The global herbal medicine market, valued at approximately US $150 billion, is projected to experience robust double-digit growth over the coming years, according to a recent study by Fairfield Market Research. The rising popularity of natural treatments and increasing awareness of the side effects of allopathic medicine are driving this growth trajectory.
Growing Use of Herbal Medicines:
- Shifting towards Natural Remedies: The global trend towards using herbal medicines has gained momentum due to a heightened awareness of the potential side effects of allopathic treatments and the perceived efficacy of natural alternatives. The herbal medicine market has witnessed steady growth as countries seek to expand their herbal medicine coverage, driven by growing consumer demand for natural products. The rising cost of pharmaceutical drugs has also placed a burden on healthcare systems, further fueling interest in herbal alternatives.
- Advantages of Herbal Medicine: Herbal medicines address the root causes of disorders, promoting overall human health without causing side effects. With anti-inflammatory, antioxidant, and pharmacological properties, herbal medicines are used to treat a range of critical illnesses and disorders. They have been employed in treating diseases such as dementia, malaria, cancer, diabetes, tuberculosis, among others. Herbal medicines contribute to the bodys natural balance, bolstering internal immunity and aiding in disease prevention. These factors are pivotal in driving the global herbal medicine market.
Herbal Supplements Gain Traction:
- Antibiotic Alternatives: The demand for antibiotic alternatives, including herbal products, has been steadily rising over the past few decades. Herbal supplements are being embraced by both patients and healthcare professionals due to their perceived higher immunity compared to synthetic drugs. Approximately 10-15% of the population in developed countries uses herbal products daily, as highlighted by the World Health Organization (WHO). The growing preference for herbal supplements provides a significant growth avenue for the herbal medicine market.
Natural Ingredients in Cosmetics:
- Natural Beauty Products: The cosmetics sector is witnessing a shift towards plant-based products and a rising demand for natural ingredients. Consumer awareness about natural beauty products has prompted the development of cosmetics with a herbal medicinal base. Cosmetic companies are increasingly integrating herbal ingredients and replacing synthetic components to meet the growing demand for natural beauty creams, lotions, and balms. This trend is expected to drive momentum in the herbal medicine market.
Asia Pacific Holds Prominence:
- Growing Demand in Developing Countries: Developing countries, driven by their larger populations and increasing awareness of the health benefits of herbal products, are propelling the demand for herbal medicines. These products are considered safer and more effective than allopathic drugs, contributing to their popularity. China, with its extensive research and development programs in traditional Chinese medicines, is set to lead the production of herbal medicines, closely followed by India. India remains a key player, exporting around $22 billion worth of natural medicines annually. Asia Pacific is poised to be a significant growth contributor to the herbal medicine market.
Competitive Landscape:
Companies in the herbal medicine market are actively engaging in research and development to meet customer demand. For instance, Kunnath Pharmaceuticals introduced antiviral immunity boosters in capsule form under the brand “Viromune” in 2020. Similarly, in 2021, Lotus launched Lotus Botanicals, offering a range of hair and skin care products.
Key players in the herbal medicine market include Cultivator Natural Products Pvt. Ltd., Patanjali Ayurved Limited, Himalaya Global Holdings Ltd., Emami Limited, Herbalife Nutrition, Nutraceutical Corporation, Nature’s Answer LLC, and ZeinPharma Germany GmbH.
Browse Herbal Medicine Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/herbal-medicine-market
Similar Reports:
Ayurveda Medicine Market: https://www.fairfieldmarketresearch.com/report/ayurveda-medicine-market
Nuclear Medicine Market: https://www.fairfieldmarketresearch.com/report/nuclear-medicine-market
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_439009192/2840/2023-08-25T02:45:23
