Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the GCC Herbal Medicine Market, The GCC Herbal Medicine Market size is valued at USD 224.83 Million in 2023 & is estimated to reach USD 366 Million by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.90% during the forecast period, i.e., 2024-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the GCC Herbal Medicine Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size by 2023: 224.83 Million
- CAGR (2024-2030): 6.90%
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GCC Herbal Medicine Market Segmentation Breakdown:
The GCC Herbal Medicine Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
By Type of Remedies
- Herbal Analgesics – Market Size & Forecast 2019-2030 (USD Million)
- Herbal Sleeping Aids– Market Size & Forecast 2019-2030 (USD Million)
- Herbal Cough, Cold & Allergy Remedies– Market Size & Forecast 2019-2030 (USD Million)
- Herbal Digestive Remedies– Market Size & Forecast 2019-2030 (USD Million)
- Herbal Dermatologicals– Market Size & Forecast 2019-2030 (USD Million)
- Herbal Dietary Supplements– Market Size & Forecast 2019-2030 (USD Million)
- Herbal Tonics– Market Size & Forecast 2019-2030 (USD Million)
Of them all, Herbal Cough, Cold & Allergy Remedies hold a substantial market share. The cold & cough is one of the most common illnesses among children aged below 10 in the GCC countries.
By Source
- Roots and Barks – Market Size & Forecast 2019-2030 (USD Million)
- Leaves– Market Size & Forecast 2019-2030 (USD Million)
- Flowers – Market Size & Forecast 2019-2030 (USD Million)
- Fruits – Market Size & Forecast 2019-2030 (USD Million)
- Whole Plant– Market Size & Forecast 2019-2030 (USD Million)
- Others– Market Size & Forecast 2019-2030 (USD Million)
By Form
- Extracts– Market Size & Forecast 2019-2030 (USD Million)
- Powders– Market Size & Forecast 2019-2030 (USD Million)
- Capsules & Tablets– Market Size & Forecast 2019-2030 (USD Million)
- Syrups– Market Size & Forecast 2019-2030 (USD Million)
By Sales Channel
- Hospitals – Market Size & Forecast 2019-2030 (USD Million)
- Pharmacies – Market Size & Forecast 2019-2030 (USD Million)
- E-commerce – Market Size & Forecast 2019-2030 (USD Million)
Among them, e-commerce holds a substantial market share owing to the higher internet penetration rates, smartphone accessibility, and the rising inclination of customers to purchase medicine from online applications.
By Consumers
- Male– Market Size & Forecast 2019-2030 (USD Million)
- Female– Market Size & Forecast 2019-2030 (USD Million)
- Children– Market Size & Forecast 2019-2030 (USD Million)
Geographical Growth Insights:
By Country
- Saudi Arabia
- The UAE
- Qatar
- Kuwait
- Oman
- Bahrain
Geographically, Saudi Arabia held market share of more than 60% in 2023 due to the growing geriatric population & presence of top companies in the country.
MarkNtel Advisors Highlights Key Market Drivers for GCC Herbal Medicine Market:
Increasing Consciousness About the Ill-Effects of Allopathic Medicine – In recent years, the prevalence of diseases, like obesity, asthma & allergies has substantially increased. As per the statistics by the National Institutes of Health, more occurrences of self-reported chronic diseases in the UAE reached around 23% in 2022. These health issues require immediate medical treatment and the consumers are strictly advised to follow a medication routine. However, the daily consumption of synthetic medicine adversely affects the other organs of the consumers. As a result, the patients experience side effects, like dizziness, insomnia, headache, etc., due to the allopathic medicines. Therefore, consumers are increasingly seeking solutions, like herbal medicines, that do not cause any health complicacy.
Further, the consistent consumption of allopathic medicine also makes the individuals addicted and they experience withdrawal symptoms after they are cured. Therefore, to eradicate the issues that stem from synthetic medicinal doses, healthcare professionals in the GCC nations are increasingly recommending the patients opt for herbal medicine, driving the market growth.
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A Comprehensive Analysis of Leading Companies in GCC Herbal Medicine Market
- Saudi Pharmaceutical Industries & Medical Appliances Corporation
- Manayer Najd Medical Co
- Saudi Arabian Drug Store Co.Ltd
- GT Medical
- MPS Bashirco
- Haw Par Healthcare Ltd
- Reckitt Benckiser Arabia FZE
- Performance Health Inc
- Enzymedica, Inc
- The Procter & Gamble Co,
- Forest Laboratories Inc
- Globalpharma
- Himalaya Wellness Company LLC
- Others
GCC Herbal Medicine Market Recent Development:
- 2024: Globalpharma:Launched two herbal medicines, i.e., an anti-inflammatory, and medicine for the management of Dyslipidaemia in the UAE
- 2023: Himalaya Wellness Company LLC:Announced the establishment new herbal pharmaceutical factory in Dubai, the UAE with an investment of around USD54.45 Million.
What are the growth Challenge driving the GCC Herbal Medicine Market?
Absence of Regulatory Bodies to Ensure Product Quality & Pricing Standards – Despite greater inclination, the consumer acceptance of herbal medicine in GCC in countries like Saudi Arabia, is comparatively slower. This is primarily due to the absence of regulatory bodies, quality benchmarks, and pricing standards across all the countries. The herbal supplements market of the GCC region is highly fragmented with the presence of more than 100 companies' products on the shelves of pharmacies and retailers. Moreover, the absence of regulatory bodies streamlining the quality benchmarks is resulting in the entry of low-quality products. Thus, hampering the consumer sentiment towards herbal medicine. Additionally, the majority of the GCC nations have limited herbal medicine manufacturing ecosystems. As a result, the GCC nations rely heavily on imports from other neighboring countries. This makes the prices of these medicines relatively higher since the import & trade duties are also added to the final costs. Therefore, some of the consumers prefer low-cost synthetic medicines, restraining market growth.
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