Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global herbal medicine market size was valued at USD 201.06 billion in 2022 and is expected to be worth USD 216.40 billion in 2023. The market is projected to reach USD 371.45 billion by 2030, recording a CAGR of 8.02% during the forecast period.
Herbal medicines are made from natural ingredients to treat a wide range of diseases and improve an individual’s immunity level. Since there has been a drastic change in people’s lifestyle, the incidence of cardiovascular diseases and chronic stress are on the rise. These factors are expected to boost the adoption of herbal medicines as they claim to have no side-effects, unlike the conventional ones.
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Leading Players Featured in the Research Report:
Companies leading Herbal Medicine Market are Cultivator Natural Products Pvt. Ltd. (India), 21ST Century HealthCare, Inc. (U.S.), Herbalife Nutrition (U.S.), ZeinPharma Germany GmbH (Germany), Blackmores Limited (Australia), Himalaya Global Holdings Ltd. (India), Nutraceutical Corporation (U.S.), Emami Limited (India), Nature's Answer, LLC. (U.S.), Patanjali Ayurved Limited (India)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.02% |
| 2030 Value Projection | USD 371.45 Billion |
| Herbal Medicine Market Size in 2022 | USD 201.06 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 208 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Herbal Medicine Market Growth Drivers | Growing Adoption of Herbal Ingredients in Cosmetic Products to Boost Market Growth |
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COVID-19 Impact:
Growing Health Concerns During Pandemic Boosted Product Demand
The healthcare and pharma industries experienced long and short-term effects of the pandemic as there were several delays in R&D and manufacturing activities to produce effective medicines for the infection. This situation made people more concerned about their health and wellbeing, which boosted the consumption of dietary supplements and immunity boosters that were made from natural ingredients. This accelerated the market’s progress.
Segmentation:
Growing Usage of Herbal Ingredients in Nutraceuticals and Pharma Products to Boost Market Progress
In terms of application, the market is divided into pharmaceutical & nutraceutical, food & beverages, and personal care & beauty products. The pharmaceutical & nutraceutical segment holds the largest herbal medicine market share as herbal ingredients are increasingly used in dietary supplements and medicines to enhance their performance.
Rising Availability of Herbal Medicines in Tablet & Capsule Form to Augment Market Development
Based on form, the market is segmented into powder, liquid & gel, and tablets & capsules. The tablets & capsules segment is expected to capture the leading market share as herbal medicines are produced in the form of tablets and capsules to ease their access to patients.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research report offers an in-depth analysis of the market and highlights key aspects, such as leading types, companies, and top product forms. It also provides valuable insights into the market segments and trends, while covering key industry developments. Besides the aforementioned factors, the report encompasses many factors that have contributed to the market's growth in recent years.
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Drivers and Restraints:
Growing Adoption of Herbal Ingredients in Cosmetic Products to Boost Market Growth
Exporters of herbal ingredients in the developing countries are viewing the cosmetics industry as a viable medium to help them expand their operations overseas. A growing number of cosmetics manufacturing companies are incorporating natural ingredients to cater to the robust demand for cosmetics that are good for the face, skin, and body. They are replacing synthetic chemicals with herbal ingredients to boost their product’s performance and expand their customer base.
However, stringent guidelines with respect to using herbal ingredients as raw materials may hinder the herbal medicine market growth.
Regional Insights:
Europe Market to Expand Due to Growing Product Usage in Cosmetics Sector
Europe is expected to lead the global herbal medicine market as the region has a vast cosmetics sector. This can present lucrative opportunities for emerging companies that develop and supply herbal ingredient-based products. Many cosmetic companies across the region are witnessing a strong rise in the demand for personal care & beauty products that are made from natural ingredients. This factor will spur the regional market growth.
North America will also grow at a significant pace as customers across the region are becoming more conscious about their health and wellbeing, which has increased the consumption of dietary supplements.
Competitive Landscape:
Key Companies to Use Various Strategies to Boost Their Product Sales
Some of the major companies in the market include ZeinPharma Germany GmbH, Cultivator Natural Products Pvt. Ltd., Blackmores Limited, Herbalife Nutrition, and many others. They are implementing various strategies, such as partnerships and new product launches to increase their product sales and expand their presence in the global market.
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Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview on the Parent Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Herbal Medicine Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Form (Value)
- Powder
- Liquid & Gel
- Tablets & Capsules
- By Application (Value)
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care & Beauty Products
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Form (Value)
- North America Herbal Medicine Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Form (Value)
- Powder
- Liquid & Gel
- Tablets & Capsules
- Others
- By Application (Value)
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care & Beauty Products
- By Country (Value)
- U.S.
- By Application (Value)
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care & Beauty Products
- By Application (Value)
- Canada
- By Application (Value)
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care & Beauty Products
- By Application (Value)
- Mexico
- By Application (Value)
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care & Beauty Products
- By Application (Value)
- U.S.
- By Form (Value)
To Be Continued…!
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Key Industry Development:
December 2022 – Dabur expanded its Ayurvedic medicines portfolio by introducing Ratnaprash Sugar-Free and Aampachak Kkadha. The former is said to be good for health and provides strength and stamina, whereas the latter strengthens the digestive system and contains herbs, such as shunthi, bhumiamla, harad, pippali, and others.
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Nutraceuticals Market to Hit USD 658.11 Billion by 2028 | With 9.3% of CAGR
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