Herbal Medicine Market Size and Trends Analysis By Category (Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Beauty Products and Herbal Dietary Supplements), By Type of Medicinal Plants (Marrubium Vulgare, Vaccinium Macrocarpon, Echinacea, Curcuma Longa, Camellia Sinensis, Actaea Racemose, Aloe Vera, Zingiber Officinale, Cocos Nucifera, Cinnamomum spp and Allium Sativum), By Form (Extracts, Powders, Capsules & Tablets and Syrups), By Source (Leaves, Root & Barks, Whole Plants and Fruits), By Distribution Channel (Hospital & Retail Pharmacies and E-Commerce) – Forecast till 2030
Herbal medicine 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, says Market Research Future. 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 findings of the research study that was created on the worldwide market for herbal medicines, it is projected that the rising demand for herbal medicines among the expanding population will be a crucial driver that can drive the market throughout the timeframe that was analysed.
It is anticipated that the growing knowledge about the benefits of herbal medicines would be another important element that might expand the worldwide market for herbal medication in the approaching years. Herbal remedies do not include any chemicals. As a result, a greater proportion of the population favours them, which is expected to result in an increase in the total market size for herbal medicines throughout the forecast period. In addition to that, their prices are really reasonable. As a result, a sizable amount of momentum is anticipated to be gained by the sector.
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It is projected that the lack of standardisation of herbal medicines would act as a barrier to the rise of the market for herbal medicines in the projection period.
It is anticipated that the potential for adverse reactions and the sluggish outcomes of herbal medicines would present a substantial obstacle to the expansion of the market over the course of the projected period.
Herbal Medicine Market Segmentation
The market for herbal medicines, herbal functional foods, herbal beauty goods, and herbal dietary supplements are the categories that have been used to categorise the market for herbal medicine on a worldwide scale. Camellia sinensis, actaea racemose, aloe vera, marrubium vulgare, vaccinium macrocarpon, echinacea, curcuma longa, zingiber officinale, cocos nucifera, cinnamomum spp, and allium sativum are the types of medicinal plants that have been used to divide the market into several categories. The market has been broken down into capsules and tablets, extracts, powders, and syrups according to the form that they come in. The market can be broken down into entire plants, fruits, leaves, roots, and barks, depending on their source.
According to the Channel of Distribution
The hospital and retail pharmacies sector of the worldwide market for herbal medicine is predicted to gain the most market share over the course of the forecast period. This is anticipated to occur within the distribution channel section of the herbal medicine market. There are a number of important factors that are contributing to the expansion of this market sector, including an increasing number of reported cases of cancer and infectious illnesses all over the world, highly trained personnel, and continually improving healthcare facilities everywhere.
It is anticipated that the herbal pharmaceutical section of the channel segment of the worldwide market for herbal medicine would secure a large market value over the course of the projected timeframe. The growth of the sector may be attributed to the increasing rate of research and development as well as the growing demand for natural medicines as a result of the less negative effects that they have. In addition, the growing prevalence of chronic diseases like diabetes, cancer, and digestive disorders is likely to be another important aspect that is anticipated to play a significant role in directing the market in the time to come.
Herbal Medicine Market Analysis of the Region
According to the study on the herbal medicine industry that was provided by MRFR, the European region is expected to have the largest share of the worldwide market over the course of the projected year. It is predicted that the expanding research and development for herbal medicines, as well as the increasing investment in the industry, would be a prominent driver that is anticipated to drive the market over the timeframe of the analysis. It is anticipated that the rising incidence of chronic diseases among the growing population in the region would be another important factor that might contribute to the expansion of the market in the region.
Because of the rising prevalence of chronic illness among the world’s ever-growing population, it is anticipated that the Americas will secure the second-largest market share during the course of the research period. The United States of America has the potential to be a successful market since more people are becoming educated about the advantages of using herbal medicines.
Browse In-depth Market Research Report (163 Pages) on Herbal Medicine: https://www.marketresearchfuture.com/reports/herbal-medicine-market-3250
Herbal Medicine Market Key Players:
The following companies are considered to be key players in this industry: Arkopharma, Bayer AG, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brümmer, ZeinPharma Germany GmbH, Venus Pharma GmbH, Dasherb Corp., Arizona Natural Products, Blackmores, Himalaya Global Holdings Ltd., and Dr. Willmar Schwabe India Pvt. Ltd.
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