Consumers, especially in developing regions, have been relying on traditional medicines for disease treatment. For instance, the Traditional Chinese Medicine (TCM) hospital in China is utilizing traditional medicinal herbs to treat (COVID-19) affected patients
The global medicinal herbs market will grow at a stellar CAGR over the forecast period, 2020-2030. High consumption of immunity boosting food products in tandem with rising preference for plant-derived items will be critical in propelling market growth.
Players are investing in R&D activities to further extend the applicability of medicinal herbs.
Europe is the manufacturing hub of personal care and beauty products, owing to strong presence of leading cosmetic manufacturers.
About half of medicinal herbs in Europe are consumed in liquid form, as they offer greater convenience compared to solid/powder form. Manufacturers of medicinal herbs are turning to e-commerce channels to expand their revenue pool.
Further, consumption of liquid medicinal herbs will surge 3X in the decade ahead.
Medicinal Herbs Market: Key Takeaways
- Primarily used in hair care products, horsetail medicinal herbs will witness rapid adoption.
- Medicinal herbs cultivated via conventional methods will see three-fold revenue growth.
- Owing to their convenience aspect, liquid medicinal herbs continue to register greater profit margins.
- Health supplements, and cosmeceuticals would remain the key application area for medicinal herbs.
- Europe will maintain its supremacy; South Asia to offer potential growth prospects.
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Anticipated Market Impact of COVID-19 Pandemic
The COVID-19 pandemic is having a mild impact on the medicinal herbs market.
Under optimistic market scenario, with nationwide lockdowns until Q3 of 2020, the market will make material progress over the first two quarters of 2021.
Nevertheless, if the lockdown is lifted by Q2 of 2020, the market revenue will peak in 2020.
Under pessimistic scenario, the medicinal herbs market will register higher shares till Q3 of 2020, and will further follow a steady growth trail. Manufacturers are devising various solutions to satiate the rising demand for medicinal herbs.
Medicinal Herbs Market – Key Driving Factors
- The shift towards natural and immunity-boosting food products is set to favor market growth.
- Low cost, and minimal side effects of medicinal herbs compared to synthetic medicines will boost their adoption.
- Supportive government policies for R&D of herbal medicines will broaden application scope.
- Growth of e-commerce ecosystem to boost sales of medicinal herbs.
Medicinal Herbs Market – Key Restraints
- Possible side effects, and allergic reactions associated with medicinal herbs to hinder their consumption.
- Lack of standardization between global entities is major challenge for market players.
Consumers, especially in developing regions, have been relying on traditional medicines for disease treatment. For instance, the Traditional Chinese Medicine (TCM) hospital in China is utilizing traditional medicinal herbs to treat (COVID-19) affected patients.