Medicinal Herbs Market

Medicinal Herbs Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030 Ayurvedic and herbal products have held significant importance in Europe and East Asian markets. In 2020, amid COVID-19, surge in demand for herbal products has been witnessed. Demand for herbal products accounts for a significant portion of medicinal use in Europe, United States and emerging regions. In March 2020, markets in Indonesia faced high demand for local medicinal herbs resulting in a price hike by 20%-30% from normal rates. The growth of medicinal herb market is expected to flourish with high profit margins for the players, thus making the market more lucrative.

Surge in Demand for Medicinal Herbs Is Anticipated from Cosmetic Industry The demand for medicinal herbs for cosmeceuticals, accounts for nearly 1/4th of the global market demand and is expected to grow at CAGR of 8.5% during the forecasted period. With market growing at a notable pace, many cosmetic brands are attracted towards medicinal herb products owing to the significant profit margin. The wide-spread use of personal care products has also attracted local players like Patanjali to penetrate into the market.

Opportunities in Organic Medicinal Herbs Market Abound amid COVID-19 The market of organic medicinal herbs will grow by nearly 4.7X during the forecasted period owing to high preference for organic products over conventional products. This shift has already been noted in East Asia where the market is forecasted to grow at a CAGR of nearly 10% during the forecasted period.

In March 2020, amid the global pandemic, china announced a news claiming to have a traditional Chinese medicine to be an effective treatment for COVID-19 affected patients, which has led to an upsurge in opportunities for local and international brands supplying medicinal herbs. This suggests that under present situation, market is expected to grow owing to consumer demand.

The market for organic medicinal herbs is showing prolific growth in emerging economies, owing to a large presence of elderly people. According to OECD report nearly 20% of the population in Europe and 16% population in United States are elderly people over the age of 65 which is almost 2X that of global average. Moreover, demand for medicinal herbs is expected to grow in the near future owing to problems related to old age.

Emerging Economies to Witness Higher Demand for Medicinal Herbs In Asian countries, traditional medicines have been considered more reliable as compared to other medicines. In South Asia, medicinal herbs used as medicines accounted for nearly 1/3rd of market demand from the region. For example, during this pandemic, THM hospital in China has been using traditional medicines to cure patients. Calendula market accounts for nearly 50% of the global medicinal herb demand which is majorly produced in India. This is in high demand from developed nations like United States and Europe. Moreover, countries like Bulgaria, Taiwan, Morocco and South Africa are some of the top medicinal herbs exporting countries.