Philippines Herbal Supplements Market Report 2023 to 2030

Philippines Herbal Supplements Market Report

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The Philippines Herbal Supplements Market was valued at $11.57 Mn in 2023 and is predicted to grow at a CAGR of 6.7% from 2023 to 2030, to $18.22 Mn by 2030. The key drivers of this industry include a growing middle-class population, rising awareness, and health consciousness. The industry is primarily dominated by players such as Himalaya Wellness, Herbalife, Dabur, and Amway among others.

ID: IN10PHON001 CATEGORY: OTC & Nutraceuticals GEOGRAPHY: Phillipines AUTHOR: Aashwi Mehta

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Philippines Herbal Supplements Market Executive Summary

The Philippines Herbal Supplements Market was valued at $11.57 Mn in 2023 and is predicted to grow at a CAGR of 6.7% from 2023 to 2030, to $18.22 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.

Natural and biologically-based therapies, especially herbal remedies, constitute 91% of traditional, complementary, and alternative medicine (TCAM) use for hypertension among low-income households in the Philippines. Herbal and traditional products make up 12% of the consumer health market share in the Philippines. The market is driven by significant factors like a growing middle-class population, rising awareness, and health consciousness. However, conventional medicine reliance, price sensitivity, and safety and quality concerns restrict the growth and potential of the market.

Prominent players in this field include Himalaya Wellness, Herbalife, Dabur, and Amway among others.

Philippines Herbal Supplements Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Growing Middle Class Population: The projected rise in per capita income in the Philippines over the coming years, aiming to achieve upper middle-income status by 2025 or 2026, serves as a market driver for the herbal supplement industry. This economic advancement is anticipated to enhance consumers' purchasing power, potentially increasing their expenditure on health and wellness products, including herbal supplements.

Rising awareness: Increasing awareness of health and wellness trends is driving Filipino consumers to seek natural alternatives such as herbal supplements to enhance their overall well-being. This trend acts as a significant market driver by stimulating demand and preference for herbal products perceived to offer holistic health benefits.

Health Consciousness: Increasing health consciousness in the Philippines is driving consumers to prioritize preventive health measures like herbal supplements, boosting market demand.

Market Restraints

Conventional Medicine Reliance: Reliance on conventional medicine restricts the herbal supplement market in the Philippines by reducing consumer interest and adoption of herbal remedies. This preference for established medical practices and pharmaceuticals can limit the market potential for herbal supplements, affecting their acceptance and growth.

Price Sensitivity: The price sensitivity among Filipino consumers, particularly those in the middle class, could hinder the widespread adoption of higher-priced herbal supplements. This constraint limits market penetration and consumer acceptance of premium-priced products in the herbal supplement industry in the Philippines.

Safety and Quality Concerns: Consumer concerns about the safety and effectiveness of herbal supplements in comparison to conventional medicines may restrain adoption and demand in the Philippines' herbal supplement market. These apprehensions can impede consumer confidence and preference for herbal products, affecting market growth and acceptance.

Regulatory Landscape and Reimbursement Scenario

The Department of Health, overseen by the Bureau of Food and Drugs (BFAD), is tasked with ensuring the safety, efficacy, and quality of herbal medicines in the Philippines. Before they can be manufactured, imported, or marketed in the country, all herbal medicines must undergo registration with BFAD. Although the national health insurance program, PhilHealth, does not cover the cost of herbal supplements, certain private health insurance plans may provide coverage for specific dietary supplements.

Competitive Landscape

Key Players

Here are some of the major key players in the Philippines Herbal Supplement Market:

Himalaya Wellness
Herbalife
Dabur
Amway
NOW Foods
Botanic Supplements
Green leaf Herbal
Herbin Enterprises
Planet Ayurveda
Carica

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

Philippines Herbal Supplements Market Segmentation

By Product Form

Tablet
Capsule
Powder
Others

By Application

Immunity
General Wellness
Specific Health Condition

By Distribution Channel

Pharmacies
Supermarket/Hypermarket
Online
Specialty Stores

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.