increase in prevalence of liver and heart diseases is driving the Herbal Market
Technavio analyzes that the Herbal Market is expected to grow at a CAGR of 6.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 130.3 billion.There are various factors that contribute to the growth of the market.ai_driver_list1
The over-the-counter (OTC) segment of the global herbal market has experienced significant growth in the past five years, with a reported 15% increase in sales of herbal supplements in the US alone in 2022, according to the Food and Drug Administration (FDA). This trend is driven by several factors, including the perceived safety and natural origins of herbal medicines, increased health consciousness, and a growing preference for self-care options. Major players in this market, such as Himalaya, Herbalife, and Patanjali, have capitalized on this trend by offering a diverse range of OTC herbal products in various forms, including powders, liquids, gels, tablets, and capsules, derived from medicinal plants and traditional Ayurvedic practices. As consumers continue to seek natural remedies for their health concerns, the OTC herbal market is expected to expand further.
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Herbal Market Segmentation
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In the herbal market, natural ingredients from medicinal plants are gaining popularity over synthetic ingredients in both developed and developing countries. The cosmetics industry and toiletries sector are shifting towards herbal alternatives for skincare. Regulations for herbal medicines vary between regions, with the pharmaceutical & nutraceutical segment and food & beverages segment having distinct guidelines. Developing countries like India have a rich tradition of Ayurvedic medicine, homeopathy, and allopathic alternatives, which are now being distributed through e-commerce channels such as Amazon. Probiotics and generics are also significant players in the herbal market. Acquisitions of plant species and traditional medicine practices continue to shape the industry, with mail order pharmacies and hospital pharmacies also playing a role in distribution.
In the healthcare and pharmaceutical sectors, the issue of medicine shortages, particularly antibiotic medicines, has gained significant attention. Developed countries face challenges in maintaining a consistent supply due to increasing demand and production costs. In contrast, developing countries grapple with limited resources and infrastructure for manufacturing and distribution. Herbal medicine offers a viable solution, as it is a sustainable and cost-effective alternative to synthetic medicines. The global herbal medicine market is projected to grow significantly, providing an opportunity for businesses to capitalize on this trend. Technavio, a leading market research firm, estimates the global herbal medicine market size based on the revenue generated by vendors. This market encompasses companies involved in the production and distribution of herbal medicines, excluding those that manufacture equipment or produce packaged alcoholic and non-alcoholic beverages. The market's growth is driven by the health benefits associated with herbal medicines, which include providing essential nutrients and reducing the risk of chronic diseases.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
