Euromonitor International’s “Natural Healing and Prevention: Renewed Perspectives on Herbal and Traditional Products“ report explores the global and regional developments in herbal/traditional remedies and supplements and the dynamics that will influence these categories in the years ahead.
The Value of Natural Healing & Prevention
The consumer health industry is going through a transformation. The principles of traditional medicine and botanical folk remedies are being rediscovered and brought to market to satisfy the increasing consumer demand for natural treatment and prevention options. This trend is opening a new door of opportunity for an industry that is currently battling issues with the safety of some over-the-counter (OTC) drugs. Moreover, consumers are turning their purchases to products deemed or perceived as safe due to their natural origin.
Most innovation in herbal/traditional products stems from two important trends. First, traditional medicine continues to become recognized and formalized in many countries, especially in emerging markets. Second, new formulations have arisen based on the establishment of good manufacturing practices (GMPs) to safeguard quality, as well as from the launch of unique blends of natural ingredients to boost the intended therapeutic effect of the products.
Trends in Natural Healing: A Review of Traditional Approaches
Starting in 2010 with the formalization efforts of the World Health Organization (WHO), market trends in natural products have signalled resurgence in the popularity of herbal/traditional healing. While consumers in today’s emerging markets rediscover the therapeutic virtues of ancient medicine and producers launch attractive packaged formulations, consumers in developed geographies seek herbal/traditional products perceived as natural, safer options in healing and prevention.
Overview of Herbal/Traditional Categories
Dietary supplements dominate the landscape of herbal/traditional products with a retail value share of 49% in 2016. However, a recent trend has been the expansion of herbal and traditional ingredients from cough and cold remedies and dietary supplements to other therapeutic and preventive areas. For example, herbal/traditional tonics are expected to grow at a rate of 28% from 2016 to 2021 due to formulations claiming to provide energy, boost immunity, or improve skin health and beauty.
The Future of Herbal/Traditional Products
The strong consumer trend toward natural healing and prevention will generate bright prospects for the industry in the next few years. For producers playing in both spaces of standard remedies and herbal/traditional products it will be a matter of balancing therapeutic benefits, safety, efficacy, and availability to adapt to the specific preferences of the consumer base. Throughout this process, regulatory bodies around the world are establishing stricter paths for the registration and sales of botanical products so that they are held to the same criteria as standard remedies.
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