The factual analysis came out with
this finding that from the estimated 500,000 plants on our planet, it is
thought that around 10,000 are used regularly for medicinal purposes. The index
of Key Medicinal Plants features 100 of the best-known medicinal plants in
Latin name order. Many are commonly available and widely used in different
herbal traditions around the world. A
significant proportion of these herbs have been well researched and most are
excellent for home use. The growth in popularity of these and hundreds of other
herbal remedies in Europe and North America has created a multi-billion-dollar
industry over the past two decades — $27 billion in the US alone in 2001 and in
recent time, the global market for Herbal Supplements and Remedies estimated at
US$104.6 Billion in the year 2020, is projected to reach a revised size of
US$166.2 Billion by 2027, growing at a CAGR of 6.8% over the analysis period
2020-2027.
The Global Herbal Medicine Market continues to grow on account of the increasing popularity of herbal products in advanced economies. Europe has emerged as a major market for herbal medicines, which also characterizes the growing acceptance of such products in the West. The outlook towards the herbal medicine industry remains positive for the medium term. The global herbal medicine market is expected to surge at a compound annual growth rate of 5.88% during the review period (2018-2023). Sales of herbal medicines are increasing at a healthy pace owing to consumer inclination towards such products. There is a growing preference for traditional and plant-based medicinal products across the globe.
On the basis of region, the market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Europe has emerged as the largest market for herbal medicine. The European herbal medicine market is expected to surge at a healthy CAGR during the assessment period. Herbal medicines are witnessing tremendous market prospects in several European countries owing to the increasing acceptance of such medicines. APAC is also expected to present lucrative opportunities to market players in the forthcoming years. In addition, the market in APAC is expected to witness the fastest CAGR during the forecast period. A 20-year-old statistic from the World Health Organization (WHO) suggests that 80% of the world’s people rely on traditional medicines and traditional systems of medicine for day-to-day health care. And there is little to suggest that this has changed during the two decades in which the people from the West have been rediscovering herbal remedies. Looking to nature for medicine is nothing new – we have been doing it for tens of thousands of years and although modern pharmaceutical science has come a long way from those ancient roots, nature is and will always be an important source of useful compounds and inspiration. Dismissing nature is a huge mistake as nature is the greatest problem solver and the myriad compounds produced by the immense variety of species. We share this Earth with other living species which have been honed by three billion years of trial and error. Our planet by itself is a pharmacy that provides us with medicinal substances from day one!
Most of the world's plant species
remain unknown and undescribed, but an estimated 400,000 species exist. The
majority of these are found in the tropical rainforest, with the Southeast
Asian rainforests thought to house about 6,500 medicinal plant species. In
Malaysia, with 58.1% covered with tropical rainforests during the last century,
approximately 20,000 plant species exist; of these, 10% are believed to have
medicinal properties. More than 2,000 species are used in various medicinal,
fragrance, agriculture, and food industries.
By
Noor MD
(B.I.T-Mobile Computing-OUM)
Director of Digital Marketing
RMR FOOD HEALTH INDUSTRY
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