The global herbal market is valued at the US $ 78.5 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. Products among consumers are some of the factors that are expected to help expand markets around the world. Increasing demand for chemical-free beauty products and growing awareness of brutal cosmetics supports the growth of the market.
The increasing acceptance of alternative medicines such as Ayurveda and herbal products around the world is evidence of humanity's quest to explore and experience Mother Nature for a healthy life. This "herbal" consumer interest is growing rapidly due to the toxicity and various side effects of symptomatic drugs.
In India, total exports of Ayurvedic and herbal products reached $ 446 million (MN) in the fiscal year 2019, and total exports since the fiscal year 2015 have steadily increased. Herbal products are part of it, contributing about 8.6 percent of India's total exports.
According to a current study by Exim Bank, the global market for herbal products is approximately $ 67 billion and is estimated to reach $ 5 trillion annually by 2050. India's share of this multi-billion dollar market is small. It is over 1%. This shows that despite the rich heritage of Ayurveda's literature and a wide range of herbal species, India cannot harness the potential demand available in this foreign trade sector.
Currently, the industry lacks the proper growth direction. It lacks well-defined strategies and the guidance needed to promote the export of these medicines, herbal products, and herbal medicines (medicinal plants). I am.
India's herb and Ayurvedic industry must be innovative to compete with future international markets with a well-defined strategy. To assess the Indian spice and Ayurvedic industry's true value export potential by planning the entire growth cycle, preserving these natural resources, and understanding overseas markets to meet their needs. It is essential to systematically purchase a variety of herbal products.
Export growth in herbal products depends on the establishment of a standardized system. The essence of achieving export growth lies in the dedicated efforts towards sustainable development of all aspects of the Indian herbal industry.
The Market Research Future (MRFR) forecasts that the global Chinese herbal medicine market will thrive at a CAGR of 5.88% and will reach a market value of $ 129,689.3 million by 2023.
Market dynamics
Increasing preference for traditional medicines to drive the market over a predicted period
According to a Market Research Report, increasing demand for Chinese medicine among the expanding population is critical in driving the market during the review period. Indian herbs are common remedies to cure a variety of illnesses. According to the National Center for Biotechnology Information, 70% to 80% of the world's population prefer traditional medicines for treatment. In addition, personal consumption of traditional drugs has been reported to have increased to $ 7.5 billion. This increasing demand will further drive the growth of the industry between 2020 and 2026.
Increasing awareness of the benefits of Chinese herbs is expected to be another prominent factor that can develop the global Chinese herbs market over the next period. Chinese herbs do not contain chemicals. Therefore, the population will prefer them, and the Chinese herbal medicine market will grow in size within the projected time. Moreover, they are also cheap.
Opportunity
The Ministry of AYUSH can also assist companies seeking to sell their products abroad. That requirement can be a tedious process, as mentioned above. It can be simplified by the intervention of the ministry and the approach to other countries. As a proactive measure, the government recently introduced economic stimulus measures under Atmanirbhar Bharat Abhiyan, allocating 4,000 crore ($ 535 million) to the herb sector to promote herb cultivation. The bill aims to cover 10 hectares (24.7 acres) of herbal cultivation in two years.
NK_2021
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