APAC Herbal Medicine Market

• Increased Herbal Dietary Supplement Consumption is Driving the Market Growth

Over the past ten years, there has been a rise in the use of complementary and alternative antibiotics, such as herbal remedies. Healthcare providers and patients alike are becoming more and more interested in herbal products. The WHO reports that between 10 and 50 percent of people in affluent nations frequently use herbal products in one way or another. Herbal products are typically used since they have a stronger immune system than synthetic medications. Furthermore, herbal medications might occasionally be the only accessible and reasonably priced form of treatment in developing nations like Bangladesh, China, Japan, India, and Vietnam.

Moreover, most common reasons why people choose these medications include cough and cold, anxiety, gastrointestinal disorders, and painful ailments like stiffness, rheumatic diseases, and joint pain. It is anticipated that the market will see significant expansion prospects as a result of the current trend of using herbal medicines.

In many underdeveloped nations, herbal remedies play a critical role in medical care. Nearly all mild diseases are treated with herbal remedies and natural preparations. Usually limited to life-threatening conditions, trips to qualified physicians or prescription pharmacists are uncommon in developing and lower-income nations. Furthermore, unprocessed plants or plant parts that have been dried and utilized whole or chopped are the herbs used medicinally in poor nations. For internal usage, herbs are made as teas (and occasionally as pills or capsules); for external application, they are prepared as salves and poultices.

The growing sector in developing countries is anticipated to prove to be one of the key drivers for the business, since most of these countries have very little regulation regarding the use of herbs as medicines. Thus, driving the herbal medicine market revenue.

The APAC Herbal Medicine market is growing rapidly over the forecast period. Customers are more keen to utilize natural and herbal items as they become more aware of the long-term advantages of doing so and as they use the internet more frequently. The market is now being dominated by China. China's market domination has been fueled by the existence of market leaders as well as rising personal health awareness. India is anticipated to expand at the quickest rate because of the country's rising adoption rate and rising consumer awareness of health-related issues.

Furthermore, the expansion in these markets has been maintained by rising disposable income in developing nations like China, India, Brazil, and Southeast Asia.

Figure 2: APAC HERBAL MEDICINE MARKET SHARE BY REGION 2023 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the herbal medicine market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, herbal medicine industry must offer cost-effective items.