The Global Herbal Medicinal Products Market Size Worth US$ 360.35 billion By 2031: says FMI
Government initiatives undertaken around the world, especially in the West to encourage the use of herbal medicine has resulted in the development of mass distribution networks, increasing prescription of homeopathic medications, and demand for Ayurveda treatments.
According to a recent study by Future Market Insights (FMI), these factors have proven crucial at enabling growth in the herbal medicinal market. Sales of herbal medicines are expected to top US$ 171.62 Bn in 2021, at a CAGR of 7.7% during the forecast period (2021-2031).
Soaring concerns pertaining to adverse effects of allopathic medicines has been causing gradual shift of preference in favor of traditional herbal medicines. These medicines are often used for treatment of ailments including neurological diseases, cough, cold & flu, sexual problems, feminine problems, and metabolic diseases. Herbal remedies are used to maintain health and systemic balance, of body functions without sedation and side effects.
In 2015, La Political de Attention Integral a la Saluda Indigene de FUNASA of Brazil promoted traditional systems of health of indigenous communities. Similarly, the government has recognized homeopathic medicines as a medical specialty and included it in the National Health System. Brazil is currently home to around 12,000 homeopathic physicians and 300 homeopathic pharmacists.
As per the World Health Organization (WHO), around 60% of the world’s population is reliant on herbal medicines for primary health care needs. In developing countries, this number accounts for up to 80%. Around 75% of such sales are made through direct user-pharmacy contacts. The growing trend of online pharmacies and mail-on-order purchases drives the demand for self-medication.
The global geriatric population is rapidly expanding with higher life expectancy rates. According to the World Bank, in 1990, the average mortality among geriatric world population was around 6 %, which increased to 9.5% in 2020. The prevalence of chronic diseases associated with an aging population portrays the need for effective medications.
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Key Takeaways from Herbal Medicinal Products Market Study
- Demand for Chinese medicines is expected to grow at 8.2% CAGR through 2031, owing to investments into promotion of traditional Chinese medicine.
- Retail pharmacies are projected to capture over 23% of the global market by 2031. This is attributed to availability of consumer health products.
- Europe is the largest revenue-generating region for herbal medicinal products, with Germany accounting for nearly 18% of the regional market in 2031.
- China holds the leading position in East Asia, and is expected to account for over 49% of the market in 2031.
- South Asia is the third most lucrative market with India accounting for over 74% of the share in 2031.
“Import-export opportunities for local players and government support for new herbal start-ups will continue creating growth opportunities for manufacturers through the assessment period ending in 2031,” says the FMI Analyst
Who is Winning?
Some of the leading manufacturers of herbal medicinal products are focusing on product launch strategies for global expansion objectives, thereby, enhancing their market presence.
- In 2021, Arkopharma filed a patent for Quercetin and Kaempferol. These products have a genotoxic potential of plant-based preparations containing free flavones.
- In Aug 2020, Young Living Essential Oils launched the Hand-blown Artisan Glass Diffuser, Cassia Oil-new skincare line, as additions to the Savvy Minerals makeup line. The product includes diffusers, new essential oil blends and essential oil-infused wearable rings.
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, and Mountain Rose Herbs.
Want more Insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global herbal medicinal product market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on herbal medicinal products segment based on Product type (Ayurvedic, Homeopathic Medicines, Chinese Medicines, Aromatherapy product), Form (Capsules/Tablets, Powder, Syrups, Oil and ointment, Other) Distribution Channel (hospital pharmacies, retail pharmacies, mail order pharmacies, e-commerce) across seven major regions.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Market Background
4.1. Macro-Economic Factors
4.1.1. Global GDP Growth Outlook
4.1.2. Global Healthcare Outlook
4.1.3. Per Capita Healthcare Expenditure Outlook
4.2. Forecast Factors – Relevance & Impact
4.2.1. Increasing Adoption of Herbal Medicinal Products
4.2.2. Increasing Awareness Regarding Benefits of Herbal Medicinal Products
4.2.3. Lesser Side Effects Associated with Herbal Medicinal Products
4.3. Market Dynamics
4.3.3. Opportunity Analysis
5. COVID19 Crisis Analysis
5.1. Current COVID19 Probable Future Impact
5.2. Current GDP Projection and Probable Impact
5.3. Current Economic Projection as compared to 2008 Economic analysis
5.4. COVID19 and Impact Analysis
18.104.22.168. Revenue By Product Type
22.214.171.124. Revenue By Form
126.96.36.199. Revenue By Distribution Channel
188.8.131.52. Revenue By Region
5.5. 2020 Market Scenario
5.6. Recovery Scenario – Short term, Midterm and Long Term Impact
6. Key Success Factors
6.1. Key Regulations
6.2. New Product Launches
6.3. Promotional Strategies by Key Manufacturers