Herbal medicinal products are medicinal formulations, which comprises of plant extracts such as polysaccharides, alkaloids, phenols, glycosides, terpenoids, and resins. These plant constituents are used in the preparation of herbal medicines owing to its medicinal importance. They serve as an alternative source of medication for various body ailments such as hypertension, gut & digestive problems, and other general illness. Commonly available herbal medicinal products in the market comes in the form of capsules, tablets, powder, oils/ointments, and others.
Herbal medicinal products are serving as a better alternative over the conventional allopathic medicines owing to lesser ill-effects associated with the consumption. Furthermore, increasing popularity towards ayurvedic and unani medicines is expected to elevate the growth of the market owing to non-toxic effects. Additionally, the demand from the pharmaceuticals industry for green label products has intensified the application of herbal medicinal preparations.
Increasing health awareness among the consumers is adding fuel to the growth of the global herbal medicinal products market. Additionally, increasing demand for economical cure for medical illnesses such as flu, digestive problems, and renal disorders is likely to improve the global herbal medicinal products market during the review period. However, un-clear laws for the use of herbal ingredient for the medicinal preparation may hinder the herbal medicinal products market. However, all these factors are projected to contribute to the estimated CAGR of 8.0% of herbal medicinal products market during the forecast period 2017-2023.
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Some of the key players profiled in the global herbal medicinal products market: Nature's Answer, Inc. (U.S.), ARKOPHARMA Laboratories, Company Ltd. (France), TSUMURA & CO. (Japan), Bio-Botanica Inc. (U.S.), Sanofi-Aventis Healthcare Pty Ltd. (Australia), Young Living Essential Oils LC (U.S.), Ricola AG (Switzerland)
Regulatory authorities such as European herbal & traditional medicine practitioners association and British herbal medicine association are promoting the use of herbal medicines in European region
Herbal medicinal products have a massive opportunity in the global market
Herbal medicinal products manufacturers
Herbal supplements manufacturers
Hospitals & government agencies
Raw material suppliers
Retailers and wholesaler
Traders, importers, and exporters
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The global herbal medicinal products market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the in the global herbal medicinal products market followed by Asia Pacific. Europe has been accounted for a higher consumption of herbal medicinal products owing to increasing awareness about the benefits of consuming herbal remedies.
Furthermore, increasing consumer awareness and growing demand for herbal medicinal products such as dietary supplements, drugs, and skin care products in countries like India and China are likely to boost the growth of the herbal medicinal products market over the forecast period. Furthermore, ongoing R&D activities in the herbal medicines is likely to uplift the growth of the herbal medicinal products market.
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