According to the new market research report by IndustryARC titled “Asia and ASEAN Herbal Medicines Market: By Medicine Type, By Product, By Sources, By Form, By Application, By Distribution Channel and By Country – Forecast (2018 – 2023)”, Asia & ASEAN herbal medicines have been used for various health conditions since ancient times and today it is the world’s most widely used medicine system., Different kinds of herbal medicines and supplements are used throughout the world and the increasing demand for natural medicines, increasing funding for research into herbal medicines, and multiple applications of herbal medicines have led to the growth of the Asia & ASEAN herbal medicine market.
China has a major share in the Asia & ASEAN Herbal Medicines Market
China dominated the Asia & ASEAN Herbal Medicines market with 47% of the overall market revenue in 2017 while Japan covered 9% of Asia & ASEAN Herbal Medicines market. India holds the third largest market share of Asia & ASEAN Herbal Medicines production and is followed by Indonesia, Malaysia, and Cambodia. India is the fastest growing market in the forecast period with an estimated CAGR of 10.84%. During 2018-2023, the market is expected to have a CAGR of 8.12%, in China with an estimated revenue of $25.56 billion in 2023.
Countries such as China and India have made substantial research investments in traditional herbal medicine in recent years. For instance, the Govt. of India has established a board named the Indian System of Medicine and Homeopathy to encourage the production of herbal products.
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The Asia & ASEAN Herbal Medicines market revenue for traditional Chinese medicine was valued $15.72 billion in 2017 and is estimated to reach $25.32 billion by 2023, growing at a CAGR of 8.35% during the forecast period 2018-2023. Asia & ASEAN Herbal Medicines market is segmented by medicine type into ginkgo biloba, garlic, ginseng, echinacea, st john’s wort, soy, aloe vera, Centella Asiatica, turmeric (curcumin), red yeast, saw palmetto, specialty herbs, multi herbs, and others. Revenue generated from others accounting for a major share of 23% in 2017 and ginseng is estimated to be the fastest growing market, exhibiting a CAGR of 9.20% during the forecast period 2018–2023.
Excerpts on Market Growth Factors
Consumers are increasingly demanding all-natural alternatives to conventional medicine, driving demand for herbal medicinal products. Over the forecast period, the increasing number of consumers choosing natural alternatives to conventional medicine is likely to remain the strongest driver for the herbal medicine market in Asia and ASEAN.
One of the major reasons for boosting the Asia & ASEAN herbal medicines market is the high adoption and export of KAMPO medicines in Japan. KAMPO medicine is widely used in Japan, but based on traditional Chinese medicine modified to Japanese culture. It is also adopted in Taiwan and exported to the western regions, with slight modification. According to WHO, more than 30% of the total OTC drugs sold in Japan were prepared using botanical products.
Increasing demand for natural medicines, increasing funding for research into herbal medicines, and multiple applications of herbal medicines have led to the growth of the herbal medicine market in recent years.
Key players of the Asia & ASEAN Herbal Medicines Market
Guangzhou Pharma Co., is one of the key company for the production of Asia & ASEAN Herbal Medicines products for different diseases and disorders. The company has its headquarters in China and operates in ASEAN countries.
Some of the others key players of Asia & ASEAN Herbal Medicines are ARKOPHARMA Laboratories, Company Limited. (France), Dabur (India), Nature’s Bounty Co. (U.S.), Dr. Willmar Schwabe (Germany), TSUMURA & CO. (Japan), Bayer AG (Germany), Blackmores Limited (Australia), Hainan Haiyao Co., Ltd. (China), Weleda (Switzerland), Patanjali Ayurved Limited (India), Yunnan Baiyao Group (China), The Himalaya Drug Company (India) and Arizona Natural (U.S.).
Asia & ASEAN Herbal Medicines Market report is segmented as below
Asia & ASEAN Herbal Medicines market is classified on the basis of product into homeopathic medicines, traditional Chinese medicine, aromatherapy medicines, Ayurveda medicines, and others and the market is further segmented by medicine type, by source, and by form.
A. Herbal Supplements Market
B. Herbal Medicinal Products Market
What can you expect from the report?
The Asia and ASEAN Herbal Medicines Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Asia and ASEAN Herbal Medicines Market Size by Product Categories & Application
2. Asia and ASEAN Herbal Medicines Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Asia and ASEAN Herbal Medicines Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Asia and ASEAN Herbal Medicines Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Asia and ASEAN Herbal Medicines Market Strategic Analysis
18. Asia and ASEAN Herbal Medicines Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Asia and ASEAN Herbal Medicines Market Revenue and Volume Analysis
Mr. Venkat Reddy
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