Press Release

A USD224.83 Million GCC Herbal Medicine Market to Grow at a CAGR of Around 6.90% During 2024-2030

The GCC Herbal Medicine Market size was valued at USD 224.83 Million in 2023 and is estimated to reach USD 366 Million by 2030. Along with this, the market is projected to grow at a CAGR of 6.90% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report.

The rising instances of the illness, the growing consumer awareness regarding the side effects of allopathic medicine, and the rising health awareness programs are some of the factors contributing to the surge in the demand for herbal medicines across the GCC.

In recent years, the prevalence of diseases, including communicable & non-communicable has substantially increased in the GCC nations. These diseases require immediate medical intervention and the patients are prescribed to follow the medication routine. However, the regular usage of synthetic medicines makes the patients addicted and has ill effects on the other vital organs of the body. Therefore, health practitioners in the region are increasingly encouraging consumers to opt for natural compounds-based medicines, supporting market growth.

Additionally, the GCC countries welcome millions of tourists every year due to the presence of religious sites, like Makkah & Medina. The arrival of foreign visitors increases the risks of disease spread. As a result, the national governments of these countries are compelling the inhabitants to consume herbal health supplements, enlarging the market size.

Also, the top companies in the industry are increasingly launching awareness programs & promotional campaigns. This further helps in educating the customers about the health benefits offered by herbal medicines. Thus, with the rise in educational programs, more consumers would shift towards herbal medicine fueling the market growth in the forecast years, further states the research report, “GCC Herbal Medicine Market Analysis, 2024.”

GCC Herbal Medicine Market Segmentation Analysis

E-Commerce to Dominate in Forthcoming Years

Based on the Sales Channel segment, the market is further bifurcated into, Hospitals, Pharmacies, and E-Commerce. Of them all, E-commerce holds a substantial market share since it provides more flexibility and convenience to the consumers. Along with this, the GCC nations have higher internet penetration rates and smartphone accessibility, creating a conducive environment for the adoption of online platforms. Further, the lifestyle of the consumers in the region is rapidly evolving and a majority of the customers are following a busy schedule. Thus, individuals are increasingly seeking solutions that help them place & receive medicine orders without physically visiting the stores, enhancing market share.

Furthermore, post-COVID-19, the consumers in the region have shifted towards telehealth consultation since it saves their time. These telehealth platforms are actively integrating the online medicine sales channel into their platform, which would further support the market growth.

Saudi Arabia to Outperform During the Forecast Years

Geographically, Saudi Arabia holds a prominent market share due to the growing geriatric population & presence of top companies. Saudi Arabia has one of the highest populations compared to other GCC nations and the elderly population is increasing in the country. This particular age group is at higher risk of contracting a disease. Therefore, there is a requirement for supplements that boost their immunity and do not adversely affect their body. Hence, they are increasingly consuming herbal tonics and dietary supplements, accentuating market growth.

Also, the implementation of favorable government policies, like no corporate taxes, and higher fund allocation is resulting in the top companies setting up their manufacturing units across the country. With the establishment of the production facilities, herbal medicines would become more accessible in the country, boosting the market growth even in the forecast years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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 are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?