We are aware of the emerging market of organic and herbal products in Asia-Pacific countries. In 2016 it was estimated that Asia-Pacific countries were leading in terms of demands for these products. Natural supplements are the new trend in the market and a cut-throat competition is going on in the market in the respective forte.
Consumers are moving towards the products which they can use for long-term with minor side effects. People ageing between 40 to 80 is more enthusiastic about these products.
The demand for natural products is proffering a new horizon for the manufacturers and Thailand is a prime market for such products. When it comes to therapies and other natural remedies, Thailand could not be excluded from the list.
Ayurveda is emerging at a rapid pace across the whole world and people are recognizing the significance of it. As per the information, people in Bangkok are not well-aware of the methods of the Ayurveda. Through Indian Herbal Expo, the manufacturer of Ayurvedic products in India will get a massive chance to expand their market. Furthermore, it will enable them to connect with fellow industry leaders as well as their prospective customers.
The expo is one of its kind, happening for the first time on such a global platform which is designed to create an impact and secure the customers there. The expo is also promoting the idea of, “Make In India” launched by the government of India.
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.
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.