The global Herbal Medicine market size is expected to reach USD 411.2 billion by 2026 according to a new study by Polaris Market Research. The report “Herbal Medicine Market Share, Size, Trends, Industry Analysis Report By Category (Pharmaceuticals, Functional Foods, Dietary Supplements, Beauty Products); By Form (Tablets & Capsules, Powders, Extracts, Syrups, Others); By Source (Leaves, Roots & Barks, Fruits, Whole Plants, Others); By Distribution Channel (Hospitals & Retail Pharmacies, E-commerce); By Regions, Segments & Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing government support and funding amount for research and innovation is driving the market growth. Various factors such as low cost of the products, very less or no side effects of herbal medicine, rising usage by the global population and ease of availability will further aid in market growth over the forecast period.
Plant-based medications are the common treatment source for curing various diseases. According to the National Center for Biotechnology Information, between 70% to 80% of the population across the globe preferred traditional drugs for their treatment. Additionally, it has reported that consumer spending on conventional drugs increased to USD 7.5 billion. This rising demand will further boost the industry growth between 2020 and 2026.
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Herbs and plant-based products can be consumed in multiple ways such as tablets & capsules, powders, extracts, syrups and used as oil, ointments, etc. The tablets & capsules form is expected to witness high growth rate between 2020 and 2026. These traditional products are produced from the fruits, leaves, roots, stalk, cloves, etc. Few products that are used to produced herbal medicines are Milk thistle (fruit), Garlic (cloves, root), Echinacea (leaf, stalk, root), Chamomile (flower), etc. Availability of these products across the globe makes it an easily available raw material to produce the drugs. When it comes to herbal medicine, leaves are predicted to hold considerable market share during the study period.
E-commerce distribution channel segment will generate higher revenues by 2026 due to increasing awareness, growing usage of smart phones & internet, large coverage areas and providing products at lower costs. Additionally, in 2019, herbal pharmaceuticals segment held a major share in the overall market. This high market share can be credited to rise in ageing population coupled with increasing consumer awareness.
Asia Pacific herbal medicine is estimated to face significant growth rate over the forecast timeline. According to the World Health Organization, both China and India are investing heavily in research and advancement of better drugs originated from herbs and plants. Presently, North America and Europe hold significant market share. Rising governmental support along with increasing prevalence of chronic diseases is predicted to fuel the region’s market size. Higher predilection for plant-based medications and increasing funding amounts for research and innovation in medicinal herbs and plants is projected to boost the regional industry size.
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Major global players are Schaper & Brümmer, Hishimo Pharmaceuticals, Himalaya Global Holdings Ltd., Venus Pharma GmbH, Patanjali Ayurved Ltd, Blackmores Ltd., Dasherb Corp, Bayer AG, ZeinPharma Germany GmbH, Arizona Natural Products, Dr. Willmar Schwable India Pvt. Ltd., BEOVITA, Dabur, and Arkopharma. The industry participants are focusing on product enhancement and global expansions. For instance, in November 2016, Arkopharma acquired DISTRIFA to broaden business expansion in Iberian Peninsula region.