Sectoral Capsule-Herbal Industry in India (2009 - 2018)
India position in the world is unique, because a number of recognized therapies like Ayurveda,Siddha, Unani are Homeopathy are well recognized systems of healthcare here. The country’s easyavailability of raw materials and traditional knowledge base are primarily responsible for the growthof the herbal market. It registered a CAGR of about 13 percent from 2014 to 2018.
The herbal market in India is presently experiencing several changes in consumer demand pattern.Along with demand for herbs and herbal medicines, there is an upsurge in the demand for herbalcosmetics and spas. The significant rise in demand for herbal beauty care products is the result ofgrowing awareness among consumers about the harmful effects of chemicals used in regularcosmetics.
As of now, India’s share in the global herbal market is very meager, especially given the country’srich resource and treasury of knowledge. Low product penetration, limited distribution network andlack of standardization are some of the hurdles that are bottlenecking the industry. The government,in association with manufacturers, should set up standard laboratories for quality control andstandardization. Further, initiatives should be taken to organize the fragmented market. The entry ofnew players and the availability of innovative and customized products will propel the market forherbal products.