The global herbal medicine market is expected to grow on account of increasing consumer preferences for natural medicines and aromatherapy over the forecast period. Increased demand for herbal and botanical products in multi-formula, combo packs and chewable tablets & capsules is one of the major factors driving the market growth.
Herbal medicines include herbal supplements, herbal preparations, and finished herbal products that contain active ingredients which are derived from plant materials.
Furthermore, herbal supplements have little or no side effects and are proven more effective than conventional supplements. The growing belief in the use and effectiveness of organic and natural products is projected to drive market growth over the coming years.
Increasing medicine prices, lower disposable incomes, and huge healthcare & lifestyle costs, have compelled consumers to opt for herbal supplements that are a healthier, cheaper, and safer option to get relief from ailments, being mental or physical.
Increased consumption of functional foods fortified with herbal ingredients, usage of herbs in the prevention of health issues, and the guidelines commissioned related to Current Good Manufacturing Practices (CGMP) for dietary supplements by FDA are anticipated to augment the herbal medicine demand over the coming years.
One of the major trends in the herbal medicine market is the rising adoption of herbal supplements. Fish oil and other natural offerings such as probiotics & detoxes are some of the emerging natural alternatives to the conventional synthetic supplements.
Increasing sale of food supplements such as herbal extracts, and glucosamine, multivitamins, omega-3s, probiotics, and chondroitin owing to their anti-medicinal properties and low-cost is expected to propel the market growth over the forecast period.
Middle-aged women and aged people are the major consumers of the herbal supplements. Rising consciousness towards health & diet and attention given to preventive health care measures have propelled the demand for health-imparting herbal supplements.
Many herbal supplements manufacturers have developed alternative therapies to relieve women from problems such as insomnia, menopause, and hot flashes. The aged population represents another major consumer group for herbal supplements and remedies.
The herbal medicine market is segmented into products such as ginkgo Biloba, garlic, multi-herbs, and specialty herbs. Multi herbs are expected to grow at the highest rate on account of increasing intake of multivitamins and for curing a range of diseases. Ginkgo biloba and garlic are also major segments anticipated to witness considerable growth over the forecast period.
Regulatory authorities such as the European Directive on Traditional Herbal Medicinal Products by the European Union (EU) and World Health Organization (WHO) by the U.N are regulatory bodies commissioning guidelines and rules related to the content of herbal ingredients in the supplement.
The World Health Organization (WHO), published methods of quality control for medicinal plant materials to support WHO Member States in establishing quality standards and specifications for herbal materials.
Herbs such as cannabis and coca are banned in most of the countries though coca is still prevalent in South America and it is expected that this segment will witness considerable growth on account of the growing production of coca in this country.
Ephedra herb sale is banned by the U.S on account of regulations by the Food and Drug Administration owing to the restrictions in the U.K. Soy, Echinacea, aloe vera and horse chestnut are some of the major herbs driving the demand for herbal medicine and are likely to boost the market growth over the projected period.
The global herbal medicine market is segmented by applications such as western herbalism, homeopathy, Ayurveda, and traditional Chinese medicine.
Western herbalism is a healing art that has a traditional origin in Europe and America. The increasing use of European and Native American herbs in the treatment and prevention of illness is expected to cause a considerable growth of this segment from 2016 to 2024.
Europe dominated the global herbal medicine market on account of increased penetration of global players concerned with the manufacturing of herbal supplements. The ease of obtaining approvals for herbal medicines and defined guidelines stated for the production and testing of these products is expected to augment the herbal medicine market growth in Europe.
Asia Pacific is the fastest growing segment on account of rising consumer preferences for organic medicinal supplements and increase in disposable income. Countries such as Philippines, India, China, Japan, Singapore, and Malaysia are expected to witness promising growth over the forecast period.
The herbal medicine market in the Asian and Middle Eastern region is anticipated to grow in accordance with factors such as product availability, delivery, consumer awareness, product acceptance, and regulations implemented by the government.
The major market players operating in the global herbal medicine segment are Arizona Natural Products, Himalaya Drug Company, Nature’s Aid, NBTY Inc., Ricola AG, Indfrag Limited, DSM Nutritional Products, Bio-botanica Inc., Arkopharma SA, and Blackmores Limited, Nutraceutical Corporation, Potters Herbal Medicines, Twinlab Corporation, and Pharmawhite LLC.
Research Support Specialist, USA