The size of the Latin American herbal medicine market is estimated to be growing at a healthy CAGR during the forecast period.
Herbal remedies are the common source of treatment for curing various illnesses. According to the National Center for Biotechnology Information, between 70% and 80% of the world's population prefer traditional medicines for their treatment. This growing demand is expected to drive the market's growth in the Latin American region between 2022 and 2027. The growing consumer demand for natural medicines with lesser side effects, low costs, and high investments in R&D on herbal medicines are key factors driving the market.
The growth of the market is further attributed to the growing consumer demand for traditional products, the increasing prevalence of chronic diseases, and the high investments in R&D. The increasing prevalence of chronic diseases such as arthritis, diabetes, cancer, digestive issues, and sleep disorders are driving the growth of the market.
Herbs and plant products can be consumed in multiple ways, such as tablets and capsules, powders, extracts, syrups, and can be used as an oil, ointments, etc. These are expected to experience a high growth rate between 2022 and 2027. These traditional products are made from fruits, leaves, roots, stems, cloves, etc. The availability of herbal medicinal products worldwide makes them a readily available raw material for drug production.
The e-commerce distribution channels segment will generate higher revenue by 2027 due to increased awareness, increasing use of smartphones and the internet, extensive coverage areas, and supply of products to lower costs. In addition, in 2019, the herbal pharmaceuticals segment held a significant share of the overall market. This high market share can be attributed to the growing aging of the population and increased consumer awareness.
However, the high risk of allergic reactions and the lack of standardization are the main limitations of the market. The limited use of Herbal Medicines in emergencies such as trauma, accident, and others are expected to hamper the growth of the Herbal Medicines market during the forecast period. In addition, herbal products take longer to show their effectiveness compared to allopathic or conventional medicines, which is expected to slow the market's growth.
Impact of COVID-19 on the Latin American herbal medicine market:
Consumers in Latin America still overwhelmingly prefer pain relievers such as acetaminophen or aspirin. Still, sales of these and other treatment options have stagnated since the early 2010s, following a global trend towards preventative medicine based on plants. Growing consumer awareness, local preferences for herbal options, tariff barriers (for treatments), accessibility to pharmacies, and access to a doctor's office are key growth factors in the herbal medicine market.
COVID-19 adds urgency to consumer demand for over-the-counter (non-prescription) preventative drugs. Consumers try to prevent contagion and strengthen their immune systems to manage the virus better if infected. Uncertainty and fear will drive the use of herbal prevention medicines.
This research report on the Latin American herbal medicine market has been segmented & sub-segmented into the following categories.
The Latin American market is expected to grow at a healthy rate due to government support for herbal pharmaceutical companies. As a result, herbal medicine in Latin America is expected to face a significant growth rate during the scheduled timeframe. According to the World Health Organization, the government invests heavily in researching and promoting better herbal medicines. Currently, Brazil and Mexico hold significant market shares. The increase in government support coupled with the increasing prevalence of chronic diseases is expected to drive the region's market size.
A greater predilection for herbal medicines and increased amounts of funding for research and innovation in herbs and medicinal plants are expected to boost the size of the regional industry. Other regions such as Cuba, Peru, and Argentina, etc., are also expected to grow at a good rate in the forecast period.
KEY MARKET PLAYERS:
A few of the notable companies operating in the Latin American herbal medicine market profiled in this report are TSUMURA & CO., Dr. Willmar Schwabe India Pvt. Ltd., Blackmores Limited, NATURE’S ANSWER, Arkopharma, Arizona Natural Products, Bio-Botanica Inc., Herbal Africa, Sidomuncul, and Nature Herbs.
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