Asia Pacific Will Drive the Growth of Herbal Medicine Market

Somalata Ayurveda Pvt. Ltd. specializes in manufacturing and supplying international quality standard products ranging from food supplements and nutraceuticals, to herbal cosmetics and personal care, and FMCG. Committed to excellence, Somalata Ayurveda maintains a Total Quality Management System and holds certifications including ISO-9001:2008, HACCP, WHO-GMP, HALAL, and ORGANIC. Their products cater to a diverse range of indications such as strengthening weakened immune systems, supporting digestion & metabolism, alleviating joint pains, enhancing vitality, addressing urogenital disorders, and providing antioxidant and cardiovascular support. With a focus on purity and efficacy, Somalata Ayurveda aims to restore balanced metabolism and energy flow through toxin elimination.

Sanjay Kumar, the Managing Director of Somalata Ayurveda Pvt. Ltd., recently engaged in an exclusive dialogue with The Interview World. He dissected the market dynamics, adoption rates, and regulatory frameworks surrounding herbal and ayurvedic medicines on a global scale. Emphasizing the relentless surge in the utilization of herbal medicines worldwide, Kumar painted a vivid picture of this burgeoning trend. Here, we present the pivotal takeaways from his compelling interview.

Q: How is the global landscape evolving for herbal medicines and dietary supplements?

A: In 2019, the global herbal medicine market was valued at US$83 billion, with projections indicating a surge to US$550 billion by 2030, marking a remarkable Compound Annual Growth Rate (CAGR) of 18.9% throughout the decade. Europe has been at the forefront of this market and is anticipated to maintain its dominant position in the forecast period. This sustained leadership is fostered by reputable organizations such as the British Herbal Medicine Association and the European Herbal and Traditional Medicine Practitioners Association (EHTPA), which actively advocate for the utilization of natural remedies across Europe. Through seminars and awareness campaigns, these associations continually promote the benefits of herbal alternatives.

Meanwhile, the Asia Pacific region is poised to experience the swiftest expansion in herbal medicine adoption. This growth is attributed to a heightened understanding of herbal remedies, spanning pharmaceuticals, dietary supplements, and skincare products. Notably, India and China have emerged as key players in the herbal medicine market within the Asia Pacific, demonstrating substantial market potential and consumer interest.

Q: How are various factors contributing to the growth of the global herbal medicine market?

A: The Herbal Pharmaceuticals market is experiencing substantial growth, driven by multiple factors. Firstly, the aging population, combined with increasing public awareness, contributes significantly to the expansion of this market segment. Additionally, advancements in supplier innovations, coupled with the minimal side effects associated with herbal medicine usage, further propel this trend. The introduction of stringent regulations such as the FDA‘s implementation of Current Good Manufacturing Practices (CGMP) for dietary supplements, along with certifications like Organic Certificate, WHO GMP, ISO 9001, HACCP, and GMP, serves to enhance consumer trust and confidence in herbal products.

Moreover, the accessibility of herbal medicines through e-commerce giants like Amazon and Walmart amplifies their adoption rates, providing consumers with convenient access to a wide range of herbal remedies. As a result, the global herbal medicine market is poised for continued growth, with these factors collectively driving its expansion and acceptance.

Q: How does Somalata Organic Ayurveda contribute to and position itself within the global herbal supply chain?

A: Somalata Organic Ayurveda proudly holds its position as one of India’s leading ayurvedic producers and exporters, esteemed for our unwavering commitment to authenticity and quality. Rooted in the profound ethos of Ayurvedic philosophy, our products embody its essence. Nestled in Nagpur, our manufacturing facility operates under a contract manufacturing agreement with Loan Licensing, entrusted with meticulous production processes. We supply the necessary raw materials, packaging materials, labels, and more to facilitate their work.

Beyond Indian borders, our products grace shelves and homes across a vast array of regions, including the USA, Canada, UK, European Union, ASEAN, Middle East, CIS, SAARC, Africa, Europe, Latin America, and beyond, spreading the benefits of Ayurveda far and wide.

Q: How does the current regulatory framework govern the production and distribution of herbal medicines and supplements?

A: With the global surge in the use of herbal medicines, regulatory authorities worldwide are formulating policies to rigorously evaluate, monitor, and scientifically validate the claimed efficacies of herbal and ayurvedic remedies. To market any herbal product internationally, manufacturers must secure approval from the Ministry of Health or the relevant Health Authority in each respective country.

Notably, in the United States, this approval falls under the jurisdiction of the Food and Drug Administration (FDA), while in Australia, it is overseen by the Therapeutic Goods Administration (TGA). Similarly, in New Zealand, the authority lies with the Food Standards Australia New Zealand (FSANZ), and in Europe, it is under the purview of the European Medicines Agency (EMA). These leading regulatory agencies play a pivotal role in ensuring the safety, quality, and efficacy of herbal products in their respective regions, safeguarding public health and well-being.