The herbal medicinal products market consists of organic herbs and plants utilized for medicinal purposes. Herbal medicines are in high demand due to their natural compositions and negligible side effects. Applications include treatment of cold, cough, diarrhea, indigestion, skin diseases, and others. The global herbal medicinal products market is estimated to be valued at US$ 199.07 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers augmenting the herbal medicinal products market growth is the rising awareness among consumers regarding fitness, health, and well-being. There is a preference shift towards healthy dietary and lifestyle choices, which pulls the demand for organic and natural herbal formulations. Herbal medicines are deemed safe with no severe side effects. Its usage for preventive healthcare has become popular among millennials. Consumer education about traditional uses of medicinal plants is further fueling consumption. Advances in extraction techniques by manufacturers are harnessing phytochemicals with curative properties efficiently.
Segment Analysis
The global herbal medicinal products market is segmented on the basis of product and application. Based on product, the market is segmented into ayurvedic medicinal products, Chinese medicinal products, homeopathic medicinal products, and others. The ayurvedic medicinal products segment dominates other segments as India has a huge consumer base that prefers Ayurveda products for various diseases and medical conditions. Ayurvedic medicine focuses on prevention rather than treatment by following various lifestyle practices.
Key Takeaways
The global herbal medicinal products market is expected to witness high growth. The market is estimated to reach a value of US$ 379.34 Bn by 2030 from US$ 199.07 Bn in 2023, expanding at a CAGR of 7.7% during the forecast period.
Regional analysis related content comprises
The Asia Pacific region holds the highest share in the global herbal medicinal products market. India and China have a huge consumer base that prefers herbal medicine over chemical drugs. These countries have also created a strong distribution and supply chain system for various herbal extracts and final herbal medicinal products. Moreover, herbs and herbal extracts play a huge role in traditional Chinese medicine and Ayurveda.
Key players related content comprises
Key players operating in the herbal medicinal products market are 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, Mountain Rose Herbs. Blackmores Limited specializes in the development, manufacturing, marketing, and distribution of herbal and vitamin supplements. It has a wide product portfolio and global distribution network.
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