Herbal Medicinal Products Market: Global Industry Analysis, Future Growth and Business Prospects by Forecast to 2023

“\”Market Research Future published a Half Cooked Research Report on the Global Herbal Medicinal Products Market, which is estimated to grow at a CAGR of 8.0% during the forecast period 2017-2023\””
Herbal Medicinal Products Market Information: by Type (Traditional Chinese Medicines, Homeopathic Medicines), Function (General Wellness), Form (Powder) and Region – Forecast till 2023

Market Overview:

Herbal medicinal products are the products are prepared exclusively from the plant source. Herbal plants consist of numerous natural ingredients like polysaccharides, alkaloids, phenols, glycosides, terpenoids, and resins, which are used in herbal medicine formulations owing to its medicinal property. For example, polyphenolic compounds like flavonoids, tannins, and curcumin extracted from herbal plants, which have a good anti-cancer property. Commonly available herbal medicinal products are in the form of capsules, tablets, powder, oils/ointments, and others.

The amount of ill-effects caused by the consumption of allopathic medicines is increasing rapidly, which is a great concern among the growing population. This has intensified the application of herbal medicinal preparations from the several industries such as pharmaceuticals, supplements, and others. Also, increased preference for naturally prepared medicines from the literature of Ayurveda and Unani is likely to uplift the market of herbal medicinal products owing to non-toxic and fewer side effects.

Furthermore, increasing demand for an economical cure for medical illnesses like as digestive problems, kidney disorders, and flu is projected to expand the global herbal medicinal products market over the review period. Also, herbal supplement products are likely to uplift the market growth. However, lack of attention from the regulatory authorities and lack of awareness of herbal therapeutics in consumers are expected to hamper the market growth over the forecast period.

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Major Key Player:

The major players in Herbal Medicinal Products Market,

  • Bio-Botanica Inc. (U.S.)
  • Sanofi-Aventis Healthcare Pty Ltd. (Australia)
  • Young Living Essential Oils LC (U.S.)
  • Ricola AG (Switzerland)
  • Nature’s Answer, Inc. (U.S.)
  • ARKOPHARMA Laboratories, Company Ltd. (France)
  • TSUMURA & CO. (Japan)

Market Segments:

Herbal medicinal products are segmented on the basis of product type, which includes traditional Chinese medicines, homeopathic medicines, aromatherapy medicines, ayurvedic medicines, and others. Among all, ayurvedic medicines hold the major market share of the market followed by Chinese medicines. The foremost reason for the growth of the ayurvedic medicines is the easy approval for ayurvedic formulations in medicines by the regulatory authorities.

On the basis of the medicine function, the herbal medicinal products market is segmented into general wellness, cardiovascular health, gut & digestive health, cognitive health, and others. In this segment, the gut and digestive health segment is dominating the market. Increasing the consumption of herbal medicines for illnesses like indigestion and dyspepsia is majorly driving the growth of this segment. However, use of herbal medicines for cardiovascular health is showing popularity among the consumers due to growing incidences of hypertension.

On the basis of the form, herbal medicinal products market is segmented into powder, syrups, ointments, oils, capsules, tablets, and others. The tablet form is dominating in this segment followed by capsules owing to dose accuracy. Also, tablets are handy, which is an added benefit over other formulations.

Intended Audience:

  • Herbal medicinal products manufacturers
  • Herbal supplements manufacturers
  • Hospitals & government agencies
  • Raw material suppliers
  • Retailers and wholesaler
  • E-commerce industry
  • Traders, importers, and exporters

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Market Segmentation

Herbal medicinal products market is segmented on the basis of type, function, form, and region.

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