GCC Herbal Medicine Market Size, Share and Forecast Analysis to 2030

Future of Executive Summary GCC Herbal Medicine Market: Key Dynamics, Size & Share Analysis

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. The factors attributing to the surge in demand for herbal medicine across the GCC are the growing consumer awareness regarding the adverse effects of synthetic medicine, rising instances of immunity-related illnesses, including cold & cough, and the increasing health awareness programs by the national governments.

Top Market Challenges Impacting the GCC Herbal Medicine Market Growth

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.

Understanding the Core Segments in the GCC Herbal Medicine Market

GCC Herbal Medicine Market Size, Share & Industry Trends Analysis- By Type of Remedies (Herbal Analgesics, Herbal Sleeping Aids, Herbal Cough, Cold & Allergy Remedies, Herbal Digestive Remedies, Herbal Dermatologicals, Herbal Dietary Supplements, Herbal Tonics), By Source (Roots and Barks, Leaves, Flowers, Fruits, Whole Plant, Others), By Form (Extracts, Powders, Capsules & Tablets, Syrups), By Sales Channel (Hospitals, Pharmacies, E-commerce), By Consumers (Male, Female, Children), and Others.

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Geographical Analysis of the GCC Herbal Medicine Market

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.

Who Dominates the GCC Herbal Medicine Market Insights on Key Industry Players?

Companies are strengthening their presence in the consumer electronics market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

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 and others.

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