Asia and ASEAN Herbal Medicines Market - Forecast(2024 - 2030)

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 2023. India is the fastest growing market with a CAGR of 10.84% during the forecast period 2018-2023. 

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 2018.  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. 

 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.

 

The base year of the study is 2017, with forecast done up to 2023. 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 – 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:

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.).

1. Is the market for Asia & ASEAN Herbal Medicines growing? How long will it continue to grow and at what rate? 

2. Which type of medicine presents the major growth opportunities? 

3. Is there a possibility for change in the market structure over time? 

4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands? 

5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product? 

6. What is the current status of herbal medicine in different countries? 

7. Which are the major relevant product segments within herbal medicine? 

8. Which type of source will witness heavy adoption herbs of in the near future? 

9. What are the short-term, long-term, and medium-term growth drivers for the market? 

10. What are the short-term, medium-term, and long-term challenges for the market? 

11. What are the short-term, medium-term, and long-term opportunities for the market?

12. Who are the top players/companies of the market? 

13. What are the recent innovations in the market? 

14. How many patents have been filed by the leading players? 

15. What are the types of patents filed by the leading players? 

16. What is the futuristic scenario for the adoption of Asia & ASEAN Herbal Medicines market? 

17. What is our Vision 2030 for Asia & ASEAN Herbal Medicines Market?