Herbal Medicine Market Overview
The global herbal medicine market is likely to acquire a size of over USD 136024.26 Million at a healthy CAGR of over 5.88% during the forecasted period, says Market Research Future (MRFR).
The global herbal medicine market has witnessed massive growth in recent years. The growth of the herbal medicines market is being driven by the increasing preference for traditional medicines across the globe. Furthermore, the increasing awareness about the advantages of herbal medicines and growing research investments are also likely to catalyze the growth of the market over the forecasted era. On the other hand, the factors like poor standardization of herbal medicines and allergic reaction & the slow results are projected to restrict the growth of the herbal medicines market over the review timeframe.
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Herbal Medicine Market Segment Analysis
The global herbal medicine market is split into several segments based on distribution channel, category, source, form, type, and region.
Based on distribution channel, the herbal medicines market is divided into e-commerce and hospital & retail pharmacies.
By category, the global herbal medicine market is fragmented into herbal dietary supplements, herbal beauty products, herbal functional foods, and herbal pharmaceuticals.
Based on source, the herbal medicines market is split into fruits, whole plants, root & barks, and leaves.
Based on form, the global market for herbal medicines is divided into syrups, capsules & tablets, powders, and extracts.
Based on type, the herbal medicine market is fragmented into allium sativum, cinnamomum Spp, zingiber officinale, actaea racemose, curcuma longa, vaccinium macrocarpon, cocos nucifera, aloe vera, camellia sinensis, echinacea, and marrubium vulgare.
Herbal Medicine Market Regional Analysis
The global herbal medicine market is studied across five major regions including North America, South America, Europe, Asia-pacific, and the Middle East & Africa.
The European region is projected t account for the largest share in the global herbal medicine market over the forecasted era. The growth of the regional market is primarily being driven by the increasing investment and the growing R&D for herbal medicines. Furthermore, the rising prevalence of chronic illness among the growing populace is also anticipated to fuel the growth of the regional herbal medicines market.
The North American region is likely to secure the second position in the global herbal medicines market over the forecasted era. The growth of the regional market is being driven by the growing awareness about the benefits of herbal medicines and surging cases of chronic illness.
The Asia-Pacific region is projected to record the highest CAGR in the global herbal medicine market over the review timeframe. The growth of the regional market is being driven by the growing awareness regarding the benefits of herbal medicines. the lower cost of the medicines and chemical-free nature are likely to be the salient growth contributors of the market across the region. Furthermore, the implementation of the supportive policies by governments and increasing investment across the region is also likely to catalyze the growth of the regional herbal medicines market.
Herbal Medicine Market Competitive Analysis
The global market for herbal medicines has an intensely competitive landscape. The players across the global market are adopting several new strategies such as partnerships, mergers, and acquisitions to strengthen their global market footprint. The list of leading players in the global market for herbal medicines includes Dr. Willmar Schwabe India Pvt. Ltd., Blackmores, Dasherb Corp., ZeinPharma Germany GmbH, Hishimo Pharmaceuticals, Bayer AG, Himalaya Global Holdings Ltd, Arizona Natural Products, Venus Pharma GmbH, Schaper & Brümmer, BEOVITA, Arkopharma, and several others.
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Recent Developments
AGAPE ATP CORPORATION, happily announced the company’s entrance into the Traditional & Complementary Medicine and Personalized Nutrition Medicine Market y launching the latest business portfolio. An emerging growth wellness company, AGAPE ATP CORPORATION, has launched a new product line providing evidence-based complementary medical therapies for chronic health disorders management. The therapies deal with known root causes for chronic health disorders via the lifestyle modifications and correction of dietary/nutrition deficiencies.
a pharmaceutical producer and distributor in China, Universe Pharmaceuticals INC, announced the signing of a strategic cooperation agreement and associated ancillary agreements with a Japanese company engaged in the research, development, manufacturing, and distribution of Kampo pharmaceutical and medical products, Kitanihon Pharmaceutical Co., Ltd.
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