COVID-19 to Positively Impact Demand for Herbs and Ayurvedic Medicines in Emerging Countries, Finds Fact.MR
Published : 13 Apr 2020 Industry: Food & Beverage
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.
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
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.
Find More Valuable Insights on Stuffed and Global Medicinal Herbs Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global medicinal herb market, presenting historical demand data of 2019 and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the global Emollient Market on the basis of type (horsetail, dandelion, Echinacea, valerian, St. John’s wort, lemon balm, yarrow, calendula, peppermint, spearmint, wintergreen and marshmallow) nature (organic and conventional) form (whole, powder and liquid), end use(medicinal tea, health supplement, nutritive jams, herbal medicine, cosmeceuticals and other uses) across 7 major regions.
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