What is OTC Herbal and Traditional Medicine Market?
Herbal medicine involves the medicinal use of plants to treat disease and enhance general health and well-being. Products made from botanicals or plants that are used to treat diseases or to maintain health are called herbal products, botanical products, or phyto medicines. Herbal medicine come in all forms such as dried, chopped, powdered, capsule, or liquid. Plants and herbs extract vary in the solvent used for extraction, temperature, and extraction time, and include alcoholic extracts (Tinctures), vinegar (acetic acid extracts), hot water extract(tines), long-term boiled extract, usually roots or bark(decoctions) and cold infusions of plants(macerates). In Herbal medicines, there is no standardization, and components of an herbal extract. Traditional medicines are that is a more affordable factor that is driving the market regulation of the production and marketing of herbal supplements and medicines that require attention.
Highlights from OTC Herbal and Traditional Medicine Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Gaia Herbs (United States), Weleda (Switzerland), iHerb, LLC(United States), TSUMURA & CO (Japan), Zoic Pharmaceuticals (India), Dr. Willmar Schwabe GmbH & Co. KG (Germany), Arizona Natural (United States), Nature’s Bounty (United States), Rottapharm | Madaus GmbH (Germany), NUTRAMARKS, INC. (United States) and Herbal Africa (South Africa)|
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for herbal medicines and traditional medicine. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global OTC Herbal and Traditional Medicine market throughout the forecasted period. Gaia Herbs (United States), Weleda (Switzerland), iHerb, LLC(United States), TSUMURA & CO (Japan), Zoic Pharmaceuticals (India), Dr. Willmar Schwabe GmbH & Co. KG (Germany), Arizona Natural (United States), Nature’s Bounty (United States), Rottapharm | Madaus GmbH (Germany), NUTRAMARKS, INC. (United States) and Herbal Africa (South Africa) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Bio-Botanica (United States), Blackmores Limited (Australia), Sido Muncul (Indonesia), Krewel Meuselbach GmbH (Germany), ARKOPHARMA Laboratories, Company Limited (France), Phytoneering Extract Solutions (Germany), Dabur India Ltd (India), Tong Ren Tang (China) and Nature Herbs (India).
OTC Herbal and Traditional Medicine Market Segmentation:
|Application / End User||Pharmacy, Drug Store, Modern Trade, Online and Other OTC Format|
|Type||OTC Herbal and Traditional Medicine|
|Distribution Channel||Manufacturers,Suppliers,Medicine Retailers,Ecommerce,Supermarkets|
On the basis of geography, the market of OTC Herbal and Traditional Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Growing demand for herbal medicinal products and supplements across the globe
Market Growth Drivers:
Traditional medicines are that is more affordable
Herbal medicine has side effects
Herbal medicine is not tightly regulated
Increase the popularity of herbal medicine and its traditional way of preparation
Key Target Audience
Pharma Manufacturers, Suppliers, Governments regulatory, Industry Experts, End Users and Others
Market Leaders & Development Strategies
In December 2021, Arizona Natural Resources acquired the consumer products company Healthspecialty. Healthspecialty is a full-service contract manufacturer of skin, body, and hair care products with a focus on premium skincare application
In September 2021, Gingko bio works have launched a new venture name Ayanabio which is producing plant and fungal bioactivities for herbal medicines.