by A recent study conducted by Fairfield Market Research reveals promising prospects for the global herbal medicine market, which is currently valued at approximately US$ 150 billion. The market is expected to experience robust double-digit growth over the coming years, driven by several key factors.
Rising Use of Natural Medications to Influence Market Growth
The rising awareness of the side effects associated with allopathic treatments and the efficacy of natural remedies have led to a significant uptick in the use of herbal medicines in recent years. This trend is further supported by governments worldwide expanding their herbal medicine coverage. The demand for natural products, coupled with the increasing costs of pharmaceutical drugs, is contributing to the steady growth of the herbal medicine market. Herbal medicines, known for their anti-inflammatory, antioxidant, and pharmacological properties, are being used to treat a wide range of critical illnesses, including dementia, malaria, cancer, diabetes, and tuberculosis, among others. Their ability to improve overall human health without causing side effects makes them a popular choice.
Research and Development Fuel Market Growth
Institutions and universities are actively engaging in research and development efforts focused on herbal medicines, often collaborating with local communities to tap into indigenous knowledge. This collaboration is enabling the development of advanced natural herbal medicines. Continuous research in the field is expected to further drive market growth.
Rising Demand for Herbal Supplements
The demand for herbal supplements is on the rise, driven by individuals seeking antibiotic alternatives and higher immunity offered by herbal products compared to synthetic drugs. According to the World Health Organization (WHO), approximately 10-15% of the population in developed nations now uses herbal products regularly. This trend presents significant growth opportunities for the herbal medicine market.
Growing Preference for Natural Ingredients in Cosmetics
The cosmetics sector is witnessing a transformation, with a growing preference for plant-based products and natural ingredients. Consumer awareness regarding natural beauty products has led to the development of beauty creams, lotions, and balms with a herbal medicinal base. Cosmetic companies are actively researching and innovating new products to meet the increasing demand for natural beauty and skincare products. The market is poised for momentum in the coming years as more cosmetic companies incorporate herbal ingredients into their offerings.
Asia Pacific Emerges as a Key Market
Developing countries in Asia Pacific, such as India and China, are experiencing significant growth in demand for herbal medicines due to their cost-effectiveness, safety, and effectiveness compared to allopathic drugs. China, in particular, is expected to lead in herbal medicine production, driven by research and development initiatives in traditional Chinese medicines. India, as one of the largest exporters of medicinal plants and value-added medications, is also a key growth contributor to the herbal medicine market in the region.
Competitive Landscape
Key players in the herbal medicine market, such as Cultivator Natural Products Pvt. Ltd., Patanjali Ayurved Limited, Himalaya Global Holdings Ltd., and others, are focused on research and development to meet customer demands. Recent product launches, such as Kunnath Pharmaceuticals Viromune antiviral immunity boosters and Lotus Botanicals range of hair and skin care products, exemplify the industrys commitment to innovation.
The global herbal medicine market is on a trajectory of substantial growth, driven by increasing consumer preference for natural remedies and the expansion of herbal products in various sectors. As the market continues to evolve, it presents exciting opportunities for both consumers and businesses alike.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/herbal-medicine-market
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This press release first seen on Brilad
COMTEX_442320049/2840/2023-10-23T08:21:16
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.