New York, USA, March 28, 2023 (GLOBE NEWSWIRE) -- Herbal Medicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Herbal Medicine Market Information By Category, Type of Medicinal Plants, Form, Source, Distribution Channel – Forecast till 2030”, the market size was valued USD 145 billion in 2021 and expected to reach USD 356 Billion by 2030 at 10.9% CAGR during the forecast period 2022-2030
Market Scope
According to the global herbal medicine market research report prepared by MRFR, the growing demand for herbal medicines among the expanding populace is anticipated to be a significant factor that can drive the market during the analysis timeframe. The increasing awareness about the advantages of herbal medicines is expected to be another salient cause, which can develop the global market of herbal medicine in the forthcoming tenure. A particular kind of food supplement is a herbal medication. As tablets, capsules, powders, teas, extracts, and fresh or dried plants, they are also sold. Herbal remedies are used by people to try to preserve or enhance their health.
Many individuals think that "natural" products are always secure and healthy for them. This isn't always the case. Herbal medications are exempt from the testing that is required for pharmaceuticals. Certain herbs, including ephedra and comfrey, can be extremely harmful. Certain herbs can interact with over-the-counter or prescription medications.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 356 billion |
| CAGR | 10.9% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Category, Type of Medicinal Plants, Form, Source and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Preferences for Traditional Medicines |
| Increasing R&D to Offer Significant Market Growth during the Analysis Period |
Herbal Medicine Market Competitive Dynamics
Due to the presence of numerous companies, the market for herbal medications is highly fragmented globally. The increasing use of medicinal plants is anticipated to present a variety of market expansion prospects, increasing the number of new players joining the market. Also, the market is more competitive due to the presence of numerous regional companies. Manufacturers are concentrating on creating herbal medications, and the industry's expanding technological advancements are projected to increase market competition. Also, the growing efforts to increase their customer base are probably going to increase the industry's reach.
The major players of the market are:
- Arkopharma
- Bayer AG
- BEOVITA
- Hishimo Pharmaceuticals
- Schaper & Brümmer
- ZeinPharma Germany GmbH
- Venus Pharma GmbH
- Dasherb Corp.
- Arizona Natural Products
- Blackmores
- Himalaya Global Holdings Ltd
- Dr. Willmar Schwabe India Pvt. Ltd.
Herbal Medicine Market Trends
Drivers
According to the global herbal medicine market research report prepared by MRFR, the growing demand for herbal medicines among the expanding populace is anticipated to be a significant factor that can drive the market during the analysis timeframe. Another significant factor that is anticipated to contribute to the growth of the global herbal medicine market in the near future is the growing public awareness of the benefits of herbal medicines. Chemicals aren't used in herbal treatments. As a result, they are more popular with the general public, increasing the size of the market for herbal medicines over the forecast period. Also, they are inexpensive. As a result, the industry is anticipated to experience tremendous growth.
Future market expansion potential are anticipated to be significant given the rising research funding and investments in herbal medicines. Also, the COVID-19 outbreak has provided attractive chances for the producers of natural medicines that would expand the market.
Restraints
In the long run, it is projected that the market expansion for herbal medicines will be constrained by the subpar standardization of herbal medications. Throughout the projected period, it is anticipated that the allergic reaction and the sluggish outcomes of herbal medications will present a significant impediment to market expansion.
Browse In-depth Market Research Report (163 Pages) on Herbal Medicine: https://www.marketresearchfuture.com/reports/herbal-medicine-market-3250
COVID-19 Analysis
The health and pharmaceutical industries were significantly impacted by the epidemic, and these industries may succeed in the short and long terms. Moreover, R&D and manufacturing activities experience short- and long-term unfavorable effects, and projects and programs unrelated to the core supply chain and data management operations experience delays. Pharma companies are responding and working to make up for the lost revenue even if the full extent of the global epidemic is still unknown. Due to the lack of a treatment for COVID-19's new condition, consumers' attention is now more focused on boosting immunity.
Because to the rising demand for herbal medicines to strengthen immunity, the COVID-19 outbreak has had a favorable effect on the global market for herbal medicines. Due to their lack of chemicals, herbal medications experienced tremendous growth throughout the COVID-19 era. The most popular form of treatment for many illnesses is herbal medicine.
Market Segmentation
By type of medicinal plants
The aloe vera segment has substantial growth over the review period.
By form
The capsules & tablets segment are recording notable growth over the review period.
By source
The whole plants segment is expected to gain momentum over the forecast period.
By Distribution Channel
The hospital and retail pharmacies sector is predicted to gain the largest market share during the forecast period in the distribution channel segment of the worldwide market for herbal medication. The world's rising incidence of infectious and cancerous diseases, the availability of qualified workers, and the development of healthcare infrastructure are some of the key factors influencing this market's expansion.
By Category
The herbal pharmaceutical segment is anticipated to garner a sizable market value over the course of the forecast period in the channel segment of the worldwide market for herbal medicine. The growth of R&D and the rising demand for natural medications because of their less side effects can be linked with the segment's expansion. Also, the rise in chronic illnesses including diabetes, cancer, and digestive issues is likely to be a significant element that shapes the industry going forward.
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Herbal Medicine Market Regional Analysis
According to the MRFR research on the herbal medicine sector, Europe is expected to have a monopoly on the global market during the forecasted period. An important element that is anticipated to significantly influence the market over the analysis timeframe is the growing R&D for herbal medicines and the growing investment in the market. Another significant factor that could boost the market in the area is the rising prevalence of chronic illnesses among the growing population.
Due to the rising rates of chronic illness among the growing population, Americas is predicted to obtain the second-largest market share during the analysis period. Given that more people are becoming aware of the advantages of herbal medications, the US is expected to be a lucrative industry.
Due to growing public awareness of the advantages of herbal medicines, APAC is predicted to experience the quickest growth during the projection period. During the evaluation period, India and China are anticipated to be the most profitable markets. Some significant factors that may influence the market in the region include the medicines' lack of chemicals and cheaper price. Because the Ayurveda System has been used in India since the Vedic era, the country is a recognized global centre for herbal treatments. Additionally, it is predicted that the market will expand significantly throughout the assessment period as a result of rising investment and the implementation of favorable policies by the Indian Government.
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