Global Herbal Medicinal Products Market, By Product Type (Homeopathic Medicines, Ayurvedic Medicines, Chinese Medicines and Aromatherapy Products), Source (Barks, Leaves, Roots, Fruits and Vegetables, and Others), Application (Food and Beverages, Pharmaceuticals, Personal Care, and Others), Formulation Type (Syrups, Powder, Capsules and Tablets, Oils and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), Function (General Wellness, Cardiovascular Health, Gut and Digestive Health, Cognitive Health and Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The number of adverse effects caused by the use of allopathic medicines is rapidly increasing, which is a major source of concern among the world's growing population. This has increased the use of herbal medicinal preparations in a variety of industries, including pharmaceuticals, supplements, and others. Numerous products with herbal components that provide medicinal properties are being widely released. As a result, from a commodity standpoint, the global herbal medicinal products market is being propelled magnanimously by such commodities as well.
Data Bridge Market Research analyses that the herbal medicinal products market is expected to reach the value of USD 177.65 billion by the year 2029, at a CAGR of 6.83% during the forecast period. The rising prevalence of chronic diseases, combined with increased awareness of the benefits of herbal medicines over allopathic medicines, has increased demand for herbal medicinal products.
Market Definition
Herbal medicinal products are those that contain ingredients derived from plants and natural resources. Herbal medicinal products are sold in the market as tablets, capsules, powder, teas, and fresh and dried plants. Because these medicines are derived from nature, they have no negative or side effects on the body. Herbal medicinal products are safe to use and improve an individual's health and organ function. However, if consumed incorrectly and in excess, even herbal medicinal products can be harmful to the body.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Homeopathic Medicines, Ayurvedic Medicines, Chinese Medicines and Aromatherapy Products), Source (Barks, Leaves, Roots, Fruits and Vegetables, and Others), Application (Food and Beverages, Pharmaceuticals, Personal Care, and Others), Formulation Type (Syrups, Powder, Capsules and Tablets, Oils and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), Function (General Wellness, Cardiovascular Health, Gut and Digestive Health, Cognitive Health and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Moderna, Inc. (MA), PERSONALIS INC. (US), GENOCEA BIOSCIENCES, INC (US), CureVac AG (Germany), CELLDEX THERAPEUTICS (US), BIONTECH SE (Rhineland-Palatinate), Advaxis, Inc. (US), Agenus Inc. (US), Immatics Biotechnologies GmbH (Germany), Gritstone Oncology (US), NantKwest, Inc. (US), bioMérieux SA (France), Bayer AG (Germany), Pfizer Inc. (US), GlaxoSmithKline plc (UK), F. Hoffmann-La Roche Ltd. (Switzerland), Merck & Co., Inc. (US)
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Herbal medicinal products Market Dynamics
Drivers
- The rise in the awareness of negative effects of allopathy medicines
The growing awareness of the negative effects of allopathic medicines and the benefits of herbal medicinal products has resulted in an increase in their demand. Another factor influencing market growth is the growing population, which is accompanied by an increase in the prevalence of chronic diseases. Increased demand for naturally prepared medicines based on Ayurvedic and Unani teachings will fuel market growth.
The increase in the demand of cost-effective medical ailments
Over the review period, the global herbal medicinal products market is expected to expand due to rising demand for a cost-effective cure for medical ailments such as digestive problems, kidney disorders, and flu. Herbal supplement products are also expected to boost market growth.
- Government investments for healthcare interoperability
The increase in the funding by the federal government to drive the adoption of these products further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the herbal medicinal products market.
Opportunities
Increased positive outcomes of aesthetic treatment and increased awareness of aesthetic procedures can open up new opportunities to expand the herbal medicinal products market during the forecast period.
Restraints/Challenges
The regulatory authorities' lack of attention and focus will reduce the market's growth rate. In addition, a lack of awareness about herbal therapeutics will impede market growth.
This herbal medicinal products market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the herbal medicinal products market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Herbal medicinal products Market
Following a thorough examination of the business implications of the pandemic and the resulting economic crisis, growth in the Herbal Functional Foods segment is revised to a 7.9 percent CAGR over the next seven years. This segment currently accounts for 25.4% of the global Herbal Medicines market. Herbal plants' leaves, which are known for their medicinal properties, are extracted and used to make a variety of herbal supplements. Herbal pharmaceuticals and supplements are made up of whole plants or parts of plants that are used to prevent or treat illness or disease. Medicinal herbs are ideal for use in food and beverage products, in addition to providing reliable treatment medications for a variety of health disorders, as health consciousness is poised to remain an important aspect of modern population.
Global Herbal medicinal products Market Scope
The herbal medicinal products market is segmented on the basis of product type, source, application, formulation type, distribution channel and function. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Homeopathic medicines
- Ayurvedic medicines
- Chinese medicines
- Aroma therapy products
Based on the product type, the herbal medicinal products market has been segmented into homeopathic medicines, ayurvedic medicines, Chinese medicines and aromatherapy products.
Source
- Barks
- Leaves
- Roots
- Fruits and vegetables
- others
Based on the source, the herbal medicinal products market has been segmented into barks, leaves, roots, fruits and vegetables, and others.
Application
- Food and beverages
- Pharmaceuticals
- Personal care
- Others
Based on the application, the herbal medicinal products market has been segmented into food and beverages, pharmaceuticals, personal care, and others.
Formulation Type
- Syrups
- powder
- Capsules
- Tablets
- Oils
- others
Based on the formulation type, the herbal medicinal products market has been segmented into syrups, powder, capsules and tablets, oils and others.\
Distribution channel
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
- others
Based on the distribution channel, the herbal medicinal products market has been segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others.
Function
- General wellness
- Cardiovascular health
- Gut and digestive health
- Cognitive health
- Others
Based on the function, the herbal medicinal products market has been segmented into general wellness, cardiovascular health, gut and digestive health, cognitive health and others.
Herbal medicinal products Market Regional Analysis/Insights
The herbal medicinal products market is analysed and market size insights and trends are provided by country, product type, source, application, formulation type, distribution channel and function as referenced above.
The countries covered in the herbal medicinal products market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the herbal medicinal products market due to the prevalence of large pharmaceutical and medical industries. Government policies that are supportive of the market are also driving growth in this region. The Asia-Pacific region, on the other hand, is expected to have the highest compound annual growth rate during the forecast period. This is due to increased research and development capabilities in the direction of herbal medicinal products. This region's major contributors are India and China.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The herbal medicinal products market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for herbal medicinal products market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the herbal medicinal products market. The data is available for historic period 2010-2020.
Competitive Landscape and Herbal medicinal products Market Share Analysis
The herbal medicinal products market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to herbal medicinal products market.
Some of the major players operating in the herbal medicinal products market are
- Moderna, Inc. (MA)
- PERSONALIS INC. (US)
- GENOCEA BIOSCIENCES, INC (US)
- CureVac AG (Germany)
- CELLDEX THERAPEUTICS (US)
- BIONTECH SE (Rhineland-Palatinate)
- Advaxis, Inc. (US)
- Agenus Inc. (US)
- Immatics Biotechnologies GmbH (Germany)
- Gritstone Oncology (US)
- NantKwest, Inc. (US)
- bioMérieux SA (France)
- Bayer AG (Germany)
- Pfizer Inc. (US)
- GlaxoSmithKline plc (UK)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Merck & Co., Inc. (US)
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