ID: MRFR/CR/2753-HCR | September 2022 | Region: Global | 110 pages
Impact of Covid-19 Outbreak on Medicinal Plant Extracts Market
The coronavirus disease has been declared as a worldwide epidemic by the World Health Organization (WHO). As of second week of May 2020, there are more than 4 million coronavirus cases with over 2,77,000 death rates across the globe. This disease has a variable impact in different countries depending on their cultural norms, mitigation efforts and health infrastructure and each country is working their way out to fight against the pandemic. However, there are various research studies stating the usefulness of medicinal plant extracts against coronavirus. The researchers are working on various medicinal plant extract to fight COVID-19. For instance, The Department of Thai Traditional Medicine and Government Pharmaceutical Organisation signed a memorandum of understanding on February 2020 on research into the medicinal plant Andrographis paniculate with an eye to developing a drug that can inhibit or kill the Covid-19 virus. Moreover, in India on April 2020, The Jawaharlal Nehru Tropical Botanical Garden and Research Institute (JNTBGRI) in Thiruvananthapuram district’s Palode has received the approval of Indian Council of Medical Research (ICMR), the nodal agency dealing with COVID-19 in India, to test whether extraction from plants could be effective in the treatment of the virus. Thus, these on-going research on medicinal plant extracts as a remedy to COVID-19 is contributing to the market growth of medicinal plant extracts.
Medicinal plant extracts are the substances which are majorly as well as widely used for treating diseases as they are used in medicines and in personal care products as well as others. Amid the constant fear and panic of COVID-19 pandemic, consumers are highly concerned of keeping a check on their health which is expected to increase the sales of dietary supplements across the globe. Moreover, consumer shift to plant-derived supplements is influencing the growth of medicinal plant extracts in the medicinal products.
In the current scenario, it has become important to boost the immunity to fight coronavirus along with maintaining hygiene and following all medical advisories that have been laid down. Even the guidelines provided by WHO (World Health Organization) in their COVID-19 analysis, they suggest the world population to consume immunity boosting foods. Thus, the demand for medicinal plant extracts carrying properties of boosting human immunity is at the surge in the pharmaceuticals & nutraceuticals industry.
However, the worldwide lockdown has also affected the farming practices which has highly impacted the supply of raw materials of medicinal plant extracts. Moreover, COVID-19 impact to logistics also contribute to the increased prices of raw materials which increases the cost for medicinal plant extracts manufacturers. With barriers to cross-border transportation of commodities in this pandemic situation, the manufacturers are highly dependent on local raw material suppliers which increases the bargaining power of the suppliers. Thus, the increased raw material prices followed by high demand for medicinal plant extracts would lead to an increased price of medicinal plant extracts for next few years.