The global Organic Medicinal Herbs market was valued at USD 346.03 Million in 2020 and is expected to reach USD 533.21 Million by year 2030, at a CAGR of 6.37%. The key factors contributing to the market growth are rising inclination towards natural and organic products, awareness regarding preventive healthcare, and surging spending on health and wellness. Growing elderly population along with the rising prevalence of chronic conditions is also fueling the demand for medicinal herbs across the globe.
According to the World Health Organization (WHO) more than one billion people rely on herbal medicines to some extent. The WHO has listed 21,000 plants that have reported medicinal uses around the world. Consumers in developed countries are becoming more attentive to natural products; and are demanding more information on the ingredients and the additives found in their food, drink, and health products – including details on processes used to grow the plant raw materials used in the products they are purchasing. In some situations, they are also willing to pay higher prices. The demand for local, organic herbs is rapidly growing with the recovery of herbalism and cohesive medicine.
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Increasing research funding for herbal medicines, and multiple applications of herbal medicine, increasing demand for natural herbs are some of the important factors driving the growth of the market. Poor standardization, the side-effects, and allergic reactions are the significant limitations for the market growth during 2019-2030.
Key Coverage of the Report
- Region and country-wise assessment from the period 2019-2030. For the study, 2018 has been utilized as historical data, 2019 as the base year, and 2020-2030, has been derived as forecasts.
- Regional Competitors product pipeline analysis
- Demand and Supply Analysis
- Market share analysis of the key industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, and Threats)
- Competitive landscape map of the key common trends
- Company profile with financials, detailed strategies, and recent developments
Salient Trends of the Organic Medicinal Herbs Market
- Traditional herbal medicinal products are considered by the fact that their efficacy can neither be demonstrated by clinical studies nor by bibliographical data. Their effectiveness may only be evident from long term traditional use and experience. Long term use is defined as a minimum use for 30 years, of which at least 15 years of safe use must be demonstrated within the community
- Many of these plants are majorly native to North America, such as Echinacea, and stinging nettles, lavender. Their ability to support pollinators and their inclination to grow in diverse communities make them valuable for existing operations.
- The utilization of medicinal plants are: direct utilization in the form of plant parts (root, stem, leaf, seed, and bark), powder, extracts, medicinal chemicals (alkaloids, glycosides) and plant drugs
- Established in 2006, International Regulatory Cooperation for Herbal Medicines (IRCH) is the main regulatory body looking after the regulation of herbal medicines. The members of this organization promote public health and safety through improved regulation for herbal medicines. As of September 2019, there were 34 members. The countries included: Argentina, Armenia, Australia, Brazil, Brunei , Canada, Chile, China, Cuba, Germany, Ghana, Hungary, India, Indonesia, Italy, Japan, Malaysia, Mexico, Oman, Pakistan, Peru, Portugal, South Korea, Saudi Arabia, Singapore, South Africa, Tanzania, Thailand, United Arab Emirates, United Kingdom, and the United States
- Organically grown medicinal and aromatic products are not only readily acceptable in the global market but also get premium prices than those grown with conventional farming. Europe and the United States are not an easy market to invest particularly for developing countries and LDCs as materials can’t be easily accessible for the consumers before going through their stringent tests
- Some developing countries with a long tradition of use of medicinal plants are chief exporting countries – India, China, the Republic of Korea, Chile, Brazil, and Thailand. Exports are largely in raw material form and only to a lesser extent finished products. Due to the high population and ancient heritage of traditional herbal-based medicines, India and China are two of the world’s principal markets for medicinal plants, though not necessarily the most significant traders. Imports into several markets are affected by government import restrictions.
- Many cultures across the world stress on the importance of consumption of organic herbs to stay healthy. Although Mediterranean diet is famed in the Western world for its extensive use of herbs (like rosemary, thyme, parsley, dill), many Asian cuisines are also becoming extremely popular due to their extensive use of herbs
- During the last fifty years the practice of consuming herbal medicines has become mainstream. This is due in part to the acknowledgment of the value of traditional medical systems and the discovery of medicinal plants from local pharmacopeias that have been shown to have significant therapeutic capabilities, either in their natural state or as the source of new pharmaceuticals
- Echinacea is one of the popular types of plant. These plant’s blooms have been used for centuries as medicine in juice, tea, and extracts. Currently, they can be taken as supplements and powders. The best-known use of Echinacea is to reduce symptoms of the common cold. The plant is widely used to strengthen the immune system and fight infections Treats and also help avert urinary tract infections
- In addition to this, Sage is another medical plant that helps combat degenerative diseases support memory. Sage is even renowned for managing diabetes with its capacity to naturally lower glucose levels. Its other benefits include Supports digestive health and helps in improving skin health
- Also, Thyme is a common herb used in cooking. Thymol, found in thyme, is usually found in vapor rubs mouthwash. This compound gives thyme its antibacterial properties and strong antifungal. It is widely to improve blood circulation and support the immune system
Companies considered and profiled in this market study
Key participants in the Organic Medicinal Herbs market are Young Living, Symrise AG, Firmenich, Worlee Group, Kangcare Bioindustry Co, Ltd, Sunrise Nutrachem, Organic Spices, Inc., Frontier Natural Products Co-op, Native Extracts Pty Ltd and New Zealand Botanicals among others
- Based on region, Europe accounts for the maximum share in the global market because of the rising preference of consumers for organic medicines over conventional medicines. The market was estimated to be USD 139.0 Million in 2020
- Asia Pacific is projected to be the fastest-growing segment at a CAGR of 7.30% due to the extensive use of herbal medicine in many parts of the region
- India, China and Brazil are considered to be the chief exporters of medicinal plants in the world market
- The companies producing medicinal herb products, such as the capsules and tinctures As the medicinal herb industry has developed, on the other hand, the companies buying these herbs have instituted new quality control efforts that include testing for purity, active compounds, and bacterial contamination. Most of the companies have found that foreign imports do not meet their new high standards
- In the OECD group, the EU, United States, and Japan are the most involved in the Medicinal plant trade. In these, imports have always been larger (often substantially) than exports
- On the basis of source, the leaves segment is projected to be the largest segment in the market. Leaves are widely used in cooking and for healing different medical conditions. The segment was estimated to be USD 196.60 Million in 2020
- In terms of products, the extract segment is expected to hold the maximum share in the market. The extracts are widely used in the healthcare sector. These extracts have excellent healing capabilities, and hence they are heavily used in numerous therapies
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Reports and Data have segmented the Organic Medicinal Herbs market on the basis of herb, form, source, product, end use, and region:
Herb (Revenue, USD Million; 2019–2030)
- Multi-herb Products
Source (Revenue, USD Million; 2019–2030)
Product (Revenue, USD Million; 2019–2030)
- Essential Oil
Form (Revenue, USD Million; 2019–2030)
End Use (Revenue, USD Million; 2019–2030)
- Functional food & beverage
Regional Outlook (Revenue in USD Million; 2019–2030)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
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