Market Overview:
Increasing awareness about natural health supplements is driving the market globally. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Herbal Medicinal Products Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % during the forecast period.
Herbal medicinal products are serving as a better alternative over the conventional allopathic medicines owing to lesser ill-effects associated with the consumption.
Furthermore, increasing popularity towards ayurvedic and unani medicines is expected to elevate the growth of the market owing to non-toxic effects. Additionally, the demand from the pharmaceuticals industry for green label products has intensified the application of herbal medicinal preparations.
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Increasing health awareness among the consumers is adding fuel to the growth of the global herbal medicinal products market. Additionally, increasing demand for economical cure for medical illnesses such as flu, digestive problems, and renal disorders is likely to improve the global herbal medicinal products market during the review period. However, un-clear laws for the use of herbal ingredient for the medicinal preparation may hinder the herbal medicinal products market.
Competitive Analysis:
Herbal medicinal products manufacturers across various regions are focusing on new product launch and R & D to penetrate the global market and to meet the growing demand for the product in various forms and functionality. Rising demand in herbal supplements and changing lifestyle among the consumers propels the growth of herbal medicinal products market.
The key players profiled in the global herbal medicinal products market are Nature’s Answer, Inc. (U.S.), ARKOPHARMA Laboratories, Company Ltd. (France), TSUMURA & CO. (Japan), Bio-Botanica Inc. (U.S.), Sanofi-Aventis Healthcare Pty Ltd. (Australia), Young Living Essential Oils LC (U.S.), and Ricola AG (Switzerland) among many others.
Latest Industry Updates:
Jan 2018 Medical Herbalist, Patrick Murphy has launched his online shop, allowing customers to purchase the business’ natural herbal and food supplements online.
Jan 2018 The Food Safety and Technology Research Centre under the Department of Applied Biology and Chemical Technology of The Hong Kong Polytechnic University (PolyU) has developed a new method for rapid authentication of Chinese herbal medicines, including Ganoderma (known as Lingzhi in Chinese), and Gastrodiae Rhizoma (known as Tianma in Chinese).
Dec 2017 The marketer of an herbal remedy that falsely claimed to reduce memory loss has been ordered to stop targeting Iowans, authorities said. JGG Enterprises Inc. and its owner, Joseph Gregory Grelock, have been barred from marketing Intellux and other dietary supplements in Iowa that claimed to provide health benefits without scientific evidence.
Dec 2017 The Nigerian Institute of Medical Research (NIMR), in conjunction with the Nigerian Council of Physicians of Natural Medicine (NCPNM), held a three- day training workshop on steps to commercialize Nigeria’s herbal medicinal products.
Segments:
The global herbal medicinal products market has been divided into type, function, form and region.
On The Basis Of Type: Traditional Chinese Medicines, Homeopathic Medicines, Aromatherapy Medicines, Ayurvedic Medicines, Others
On The Basis Of Function: General Wellness, Cardiovascular Health, Gut & Digestive Health, Cognitive Health, Others
On The Basis Of Form: Powder, Syrups, Ointments, Oils, Capsules, Tablets, Others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Regional Analysis:
Europe is dominating the in the global herbal medicinal products market followed by Asia Pacific. Europe has been accounted for a higher consumption of herbal medicinal products owing to increasing awareness about the benefits of consuming herbal remedies. Furthermore, increasing consumer awareness and growing demand for herbal medicinal products such as dietary supplements, drugs, and skin care products in countries like India and China are likely to boost the growth of the herbal medicinal products market over the forecast period. Furthermore, ongoing R&D activities in the herbal medicines is likely to uplift the growth of the herbal medicinal products market.
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