Herbal Medicinal Products Market is expected to reach US$ 360.35 Billion, growing at a CAGR of 7.7 % for 2021 – 2031
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.
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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.
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.
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.
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.
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