Herbal Medicines are used as CAM (Complementary and Alternative Medicine). Most of the herbal medicines are used for general wellness, and gut and digestive health. These medicines are used in the developing countries to exclude higher priced western medicines. Products like Ashwagandha and Echinacea are one of the most commonly used products and they are used on a daily basis for maintaining good health. Herbal medicines consists of several ingredients which help in maintaining overall health. The Asia & ASEAN herbal medicine market size is estimated to reach $48.18 billion by 2025. India is the fastest growing market with a CAGR of 10.84% during the forecast period 2020-2025.
Asia & ASEAN Herbal Medicines Market Outlook:
On the basis of herbal medicine type, the market is segmented into Ginkgo Biloba, garlic, ginseng, Echinacea, and others. The price of herbal medicines is witnessing a gradual decrease owing to swift approvals according to a lot of government regulations in the ASEAN region and this enables newcomers to penetrate the market. For example Himalaya Wellness Pure Herbs Ashwagandha General Wellness - 60 Tablets is sold at INR 132 in India in 2020. However, Multi Herb formulas are very popular in traditional Japanese (Kampo) and traditional Chinese medicines. These multi herbs medicine usually comprises various herbs in a single dosage. Asia & ASEAN Herbal Medicines market report comprises of pricing analysis for various types of medicine.
Asia & ASEAN Herbal Medicines Market Growth Drivers:
Rise in the consumption of herbal medicines for the treatment of illnesses across all age groups is one of the major driving factor behind the growth of Asia & ASEAN Herbal Medicines market. Countries such as China and India have made substantial research investments in traditional herbal medicine in the recent years. For instance, the Govt. of India has established a board named the Indian System of Medicine and Homeopathy to encourage production of herbal products. Huge investments are being made in R&D to look for promising herbal solutions for critical diseases.
People suffering from chronic diseases are increasingly turning to herbal remedies as alternatives to modern synthetic drugs. Herbal medicines are increasingly being used for treating illnesses across all age groups.
Asia & ASEAN Herbal Medicines Market Challenges:
Herbal medicines are introduced into the market with limited or no mandatory safety evaluation. As herbal medicines are not subjected to stringent testing, the use of some herbs, such as comfrey and ephedra, could cause undesirable or adverse reactions which may be life-threatening or even result in death.
Lack of standardization of raw materials, processing methods, and the final products; and the limited existence of criteria for quality control, and dosage formulation are hindering the growth of the Asia & ASEAN herbal medicine market. The lack of quality standards in the industry may have serious ramifications. For instance, the use of certain uncertified herbal products could lead to hepatotoxicity or even death.
Asia & ASEAN Herbal Medicines Market Research Scope:
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Asia & ASEAN herbal medicines market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the medicine types, product, form and source of Asia & ASEAN herbal medicines market.
Asia & ASEAN Herbal Medicines Market Report: Industry Coverage
- Asia & ASEAN Herbal Medicines Market – By Medicine Type: Ginkgo Biloba, Garlic, Ginseng, Echinacea, St John’s wort, Soy, Aloe Vera, Centella Asiatica, Turmeric (Curcumin), Red yeast, Saw Palmetto, Specialty Herbs, Multi Herbs, and Others.
- Asia & ASEAN Herbal Medicines Market – By Product: Homeopathic Medicines, Traditional Chinese Medicine, Aromatherapy Medicines, Ayurveda Medicines, and Others.
- Asia & ASEAN Herbal Medicines Market – By Source: Plant Leaves, Fruits, Seeds, Roots and Bark, and Others.
- Asia & ASEAN Herbal Medicines Market – By Form: Powder, Tablets & Capsules, Syrups, Ointments, and Oils.
The Asia & ASEAN herbal medicines market report also analyzes the major countries for the market.
The countries covered in the study include:
Asia & ASEAN: China, India, Japan, South Korea, Taiwan, Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, Cambodia, Myanmar and Rest of Asia & ASEAN Countries
Asia & ASEAN Herbal Medicines Market Key Players Perspective:
Some of the key players mentioned in this market research report include Guangzhou Pharma Co (China), ARKOPHARMA Laboratories, Company Limited. (France), Dabur (India), Nature's Bounty Co. (U.S.), Dr. Willmar Schwabe (Germany), TSUMURA & CO. (Japan), Bayer AG (Germany), Blackmores Limited (Australia), Hainan Haiyao Co., Ltd. (China), Weleda (Switzerland), Patanjali Ayurved Limited (India), Yunnan Baiyao Group (China), The Himalaya Drug Company (India) and Arizona Natural (U.S.).
Asia & ASEAN Herbal Medicines Market Trends:
The increasing demand for natural medicinal products, increased funding for herbal medicinal products from government, and multiple applications of herbal medicines have led to the growth of the Asia & ASEAN herbal medicines market.
A variety of disease conditions are treated with herbal plants with multiple medicinal properties. In addition, a single plant may contain many chemical components such as phenols, glycosides, polysaccharides, alkaloids, resins, and terpenoids showing therapeutic activity in more than one medical condition and thus, driving the herbal medicines market.
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