Government of India recently affirmed that India’s share in the global herbal medicinal market was a small 0.5 pct, pegged at around USD 358.60 million.
The global herbal supplements and remedies market is expected to show a robust growth, spurred by growing aging population and increasing consumer awareness about general health and well being.
European Union is at the top with share 45 pct of total herbal market. North America accounts for 11 pct, Japan 16 pct , ASEAN countries 19 pct and rest of European Union 4.1 pct.
The market for herbal supplements varies by region based on several factors. In the US and Europe, the herbal medicines market is highly regulated and extremely difficult to enter, as companies need to pass through rigorous tests before mass production. In countries such as France, Germany, UK and India, herbal supplements along with pharmaceuticals, are sold in drugstores.
There’s also lack of recognition of AYUSH products (dietary supplements, health supplements, neutraceuticals, among others) internationally. Presently, it is identified only in few countries like Sri Lanka, Nepal, Bhutan, Malaysia and Bangladesh.
AYUSH is the acronym of the medical systems that are being practiced in India such as Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homeopathy.