In March 2020, a significant market demand for traditional medicine was noticed, when a Traditional Chinese Medicine (TCM) hospital suggested the use of herbs to combat coronavirus. AVA, co-owner of Medimix, a herbal soap brand, which was once limited to budgeted hotels and railways has witnessed an unprecedented upswing in demand, especially for liquid hand wash which has grown nearly by 25%. The nutraceutical producers, DSM have been continuously working to produce vitamin C to counter market demand across world and has nearly supplied 50 tonnes of vitamin C products to Hubei province, during the February lockdown.
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Key Takeaways of Medicinal Herb Market
- The European market is expected to maintain its dominance in demand for medicinal herbs during 2020-2030. However, South Asian market will grow at a higher CAGR of nearly 10%.
- Horsetail medicinal herbs are poised to grow at a CAGR of nearly 10.5% owing to its high utilization in haircare during the forecasted period. However, the market of Dandelion will grow by nearly 2.5X by 2030.
- In China, the absolute $ opportunity for medicinal herb will be pegged at US $800 Mn from 2020-2030.
- The market for conventional medicinal herbs will grow by nearly 3X through 2030, owing to the focus of key players to cultivate medicinal herbs through conventional methods.
- In Europe 1/3rd of the demand for medicinal herb is from health supplements and nutritive jams
Key Players Are Focusing On Expansion through Acquisition to Retain Market Share
The key players like Falcon Trading International, Sunrise Nutrachem Group co. ltd. and Starwest Botanicals are presently focusing on expansion through strategic acquisitions. However, the new entrants have fragmented the market by focusing on several medicinal herbs rather than providing multiple products. This has helped players to retain their share in market. Some emerging brands are focusing on use of medicinal herbs in food and beverages sector. For instance, in 2019 Pukka herb launched three variants of herbal latte, while in 2020, Typhoo India launched three variants of herbal tea.
Medicinal Herbs Market: Segmentation
FactMR’s study has done the segmentation of medicinal herbs market on the basis of base product type, nature, packaging, and sales channel.
By Type :
- St. John’s Wort
- Lemon Balm
- Marshmallow Wintergreen
By Nature :
By Form :
By End-Use :
- Medicinal Tea
- Health Supplement
- Nutritive Jams
- Herbal Medicines
- Other Uses
By Regions :
- North America
- Latin America
- East Asia
- South Asia