by Market Overview:
Herbal medicinal products are medicines derived from plants and plant extracts with therapeutic properties to treat and prevent diseases. They have wide applications in treating gastrointestinal disorders such as indigestion, constipation etc., respiratory disorders such as cold, cough etc., inflammatory conditions, and other diseases including diabetes, piles, jaundice etc. They have advantages over synthetic drugs as they have lesser side effects and are considered natural and safe alternatives. The growing demand for herbal medicines due to their efficacy and low toxicity has been driving the herbal medicinal products market.
Market key trends:
One of the key trends in the herbal medicinal products market is the shift towards ayurvedic and herbal supplements for maintenance of health and prevention of diseases. Consumers are increasingly preferring herbal supplements containing ginger, turmeric, garlic etc. to boost their immunity and address lifestyle diseases. Furthermore, increasing research activities for development of herbal drugs for critical illnesses such as cancer is augmenting the market growth. Several universities and research organizations are engaged in research pertaining to validation of efficacy of herbal formulations and identification of their active compounds. This trend is expected to expand applications of herbal medicines in future.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Herbal Medicinal Products Market Share due to the presence of various certifications and regulations which new companies must adhere.
Bargaining power of buyers: The bargaining power of buyers is high in this market as customers have numerous product options available from various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials for herbal medicinal products like plants and herbs have numerous small suppliers.
Threat of new substitutes: The threat of new substitutes is low as herbal products have distinct benefits over traditional medicines which are difficult to substitute.
Competitive rivalry: The competitive rivalry in the herbal medicinal products market is high due to the presence of many domestic and international players competing on the basis of product quality, innovation, and price.
Key Takeaways
The global herbal medicinal products market is expected to witness high growth, exhibiting CAGR of 5.93% over the forecast period, due to increasing preference for herbal medicines over synthetic drugs due to lesser side effects.
The Asia Pacific region is expected to dominate the global herbal medicinal products market over the forecast period. This is attributed to factors like easy availability of raw materials, growing medicinal plant cultivation, and rising population demanding herbal medicine. China represents the fastest growing country market.
Key players operating in the herbal medicinal products market include Dabur, HiCare, Himalaya, Patanjali, Hamdard, Venus Pharma Industries, Natural Remedies and Sanofi-Aventis Healthcare. These players are focusing on new product launches and expansion in different regions to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
