Global OTC Herbal & Traditional Medicine Market Size By Product Type (Herbal Medicine and Traditional Medicine), By Application (Detoxification Medicine, Antipyretic Medicine, Digestive Medicine, and Blood Circulation Medicine), By Geographic Scope And Forecast

OTC Herbal & Traditional Medicine Market Size And Forecast

OTC Herbal & Traditional Medicine Market size was valued at USD 36,157.13 Million in 2021 and is projected to reach USD 50,654.09 Million by 2030, growing at a CAGR of 3.91% from 2023 to 2030.

Over the years, the market for over-the-counter (OTC) herbal and traditional medicines has grown and changed significantly. Since individuals have sought out natural therapies to maintain their health for millennia, herbal and traditional medicine use has grown in popularity. The growing consumer demand for natural and holistic healthcare solutions and high cost of prescription medicine is a significant drivers of the market evolution of over-the-counter herbal and traditional medicines

However, some limitations and adverse health risks associated with it may restrain the market growth in the forecasted period. Moreover, the rising e-commerce industry and growing consumer demand for herbal medicine create a lucrative growth opportunity in the Global OTC Herbal & Traditional Medicine Market. Allopathy medicines are the strongest competitor for herbal and traditional medicines in the market. Allopathic medicines or prescription drugs are quite expensive and provide immediate results as compared to herbal and traditional medicines. As a result, the market for over-the-counter herbal and traditional medicines has grown more competitive, with more businesses joining the market and providing a variety of goods. With businesses spending in R&D to produce new products and enhance existing ones, this competition has also increased innovation and development in the sector. According to estimates by the World Health Organization (WHO), 80% of people in developing nations rely on traditional medicines, primarily plant-based medicines, for their basic medical requirements. At least 25% of today’s pharmaceuticals are still sourced from plants, and many more are synthetic counterparts based on plant-derived prototype compounds. The demand for medicinal plants is rising in both developing and developed nations as people are becoming more and more aware of the benefits of natural products, which are non-narcotic, free from side effects, readily available at reasonable prices, and occasionally the only source of healthcare for the poor.

Global OTC Herbal & Traditional Medicine Market Overview

Over the years, the market for over-the-counter (OTC) herbal and traditional medicines has grown and changed significantly. Since individuals have sought natural therapies to maintain their health for millennia, herbal and traditional medicine use has grown in popularity. The growing consumer demand for natural and holistic healthcare solutions is a significant driver of the market evolution of over-the-counter herbal and traditional medicines. Customers are looking for alternatives to conventional medications as they become more aware of the possible advantages of adopting herbal and traditional medicine. Also, the growth of e-commerce has facilitated consumer access to and acquisition of over-the-counter herbal and conventional medicines. Consumers may now purchase these goods from any location in the world thanks to online merchants and e-commerce platforms, which have also made it simpler for small and medium-sized businesses to market and sell their goods internationally.

As a result, the market for over-the-counter herbal and traditional medicines has grown more competitive, with more businesses joining the market and providing a variety of goods. With businesses spending in R&D to produce new products and enhance existing ones, this competition has also increased innovation and development in the sector. Additionally, regulatory bodies have begun to take notice of over-the-counter herbal and traditional medicines, and several nations have introduced regulations and guidelines to guarantee the efficacy and safety of these items. This has increased consumer trust in these products and made it simpler for businesses to enter and function in the market. The modern economy currently places a great deal of importance on medicinal herbs. 70% of India’s forest product exports are NTFPs, and the demand for phytochemicals is anticipated to rise in the coming years as a new market for trade. The usage of medicinal herbs is one of the oldest, richest, and most varied cultural traditions in India.

Global OTC Herbal & Traditional Medicine Market Segmentation Analysis

The Global OTC Herbal & Traditional Medicine Market is segmented based on Product Type, Application, and Geography.

