The amount of side effects triggered by ingestion of allopathic
medicines are increasing rapidly, which is a major concern among the
population. Moreover, herbal medicinal product comprises plant
extract such as alkaloids, phenols, terpenoids, polysaccharide,
glycosides, and resins, owing to its medicinal properties and serve
as an alternative source of medicines over conventional allopathy for
various body aliments such as gut and digestive problems,
hypertension, and other illness. This has intensified the use of
herbal medicinal formulations and preparation from many industries
such as supplements, pharmaceuticals, and others. Also, increasing
inclination of consumers towards a green label product, increasing
demand for herbal medicines and its practice from the literature of
Unani and Ayurveda is fueling growth of the herbal medicinal products
market, owing to less side effects and non-toxic properties.
Furthermore, increasing prevalence of diseases such as digestive
problems, flu and kidney failure has demand for a cost-effective
cure, which is expected to expand the global herbal medicinal
products market over the forecast period.
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Market Dynamics
Herbal medicinal products market is gaining significant traction due
to inclination of consumers from conventional medicines to
traditional medicines worldwide. For instance, in November 2017,
Organic Aromas, a leading manufacturer of aromatherapy partnered with
McGill University in Montreal, Canada to improve and educate on
aromatherapy. The aim of this unique projects was to promote correct
use of essential oils, develop superior understanding of
aromatherapy, and identify and formulate the ‘best practices’ for
the aromatherapy industry. Furthermore, in November 2017, Organic
Aromas launched a ground breaking organic pure essential oils with
forty different blends, which has greater aromatherapy effectiveness.
Also introduced its first wireless rechargeable Nebulizing Diffuser
aromatherapy device, which is sleek and effective with potential
therapeutic benefits. Therefore, launched of such products is
expected to drive growth of the herbal medicinal products market.
However, lack of awareness regarding herbal therapeutics among people
and un-clear laws to use herbal ingredients for medicinal
formulations may hinder the market growth.
The
global herbal medicinal products market was valued at US$ 119.37
Billion in 2016 and is
expected to exhibit a
CAGR of 6.98% over the forecast period (2017 – 2025).
Favorable government regulations regarding homeopathic medicines
are expected to boost growth of the herbal medicinal products market
The global herbal medicinal products market is gaining significant
traction due to launch of e-commerce for easy access of Ayurvedic
therapies and supplements, changes in government regulations to
promote herbal medicines, and the increasing expansion of herbal
medicinal product worldwide. For instance, in September 2017, Dabur
India collaborated with Amazon India to launch an Ayurveda
e-marketplace. Through this e-commerce, Amazon will offer various
ayurvedic medicines such as Nutriherbs Shilajeet, Himalaya wellness
pure herbs ashwagandha, and Herbal Hills for treatment of variety of
illnesses (gut and digestive problems and diabetes). Consumers will
able to gain easy access to all Ayurvedic brand solutions (Dabur,
Patanjali, and Himalaya) available in India.
Major Key Players :
The key players operating in herbal medicinal products market include
Sanofi-Aventis Healthcare PTY Ltd., Arkopharma Laboratories,
Himalaya Global Holdings Ltd., Integria Healthcare, Young Living
Essential Oils, MOUNTAIN ROSE HERBS, Boiron USA, Nutraceutical
Corporation, TSUMURA & CO. and Blackmores.
Detailed Segmentation:
Global Herbal Medicinal Products Market, By Product Type:
-
Ayurvedic Medicines
-
Homeopathic Medicines
-
Chinese Medicines
-
Aromatherapy
Global Herbal Medicinal Products Market, By Dosage Forms:
-
Capsules/Tablets
-
Syrups
-
Powder
-
Ointment
-
Others
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