Herbal Medicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Herbal Medicine Market Information by Category, Medicinal Plants, Form, Source, Distribution Channel, and Region - Forecast till 2030", the Herbal Medicine Market was valued at USD 145 billion in 2021 and can expect to be worth USD 356 Billion by 2030. The market size will be soaring at a rate of 10.9% from 2022 to 2030.
Herbal medicines are a form of dietary supplement that is extracted from various parts of plants like bark, leaves, oil, seeds, roots, and berries. They have been consumed for a long time for treating a variety of diseases. These are available in different dosage forms and are manufactured using innovative techniques.
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Market Competitive Landscape:
The affluent companies in the herbal medicine market include
- Willmar Schwabe India Pvt. Ltd.
- BEOVITA, Blackmores
- Bayer AG
- Dasherb Corp.
- Arizona Natural Products
- Hishimo Pharmaceuticals
- ZeinPharma Germany GmbH
- Himalaya Global Holdings Ltd
- Venus Pharma GmbH
- Schaper & Brümmer
A new Chinese herbal capsule has been launched, which is used for treating lung infections, colds, and various respiratory illnesses in Liberia. It is the offering of the People's Republic of China and is an element of traditional Chinese medicine, created with the use of the collateral disease theory.
Market USP Covered:
With the soaring knowledge level of today's consumers about the advantages of herbal medicines, the worldwide market will be gaining considerable momentum in the ensuing years. With the addition of chemical-free, natural ingredients, herbal medicines are now garnering the attention of a lot of people worldwide. Other than this, given their affordability and easy accessibility in supermarkets and various distribution channels, herbal medicines will experience massive demand in the years to come.
The rise in vigorous research activities in line with the surging expenditure for the development of various herbal medicines should further enhance the industry share. The COVID-19 outbreak has also been a great opportunity for the herbal medicine market, considering the mounting number of people being more inclined towards natural and immunity-boosting products that help prevent infections.
The dramatic increase in the number of diseases and disorders worldwide further enhances the market standing. Side effects of a few allopathic medicines compel people to go for natural products, a factor that will be working in favor of the global industry in the years ahead. Besides, herbal beauty products have been seeing a huge demand as well, thanks to the growth in people's disposable incomes, coupled with the intensifying focus on general well-being and grooming.
Although the surging prevalence of heart and liver diseases along with the rise in technological innovations in healthcare will favor the worldwide market, there are a few challenges and restraints that could slow down the growth rate. The allergic reactions and side effects combined with poor standardization can result in dampened market demand in the following years.
COVID 19 Analysis
The COVID-19 outbreak's notable impact has led to various repercussions on the health status of people across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. However, the demand for natural, plant-based products has risen considerably, with the aim to prevent infections and remain healthy. This should greatly benefit the global industry in the long run.
The category-based segments mentioned in the MRFR review report are herbal beauty products, herbal functional foods, herbal dietary supplements, and herbal pharmaceuticals.
The leading spot belongs to the herbal pharmaceutical segment, given the surge in extensive research and development activities pertaining to numerous herbs, in a bid to analyze their medicinal effects, the rising preference for natural medicines with no side effects, and the escalating cases of chronic diseases like diabetes, arthritis, digestive issues, cancer, and sleep disorders.
Herbal medicines are available in a variety of forms, namely extracts, powders, capsules and tablets, syrups, and more.
By Distribution Channel
The major distribution channels in the market include e-commerce, as well as hospital and retail pharmacies, and many more.
As the leading segment, hospital & retail pharmacies benefit from the massive burden of many types of cancer as well as various infectious disorders across the globe, developments in healthcare infrastructure, and the accelerated number of talented professionals.
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Europe will most likely be achieving the leading position in the years to follow, gaining control over the worldwide market. This can be accredited to the rise in exhaustive research and development activities, and the surging expenditure on research studies pertaining to medicinal plants. The escalating preference for a variety of herbal drugs in line with the rise in chronic conditions and robust government support will further favor the global market.
America secures the second position in the worldwide market, in view of the bolstered sales of various herbal medicines, especially in the US. The mounting awareness among people about the health advantages of herbal medicines in the wake of the escalating cases of cancer, and diabetes will also strengthen the industry's position in the region.
The Asia Pacific should garner the highest growth rate of 5.99% from 2020 to 2027, in response to the rampant demand for traditional medicines. The major end-users in the APAC are researchers, pharmaceutical companies, policymakers etc.
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