Herbal medicinal products are plant-based medicines used worldwide to treat numerous illnesses and promote general wellbeing. Containing medicinal herbs as active ingredients, these products are used to relieve symptoms of several common ailments and conditions such as headache, cough, fever, cold and flu in a natural way. Some herbal supplements are also proven effective for managing chronic illnesses like arthritis, diabetes and heart diseases. The global herbal medicinal products market is estimated to be valued at US$ 199.07 billion 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 Opportunity:
The opportunity to treat various illnesses naturally and safely without the risk of severe side effects associated with allopathic drugs is expected to drive significant growth of the herbal medicinal products market. With growing health awareness, there is rising consumer preference for herbal medicines to conventional pharmaceutical treatments. Research has validated the efficacy of several herbal formulations in supporting general health and managing conditions like insomnia, anxiety and obesity. This is increasing consumer confidence in herbal products. Moreover, easy availability of herbal supplements through online and brick-and-mortar stores is making them more accessible to the masses. The growing adoption of herbal medicines for their healing properties without adverse effects is estimated to offer lucrative opportunities for expansion of the market over the forecast period.
Porter's Analysis
Threat of new entrants: The herbal medicinal products market has moderate threat from new entrants due to the intensive R&D required for product development and strict regulations regarding herbal medicine quality.
Bargaining power of buyers: The bargaining power of buyers is high in this market as there are numerous herbal medicinal products manufacturers providing substitutes.
Bargaining power of suppliers: The power of suppliers is moderate as raw herbal materials have few substitutes and suppliers have bargaining power due to scarcity of high-quality herbal ingredients.
Threat of substitutes: The threat of substitutes is moderate as alternative treatment options like allopathic medicines, homeopathy, etc. are available but herbal products have less side effects.
Competitive rivalry: The market competition is high among existing players to gain more market share and expand geographic footprint.
SWOT Analysis
Strength: Herbal medicines have less side effects, more acceptability and demand in developing nations. Growing health awareness increases product demand.
Weakness: R&D costs are high, quality standards differ globally, substitutes availability. Lack of clinical evidence and research slows market growth.
Opportunity: Rising chronic diseases and aging population drive market growth. Untapped rural markets in developing countries offer opportunity.
Threats: Stringent regulations on herbal medicine quality and change in trade policies impact market adversely. Patent expiry increases generic competition.
Key Takeaways
The global herbal medicinal products market is expected to witness high growth at a CAGR of 7.7% during the forecast period of 2023-2030. The Asia Pacific region dominates the market with the largest share due to growing herbal supplements demand in countries like China and India. Regional herbal ingredients availability and popularity of traditional medicines boost the market. 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. The market size for 2023 is US$ 199.07 Billion and is expected to reach US$ 336.27 Billion by 2030.
First, you have to know a bit about the subject of the product.
Online herbal medicine stores typically specialize in one or two different types of medicinal plants or remedies.
Herbal products are usually the same products that are formulated or act in some manner different from the natural material that they are derived from.
These online stores tend to have very strong pharmaceutical compounds and chemicals in their ingredients which may upset some people who are concerned with alternative medicine and herbal medicine in general.
Latest released the research study on Global Pharmaceutical and Medicinal Herbal Extracts Market, offers a detailed overview of the factors influencing the global business scope.
Maintain a competitive edge by sizing up with available business opportunity in Global Pharmaceutical and Medicinal Herbal Extracts Market various segments and emerging territory.Pharmaceutical and Medicinal Herbal Extracts Market Overview Medical extracts are widely used in healthcare.
Therefore, pharmaceutical companies use medicinal herb extracts to develop new drugs.
This helps pharmaceutical companies to reduce the cost of development of new drugs.
Market Drivers The Rising Awareness Regarding the Side-Effects of Synthetic FlavorsHealth Benefits Offered By Phytomedicines and Herbal ExtractsGrowing Incidents of Illnesses Due To Stressful and Busy LifestylesIncreasing Preference As They Mainly Protect From Several Infections Market Trend Rising Adoption Alternate Therapies Such As Homeopathy and AyurvedaConsumers Are Demanding Functional Food & Supplements for Regular Consumption Restraints Inadequate Supply of Raw Materials Challenges Availability of Substitutes in Cheaper Rates The Global Pharmaceutical and Medicinal Herbal Extracts Market segments and Market Data Break Down are illuminated below: by Type (Capsule, Tablet, Powder, Others), Application (Treatment, Massage, Medicines), End-Use (Traditional Chinese Medicine, Western Herbalism, Others), Source (Leaves, Fruits) Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & AfricaCountry Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
Strategic Points Covered in Table of Content of Global Pharmaceutical and Medicinal Herbal Extracts Market:Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Pharmaceutical and Medicinal Herbal Extracts marketChapter 2: Exclusive Summary – the basic information of the Pharmaceutical and Medicinal Herbal Extracts Market.Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Pharmaceutical and Medicinal Herbal ExtractsChapter 4: Presenting the Pharmaceutical and Medicinal Herbal Extracts Market Factor Analysis, Post COVID Impact Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.Chapter 5: Displaying the by Type, End User and Region/Country 2015-2020Chapter 6: Evaluating the leading manufacturers of the Pharmaceutical and Medicinal Herbal Extracts market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company ProfileChapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2021-2026)Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source Finally, Pharmaceutical and Medicinal Herbal Extracts Market is a valuable source of guidance for individuals and companies in their decision framework.
