India OTC Herbal Drugs Market Size, Share, Industry, Forecast and outlook (2024-2031)

Market Overview

India OTC Herbal Drugs Market reached US$ XX million in 2023 and is expected to reach US$ XX million by 2031, growing at a CAGR of XX% during the forecast period 2024-2031.

Over-the-counter drugs are drugs that can be used without a prescription. OTC herbal drugs help in the treatment of many disease conditions such as indigestion, skin infections, allergies, and many others. These drugs can be taken in the form of capsules, liquids, powders, and jellies. OTC herbal drugs contain plant products, a part of the plant or a whole plant.

Awareness among people about health conditions, that can be cured without consulting doctors for a prescription, cures it by taking readily available herbal drugs for the particular condition. OTC herbal drugs are available in the stores which can be easily accessible by everyone. Herbal drugs and supplements are taken to improve health. Herbal drugs are chosen in order to reduce the adverse effects caused by modern medicine that contains high doses of chemicals.

Report Scope

Market Dynamics: Drivers & Restraints

Increase in the self-medication

Self-medication has been more prevalent in India for many decades. The ability to identify and treat self-illness and boost the immune system by consuming external supplements is expected to drive market growth. OTC herbal drugs have been gaining demand as there is an increase in the reluctance to consume the high-dose prescribed drugs and an increase in awareness of maintaining a healthy body. The high costs of the drugs have also shifted the individual's focus towards easily accessible, affordable drugs.

According to the National Institute of Health (NIH), self-medication behavior has been prevalent in India which has increased to 59.9% during COVID-19. In order to reduce the symptoms of cough, flu, and other symptoms that can be treated with herbal drugs are being used.

Additionally, according to the BioMedical Central Journal in August 2022, self-medication prevalence is higher in developing countries, of which the prevalence of irrational drug use is about 87% in India.

Furthermore, the change in the lifestyles, increase in the launches of herbal supplements also drives the market growth.

Restraint

Limitations associated with OTC herbal drugs

OTC herbal drugs can be allergic to individuals who are sensitive to plant products. The dosage of the drugs can affect the individuals if consumed excessively as there is no proper prescription. Patients who are already on medications cannot use unprescribed drugs as they counteract the prescribed medicines and cause severe health issues.

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Segment Analysis

The India OTC herbal drugs market is segmented based on product type, form, application, and distribution channel

Herbal supplements segment accounted for XX% of the market share

The herbal supplements segment has been holding a dominant segment in the OTC herbal drugs market. The increase in the awareness of individuals to maintain a healthy lifestyle devoid of harmful chemical drugs having many side effects, and the increase in the manufacturers of herbal supplements has been holding the segment in the dominant position and is expected to continue over the forecast period. For instance,

On March 10, 2022, Vestige launched ‘Her Own Capsules’ for women as a daily supplement. These capsules are composed of herbal ingredients that help women who need nutritional supplementation, daily vitality, high energy, and hormonal support.

Additionally, on August 7, 2023, Medicare launched dietary supplements for men and women. The Well Multivitamin Multimineral Women & Well Multivitamin Multimineral Men are tailor-made formulations that help meet the unique nutritional needs of women & men, and Well Cranberry + D-Mannose is a balanced formulation for maintaining urinary tract health in women.

Thus, an increase in the adaption of herbal supplements and launches of the products is expected to hold the segment in the dominant position.

Market Segmentation

By Product Type

• Vitamins
• Minerals
• Herbal Supplements
• Combination Dietary Supplements
• Fish Oil & Omega Fatty Acid
• Protein
• Others

By Form

• Tablets & Capsules
• Powder
• Liquids
• Soft Gels
• Gummies
• Gels
• Others

By Application

• Energy & Weight Management
• Cough, Cold, and Flu
• Bone & Joint Health
• Immunity
• Gastrointestinal
• Cardiovascular
• Neurology
• Dermatology
• Others

By Distribution Channel

• Pharmacy & Drug Stores
• Online Stores
• Supermarkets and Hypermarkets
• Others

Competitive Landscape

The leading companies with a significant market share include Herbalife International India Private Limited, Dabur India Limited, Patanjali Ayurved Limited, Himalaya Wellness Company, Deltas Pharma India Pvt Ltd., MAC Biosciences Private Limited., Emami Limited., Surya Herbal Limited, Vitawin, and Jupiter Pharmaceuticals Limited.

Key Developments

• On February 08, 2023, Pharmagreen Biotech, Inc. completed the development of its first formulated nutraceutical product and commenced online sales via the Shopify e-commerce platform of its MaxGenomic Supplement.
• On June 29, 2021, Vasu Healthcare Pvt Ltd launched six capsules (Single Herb Vegetarian Capsules) under Safe Herbs. These capsules cover various health benefits of traditionally proven herbs aimed at fulfilling daily health needs.

Why Purchase the Report?

• To visualize the India OTC herbal drugs market segmentation based on product type, form, application, and distribution channel as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of India OTC herbal drugs market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The India OTC herbal drugs market report would provide approximately 61 tables, 77 figures, and 185 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies