Medicinal Herbs Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2020 to 2030
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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Liquid Medicinal Herbs Are Expected to Have Higher Growth Opportunities Owing To Rising Demand for Personal Care
Europe is considered to be the hub for personal care and beauty products owing to the presence of a large number of manufacturers. In Europe, nearly ½ of the medicinal herbs demanded were in liquid form owing to higher profit margins and convenience associated with liquid products. Liquid form has high demand from consumers and manufactures of personal care products owing to its feasibility. Owing to the impact of COVID-19, liquid medicinal herbs are expected to grow 3X during the forecast period.
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
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