgkin`s Lymphoma (NHL) Treatment Industry Production, Sa
February-2021
2022-2030 Global and Regional Organ Transplant Diagnostics Industry Production, Sales and Consumpti
February-2021
2022-2030 Global and Regional Prostacyclin Drug Industry Production, Sales and Consumption Status a
February-2021
2022-2030 Global and Regional Spinal and Bulbar Muscular Atrophy Treatment Industry Production, Sal
February-2021
2% Chlorhexidine Gluconate (CHG) Cloths-Global Market Status & Trend Report 2022-2030 Top 20 Countri
April-2021
2021-2027 Global and RegioAnal Nasal Gels Industry Production, Sales and Consumption Status and Pros
February-2021
2021-2027 Global and Regional 2019-nCoV Detection Server Industry Production, Sales and Consumption
February-2021
2021-2027 Global and Regional ? Collagen Quantitative Determination Kit Industry Production, Sales a
February-2021
2021-2027 Global and Regional Anti-TNF Monoclonal Antibody Industry Production, Sales and Consumptio
February-2021