Herbs have been part of our lives in many ways, since ancient times, in cooking, as dyeing agent, in aroma therapy, pest repellent, in the cosmetic industry, and so on. Usually, herbs are the parts of the plant (leaf, flower, stem, root etc.) and can be used in fresh or dried form due to their scent, flavor or therapeutic qualities. Herbal medicinal products are a type of dietary supplement that can treat disease and enhance general health conditions.
How Herbal Medicinal Products Have Evolved
Various medications get prepared for several health issues like cold, cough, joint pains, head ache, fever, diabetes, even cancer, and many more. Though many chemically extracted medicines are in use due to easy absorption by the body, less or no side effects, these herbal medicinal products are becoming more popular and widely accepted across the globe. Some of the most commonly used are basil, turmeric, bay leaf, cilantro, dill, lemongrass, oregano, parsley, garlic, echinacea, etc. These naturally occurring herbs are free from chemicals also.
Trends And Growth In Herbal Medicinal Products
As herbal medicinal products are now globally accepted, the demand for them has also grown. We can see the demand for medications market is expected to increase from about US$ 83 billion in the year 2019 to about US$ 550 billion by 2030. The outbreak of Covid-19 has also paved the way for the growth of the herbal market recently.
One of the herbs, echinacea, which is used for treating cold, is available in the market in powder form (combination of elderberry and concentrated Echinacea herb and root) and reported that this herbal medicinal product could treat Tamiflu as an antiviral medication. The echinacea is reported to bring down the chances of recurrent cold by about 60% and common cold by about 26%.
The US’s turmeric market (import) is estimated to grow from about US$ 74Mn to about US$120Mn by 2030. It also reports that India has earned US$ 300mn in the year 2019 from the export of spices.
The Various Forms Of Herbal Medicinal Products
Most herbal medicinal products are available in capsules, tablets, powder, and even as concentrated liquids. These medications are in the form of capsules and tablets, compact and can be carried easily without any spillage, therefore a popular choice. The herbal medicines are available in hospitals, retailers and private practitioners. The large market share for herbal medications is from hospitals and gradually skilled professionals. Also, the improvisation of a healthcare facility is adding to market growth.
The herbal medicinal products available are medicines, functional foods, beauty products, and dietary supplements.
Some herbal medicinal products manufacturers are Schaper & Brümmer, Hishimo Pharmaceuticals, Himalaya Drug Company, Patanjali Ayurved Ltd, Blackmores Ltd, ZeinPharma Germany GmbH, Arizona Natural Products, Willmar Schwabe India Pvt. Ltd. etc. Many companies are coming out with new herbal products with the help of technical and research teams to face the competition in the market. They are also making efforts to cater to increasing consumer demands.
Growing R&D, increasing investment in the market and growing cases of chronic illnesses like diabetes, blood pressure etc., are some of the reasons for Europe to dominate in herbal medicinal products in the global market, followed by America. It is also estimated that more people accept Chinese herbal medicine and ayurvedic medicines (existed from Vedic era), the market in Asia Pacific countries is also growing.
