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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