OTC Herbal & Traditional Medicine Market, By Product Type

• Herbal Medicine• Traditional Medicine

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Based on Product Type, the market is segmented into Herbal Medicine and Traditional Medicine. Out of which, Herbal Medicine accounted for the largest market share of 55.97% in 2021, with a market value of USD 20,235.4 Million, and is projected to grow at the highest CAGR of 4.15% during the forecast period. Traditional Medicine was the second-largest market in 2021, valued at USD 15,921.7 Million in 2021; it is projected to grow at a CAGR of 3.61%. Drugs classified as herbal are those whose active components are derived from organic materials like leaves, roots, or flowers. But just because something is “natural” doesn’t necessarily imply it’s safe to consume it. Herbal medicines have an impact on the body in a similar way to conventional drugs and may even be dangerous if misused. Therefore, they should be handled with the same caution and deference as traditional medications. Herbal remedies are primarily used for chronic, as opposed to life-threatening, diseases and for health promotion. In many developing countries, herbal medicines are becoming more prevalent in the community and individual primary healthcare. There has been an increase in the sale of herbal medicines internationally.

OTC Herbal & Traditional Medicine Market, By Application

• Detoxification Medicine• Antipyretic Medicine• Digestive Medicine• Blood Circulation Medicine

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By Application, the Global OTC Herbal & Traditional Medicine Market is classified as Detoxification Medicine, Antipyretic Medicine, Digestive Medicine, and Blood Circulation Medicine. Out of which, Detoxification Medicine accounted for the largest market share of 30.44% in 2021, with a market value of USD 11,007.6 Million and is projected to grow at the highest CAGR of 4.52% during the forecast period. Antipyretic Medicine was the second-largest market in 2021, valued at USD 10,092.2 Million in 2021; it is projected to grow at a CAGR of 3.56%. Detoxification process is removal of toxic substance from the body. Many of people implies specific diet for detoxification in the body and some uses herbal or synthetic medicine products to remove toxins from body. There numerous products of detoxification medicine are available in the market. That products includes the natural herbs, removes harmful toxins from the body, increases your immunity and protects from inflammation. Cilantro, Triphala, Milk Thistle, Neem, Mint, Burdock root, Stinging Nettle, Dandelion, Spirulina, Turmeric Root, Red Clover, Ginger Root, Mullein, Lemon, Tulsi are some traditional herbal plants used to treat detoxification. Lot of people usually do not visit physician for minor detoxificant, they try traditional medicine as a primary healthcare option. There are number of Over-the-counter herbal medicine products are available in the market. Over-the-counter products does not require prescription to purchase, they are readily available in the market.

OTC Herbal & Traditional Medicine Market, By Geography

• Asia-Pacific• Europe• North America• Latin America• Middle East & Africa

By Geography, the Global OTC Herbal & Traditional Medicine Market is classified as Asia-Pacific, Europe, North America, Latin America, and Middle East & Africa. Out of which, Asia-Pacific accounted for the largest market share of 39.55% in 2021, with a market value of USD 14,301.7 Million and is projected to grow at the highest CAGR of 4.83% during the forecast period. Europe was the second-largest market in 2021, valued at USD 11,318.9 Million in 2021; it is projected to grow at a CAGR of 3.11%. These parent regions are further segmented as follows; Asia Pacific (China, India, Japan, Rest of APAC), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), North America (US, Canada, Mexico), Latin America (Brazil, Argentina, Rest of LATAM), and Middle East & Africa (UAE, Saudi Arabia, South Africa, Rest of MEA).

Key Players

The major players in the market are Tsumura, Schwabe, Madaus, Weleda, Blackmores, Arkopharma, SIDO MUNCUL, Arizona Natural, Dabur, Herbal Africa., and Others. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with Type benchmarking and SWOT analysis.

Key Developments

• In 2020, Dabur launched a new range of herbal immunity boosters called “Dabur Immunity Kit.” They also launched a new herbal toothpaste called “Dabur Red Gel,” which contains natural ingredients like clove oil and mint.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the segment that is majorly leading in the Global OTC Herbal & Traditional Medicine Market. We cover the major impacting factors that are responsible for driving the industry growth in the given geography.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global OTC Herbal & Traditional Medicine Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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