We are observing a new global trend of shifting from synthetic to natural products. Medicinal plants have been known for millennia and are highly esteemed all over the world as a rich source of therapeutic agents for the prevention of diseases and ailments. Nature has bestowed our country with an enormous wealth of medicinal plants, therefore, India has often been referred to as the Medicinal Garden of the world. Countries with ancient civilizations such as China, India, South America, Egypt, etc. are still using several plant remedies for various conditions. In this regard, India has a unique position in the world, where a number of recognized indigenous system of medicine viz., Ayurveda, Siddha, Unani, Homeopathy, Yoga and Naturopathy are being utilized for the health care of people. No doubts that the herbal drugs are popular among the rural and urban community of India.
The demand for plant-based medicines, health products, pharmaceuticals, food supplement, cosmetics etc are increasing in both developing and developed countries, due to the growing recognition that the natural products are non-toxic, have fewer side effects and easily available at affordable prices.
Nowadays, there is a revival of interest with herbal-based medicine due to the increasing realization of the health hazards associated with the indiscriminate use of modern medicine and the herbal drug industries are now very fast growing sector in the international market. But unfortunately, India has not done well in this international trade of herbal industry due to the lack of scientific input in herbal drugs. So, it would be appropriate to highlight the market potential of herbal products and that would open a floodgate for development of market potential in India. With these objects, we reviewed here the market potential of herbal medicine in India.
From the past few years, we are observing that more and more people are relying on Herbal, Ayurvedic and Natural products. People are more aware and concern about their health and hence willing to pay little extra to keep it happy and safe. If you prefer those organic products over the toxic one then here is the three legit reason why to do so.
They are nature-friendly
These products are made of natural products which are free from toxic chemicals and contamination. Buying such products does not hurt the environment or nature in any way. Besides it also contribute to the manufacturers who produce such products. It also gives a sense of satisfaction and security to one’s mind.
They are free from chemical
We cannot deny the fact that chemical has become an essential part of our life. Everything we use contains some amount of chemical either its medicines, food items, detergents, textiles etc. In the world where everything is contaminated, using something natural not only secure our life but also limit our exposure to the harmful elements.
They are manually made
Most of the organic and natural products available in the market are handmade. Most of the manufacturing is done by the locals and proper attention to the cleanliness and hygiene is proffered. Purchasing such products also contributes to the country’s economy, further developing the masses involved in the business.
We believe that such industries should be encouraged so that more and more people could use natural products to ensure the health of the world. To spread the idea we are organizing a Herbal Expo in Bangkok, Thailand between 1st February to 3rd February 2019 in order to promote the companies dealing in these sectors.
The emerging demand for Herbal, Organic, Ayurveda and Natural products led to the expansion of the industry at a global level. According to the source, the market for such products has increased from INR ~ billion in FY’2011 to INR ~ billion in FY’2016 growing at a CAGR of ~% during FY’2011-FY’2016. Due to the rising popularity of lifestyle disease across the world, the market of these products is booming. Apart from a market perspective, these products have no side effects and could be beneficial to prevent diseases.
The massive marketing and promotional activities by the herbal companies and escalating awareness about benefits of using herbal products have accelerated the vastness of the industry. With proper government support and numbers of companies entering the segment has contributed to the sector. Some of the major players in the market are Dabur, Patanjali, Himalaya etc.
The Minister of Commerce and Industry Suresh Prabhu quoted at the event on Herbal Products that:
“We now have an opportunity to bring the Indian system of medicine in the mainstream, and integrate the AYUSH infrastructure into the Indian healthcare system” .
The Herbal market has appropriate potential to grow and to bestow this growth an international Herbal Expo is happening in Bangkok, Thailand between 1st to 3rd Feb 2019. The idea behind the expo is to assist Indian as well as international companies to form a connection and represent and expand their business on a much wider level.