The Global Herbal Medicine Market Situation
23 April 2019
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Herbal medicine is an integral part of traditional or alternative medicine, in which herbal remedies are derived from botanical, animal, or mineral products. These remedies have been used to treat and diagnose physical and mental illnesses. Alternative medicines such as Ayurvedic and Unani medicines have gained popularity due to its holistic approach, diverse treatment options, minimal side effects, money worthiness, and availability.
According to the World Health Organization (WHO), approximately 80 percent of the world's population in both developing and developed countries resort to traditional medicine for their health care choices.
Based on industrial analysis around the world, the herbal food supplement and herbal medicine market is growing with its market value anticipated to reach 107 billion US dollar in 2017. This is due to the aging population and consumers’ improved awareness about herbal medicines, which most consumers perceive as having little or no side effects. These natural remedies are effective in the treatment of certain symptoms and diseases such as coughs, allergies, digestive system diseases and skin conditions.
Europe is the largest consumer market for herbal supplements and therapies, followed by America and Asia respectively.
The demand of the herbal medicine market classified by region
In 2008, the value of the global herbal market was over 83 billion US dollar, for which the herbal and pharmaceutical products accounted for 53 percent of the entire market. Cosmetics and health foods were represented by 17 percent, and the remaining 13 percent belonged to food supplement products.
Europe's market value of herbal medicines was 35 billion US dollars, followed by the North American region, valued at 6.5 billion US dollars. In Asia, China’s market value was 4 billion US dollars while India’s reached 1.5 billion US dollars.
Distribution of herbal medicines as classified by region
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Germany had the highest proportion of herbal medicines sales of 28 percent, followed by Asia at 19 percent, and Japan at 17 percent. In the future, herbs and herbal medicine in India are anticipated to grow due to the increasing demand for natural therapies.
At present, the popularity of herbal products is on the rise as it can be used in treatments of modern diseases, such as work-induced stress or stress from non-supportive living environments.
Source of References:
Nirali, Joshi B1 and Shankar2, M. B. Int J Ayu Pharm Chem. (2015). Global Market Analysis of Herbal Drug
Formulations. Source: http://ijapc.com/volume4-first-issue/v4-i1-7-59-65.pdf. Accessed 18 August 2018
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