Short Description The Malaysia Herbal Supplements Market was valued at $8.46 Mn in 2023 and is predicted to grow at a CAGR of 6.4% from 2023 to 2030, to $13.06 Mn by 2030. The key drivers of this industry include disease burden, health consciousness, and government initiatives. The industry is primarily dominated by players such as Himalaya Wellness, Herbalife Nutrition, Dabur, and Patanjali Ayurved among others.
The Malaysia Herbal Supplements Market was valued at $8.46 Mn in 2023 and is predicted to grow at a CAGR of 6.4% from 2023 to 2030, to $13.06 Mn by 2030.
Herbal supplements, also known as botanicals, are dietary supplements that contain one or more herbs. These products, which include herbal, botanical, or phytomedicines, are derived from plants or botanicals to promote health or treat illnesses. Herbal supplements are intended specifically for internal use and are commonly available in solid forms such as capsules, pills, tablets, and lozenges, but can also be found in liquid or powder forms. Some popular herbal supplements include Echinacea, Garlic, Ginkgo, Ginseng, St. John's Wort, Saw Palmetto, and Valerian.
A study conducted in Malaysia among community-dwelling elderly revealed that 45.8% of participants were using herbal and dietary supplements. Factors linked to increased usage included reporting good to excellent perceived health, recent illness within the past month, and having a lower body mass index. Women and older adults aged over 50 majorly use herbal supplements. The market is driven by significant factors like disease burden, health consciousness, and supportive government initiatives. However, regulatory challenges, lack of standardization, and competition from conventional medicines restrict the growth and potential of the market.
Prominent players in this field include Himalaya Wellness, Herbalife Nutrition, Dabur, and Patanjali Ayurved among others.
Market Growth Drivers
Disease Burden: Noncommunicable diseases (NCDs) make up around 72% of Malaysia's total disease burden. This high prevalence of NCDs drives demand for herbal supplements as people seek natural and complementary therapies to manage and prevent these chronic health conditions.
Health Consciousness: The rising health consciousness among Malaysians is driving demand for natural, plant-based remedies to manage their health issues, thereby boosting the herbal supplement market in Malaysia.
Supportive Government Initiatives: To drive R&D in the local herbal industry, Malaysia has implemented various policies and strategies, such as the Industrial Master Plans, Agricultural Policies, National Agro-Food Policy, Science and Technology Policy, Biodiversity Policy, Traditional Medicine and Complementary Policy, and National Key Economic Areas (NKEA). These initiatives support the herbal supplement market by fostering growth and innovation.
Market Restraints
Regulatory Challenges: Regulations for herbal supplements in Malaysia require manufacturers to secure approvals and registrations before selling their products. This regulatory burden can delay the launch of new products, acting as a restraint on the market.
Lack of Standardization: The lack of standardization in the quality and composition of herbal supplements leads to inconsistencies in their efficacy and safety, making it challenging for consumers to trust these products. This issue acts as a significant restraint on the market.
Competition from Conventional Medicine: Many Malaysians continue to favor conventional medicines over herbal supplements, particularly for severe health conditions. This preference poses a market restraint for the herbal supplement industry in Malaysia, as it limits the potential customer base.
The National Pharmaceutical Regulatory Agency (NPRA) of the Ministry of Health is the authoritative body responsible for regulating herbal supplements in Malaysia. These supplements must adhere to the regulations specified in the Drug Registration Guidance Document (DRGD), particularly Appendix 6, which provides guidelines for registering health supplements. This includes requirements for active ingredients, maximum permissible levels of vitamins and minerals, labeling, and other technical specifications. Traditional medicines, including herbal products, are not included in Malaysia's universal healthcare system, requiring patients to pay out-of-pocket for these items. Additionally, most health insurance plans in Malaysia do not reimburse costs for herbal supplements or traditional medicines, with coverage generally limited to treatments provided by medical doctors and hospitals.
Key Players
Here are some of the major key players in the Malaysia Herbal Supplement Market:
1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
6. Methodology and Scope
By Product Form
By Application
By Distribution Channel
Methodology for Database Creation
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How Do We Get It?
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Combining Secondary and Primary Research
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