Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Herbal Medicines - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Herbal Medicines Market to Reach $248.6 Billion by 2030
The global market for Herbal Medicines estimated at US$146.6 Billion in the year 2023, is projected to reach a revised size of US$248.6 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2023-2030.
The report provides an analysis of the global herbal medicines market by geographic region, offering an overview of select markets and examining the factors influencing their growth. It explores why only a few herbal medicines have secured approval as prescription medicines, along with the competitive landscape, including the key competitors' market share.
Herbal Pharmaceuticals, one of the segments analyzed in the report, is projected to record 7% CAGR and reach US$106.6 Billion by the end of the analysis period. Growth in the Herbal Functional Foods segment is estimated at 6.8% CAGR for the next 8-year period.
Additionally, it highlights the Ayurvedic medicines market and key competitors' market share. The report discusses recent market activity and predicts that the market will benefit from mounting concerns over the side effect profile of synthetic drugs, leading to a growing inclination towards traditional medicines.
It also identifies rising trends such as the uptake of medicinal herbs in functional foods and the increasing popularity of herbal supplements, particularly those enriched with leaves and root extracts. Moreover, it notes the rising demand for curcumin and turmeric products, as well as consumer focus on self-care organic products in response to nutritional deficiencies and sedentary lifestyles.
The U.S. Market is Estimated at $26.3 Billion, While China is Forecast to Grow at 8.9% CAGR
The Herbal Medicines market in the U.S. is estimated at US$26.3 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$50.2 Billion by the year 2030 trailing a CAGR of 8.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6% and 6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 679 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $146.6 Billion |
| Forecasted Market Value (USD) by 2030 | $248.6 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
MARKET OVERVIEW
- A Prelude to Herbs
- An Introduction to Herbal Medicine
- Global Market Outlook
- Analysis by Geographic Region
- An Overview of Select Markets
- Why Have Few Herbal Medicines Secured Approval as Prescription Medicines?
- Competition
- Herbal Medicines - Global Key Competitors Percentage Market Share in 2023 (E)
- Ayurvedic Medicines Market - Key Competitors Percentage Market Share in 2022 (E)
- World Brands
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Market to Gain from Mounting Concerns Over Side Effect Profile of Synthetic Drugs
- Growing Inclination towards Traditional Medicines to Widen the Addressable Market
- Rising Uptake of Medicinal Herbs Enriched Functional Foods
- Herbal Supplements Gain Traction
- Key Trends and Products Shaping the Herbal Supplements Market
- Leaves, Roots Extracts Thrive Well
- Rising Popularity of Curcumin & Turmeric Products
- Consumer Focus on Self-Care Organic Products
- Nutritional Deficiency & Sedentary Lifestyle Open New Avenues
- Ashwagandha: A Star Performer
- Fall of CBD Products
- Adaptogens: Growing Role as a Stress Buster
- Natural Garlic Herbal Supplements Gain Interest for Keeping a Healthy Heart
- Ginkgo Biloba Gains Popularity for Treatment of Blood Disorders and Memory Disorders
- Echinacea Gets Popular for Immune Stimulating Properties
- St. John's Wort for Depression and Mood Disorders
- Ginseng Supplements for Energy Boost
- Ayurvedic Supplements Go Mainstream
- Research Evidence Supports Positive Role of Herbal Remedies in Boosting Immunity and Stress Management
- Changing Demographics and Growing Emphasis on Preventive Healthcare Boost Prospects
- Demand for Traditional Chinese Medicine Surges amid the Pandemic
- New Technologies Transform Chinese Herbal Medicine
- Indian Ayurveda to Witness Rapid Worldwide Growth led by the Pandemic
- Demand for Ashwagandha Containing Supplements to Soar
- Ayurvedic Medicine Finds Acceptance Amidst the Pandemic
- Growing Opportunities for Herbal Medicines in Beauty & Cosmetics Sector
- Threat of Antimicrobial Resistance Drives Opportunities
- Deaths from Antimicrobial Resistance to Increase by 2050
- With Depression Increasingly Becoming a Common, Herbal Alternatives Gain Attention
- Anti-Depressant Market: Percentage Share Breakdown by Depressive Disorder Type
- Herbal Supplement Usage in Dentistry Surges amid Concerns
- Rising Global Aging Population Drives Demand
- Aging Population Steps-Up The Burden on Healthcare: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
- Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030
- Unique Healthcare Needs of Women Propel Demand for Various Herbal Supplements
- Increasing Focus on Weight Management Spurs Demand for Herbs that Aid Weight Loss
- Epidemic Proportions of Obesity Lead to Increased Focus on Weight Management
- Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
- Increasing Prevalence of Chronic & Lifestyle Diseases Enhances Consumer Demand
- Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
- World Diabetes and Population Statistics (2019, 2030 & 2045)
- Global Annual Medical Cost of CVD in US$ Billion: 2010, 2015, 2020, 2025 and 2030
- Urbanization Trend Drives Uptake of Herbal Supplements
- World Urban Population in Thousands: 1950-2050P
- Regulatory Regime for Herbal Medicine
- The EU Regulatory System for Herbal Medicinal Products
- Emerging Demand for CSR and Sustainable Sourcing
- Key Challenges Hampering Growth Prospects for Herbal Medicines and Supplements
- Risk Drug Interactions between Herbs and Conventional Drugs Challenge Market Prospects
- Safety Assessment and Registration Requirements Restrict Herbal Medicinal Market
FOCUS ON SELECT PLAYERS(Total 203 Featured)
- Amway Corporation
- 21st Century Healthcare, Inc.
- Allmax Nutrition, Inc.
- Auspices Enterprise,Inc.
- Aloevin Corporation
- A Nelson & Co., Ltd.
- Acme Laboratories Ltd.
- Arizona Natural Products
- Amazing Organics LLC (Amazing Herbs)
- Aceso Natural Medicine
- ALKALINE ORGANICS
- Adapt-A-Life Corporation
- American Generic Laboratories LLC
- Akyron Industries Incorporated (Synapse)
- Alfa Vitamins Laboratories Inc.
For more information about this report visit https://www.researchandmarkets.com/r/lob2x5
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