Herbal Medicinal Products Market is Estimated To Witness High Growth Owing To Increasing Demand for Natural Health Products

Herbal Medicinal Products Market



Market Overview:

Herbal medicinal products are manufactured from herbs and plant extracts. They are used to alleviate ailments and natural wellbeing. Herbal medicines offer nutritional supplements and therapeutic compounds. They support the immune system and enhance overall physical and mental health. Some key advantages include lower side effects, multi-target healing properties, and affordable cost. Growing preference for herbal products over synthetic drugs is driving the market growth.

Market key trends:
Increasing demand for natural health products is a major trend driving the herbal medicinal products market. Consumers are increasingly interested in preventive healthcare and maintaining well-being through natural remedies. The COVID-19 pandemic further accentuated this trend as people preferred herbal supplements to boost immunity. Various studies have shown herbs like turmeric, ginger, garlic, neem etc. possess antiviral and anti-inflammatory compounds. Their daily consumption has increased significantly during the pandemic. Manufacturers are developing innovative herbal formulations targeting different ailments. This growing popularity of herbal remedies over pharmaceutical medications will continue supporting the market expansion during the forecast period.

Market Dynamics:
The herbal medicinal products market is expected to witness significant growth over the forecast period owing to rising consumer awareness about herbal products and their health benefits. More consumers are relying on herbal medicines to treat everyday ailments due to their fewer side effects compared to allopathic medicines. Furthermore, increasing scientific research activities related to validation of herbs and phytochemicals present in plants is supporting the growth of the herbal medicinal products market globally. Various organizations are funding studies to understand the medicinal properties and modes of action of herbal medicines which is adding credibility to these natural products. This research is leading to wider application of validated herbal extracts in treating chronic as well as infectious diseases.

Key Takeaways
The global Herbal Medicinal Products Market Share is expected to witness high growth, exhibiting a CAGR of 5.93% over the forecast period, due to increasing preference for plant-based natural remedies and wellness trends.

Market size:
- The global herbal medicinal products market size was valued at US$ 6,943.4 Mn in 2023 and is anticipated to reach US$ 12,183.3 Mn by 2030 at a CAGR of 5.93% during 2023-2030 period. Rapidly aging population driving demand for herbal healthcare solutions and innovations are key drivers of market growth.

Regional analysis:
- Asia Pacific dominates the global market with maximum demand concentrated in India and China. This region accounts for over 35% market share attributed to advanced herbal medicine manufacturing and rich biodiversity resulting in high availability of raw materials. North America and Europe are other major markets.

Key players:
- Key players operating in the herbal medicinal products market are Dabur, Himalaya Drug Company, Zandu Pharmaceuticals Works Ltd., Arjuna Natural Pvt Ltd, Ayurveda, The Himalaya Drug Company, and others.

Read More:

https://www.dailyprbulletin.com/alternative-medicine-in-herbal-medicinal-products-market/

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