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Herbal Medicine Market To Grow Owing To Enhanced Consumer Preference To Natural Medicines

Herbal Medicine Market To Grow Owing To Enhanced Consumer Preference To Natural Medicines

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This article is originally published by Hexa Research(1). Summarised by Emily of Secrets of India Health shop.

Herbal medicines are those of the most common medicines. They have originated from different cultures, from East to West. In the near future, the global “herbal medicine market” is expected to expand fast during the forecast period. The reason behind its growth are:

  • the consumer’s choice for aromatherapy and natural medicines over the past period.
  • increased demand for herbal and botanical products in multi-formula.

Additionally, combo packs, chewable tablets and capsules are the major factors driving the market growth.

Herbal medicines include:
  • herbal supplements;
  • remedies or herbal preparations;
  • and finished herbal products that contain active ingredients which are derived from plant materials.

Currently, one of the major trends is the rising adoption of herbal supplements. Nowadays, consumers would prefer herbal supplements to conventional synthetic ones. For example, fish oil and other natural offerings such as probiotics and detoxes. Herbal supplements have been proven to be more effective than some conventional supplements. Plus, they have little or no side effects. This growing belief in organic and natural products is driving market growth over the coming years.

dry herbs
Dry herbs
Other reasons that compel consumers to opt for herbal supplements are:
  • increasing medicine prices,
  • lower disposable incomes,
  • and huge healthcare and lifestyle costs.

With those factors stretching the minds and pockets, it is easy to understand their choice. On one hand are healthier, cheaper, and safer options to get relief from ailments, being mental or physical. On the other hand are conventional supplements with bad reputation of several side effects. The decision is clear.

Middle-aged women and aged people are the major consumers of the herbal supplements. In addition, rising consciousness towards health and diet is making people aware of their daily consumption. Moreover, attention to preventative health care have increased the demand for health-imparting herbal supplements.

For women, insomnia, menopause, and hot flashes are some of the most health concerns. Many herbal supplements manufacturers have developed alternative therapies to relieve them from those worries. Consequently, the aged population represents another major consumer group for herbal supplements and remedies.

Ingredient-wise, there are 3 main segments in herbal medicine market:
  • ginkgo Biloba,
  • garlic,
  • multi-herbs,
  • and specialty herbs.

On account of increasing intake of multivitamins and for curing a range of diseases, we expect multi-herbs to grow at the highest rate. Ginkgo biloba and garlic will also experienced considerable growth over the forecast period.

Many regulatory authorities are commissioning guidelines and rules about these herbal supplements’ contents. For instance, the THMPD(2) of the EU and WHO(3) of the U.N are some of the most noticeable bodies in this matter. Recently, the WHO published the methods of quality control for medicinal plant materials. This is to help WHO Member States establish quality standards and specifications for herbal materials.

Most of the countries ban herbs such as cannabis and coca. Yet, coca is still prevalent in South America. As a result, this segment is expected to witness considerable growth due to the growing production of coca in these countries.

The U.S bans ephedra herb sale on account of regulations by the FDA owing to the restrictions in the U.K. Thus, soy, echinacea, aloe vera and horse chestnut are some of the major herbs driving the demand for herbal medicine. Hence, they are likely to boost the market growth over the projected period.

Application-wise, these are the segments of the global herbal medicine market:
  • Western herbalism: a healing art that has a traditional origin in Europe and America.
  • Homeopathy.
  • Ayurveda.
  • Traditional Chinese medicine.

Above all, there is increasing use of European and Native American herbs for health reason. For this reason, Western herbalism might experience a strong growth from 2016 to 2024.

On the other hand, Asia Pacific is the fastest growing segment. This is the result of consumer preferences for organic supplements and increasing disposable income. Philippines, India, China, Japan, Singapore, and Malaysia will witness promising growth soon.

The herbal medicine market in the Asian and Middle Eastern region is going to grow by factors such as:
  • product availability,
  • delivery,
  • consumer awareness,
  • product acceptance,
  • and regulations implemented by the government.
Hands of bean and peas seller, Varanasi Benares India

(1) Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

(2) European Directive on Traditional Herbal Medicinal Products by the European Union.

(3) World Health Organization by the United Nations.

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