Herbal Medicine Market Analysis by Category, Herbal Medicine Form Type, Source, Distribution Channel and Forecast to 2027
NEW YORK, NEW YORK, USA, January 17, 2022 /EINPresswire.com/ — Market Overview
Phytotherapy market is expected to reach USD 136,024.26 million at a CAGR of 5.88% during the forecast period, predicted by Market Research Future (MRFR). The global herbal medicine market has witnessed massive growth in recent years. The growth of the market is driven by the increasing demand for herbal medicines among the growing population, rising awareness about the benefits of herbal medicines, and profitability. However, poor standardization of herbal medicines is expected to limit the market growth. Nevertheless, increased investment in research and funding of herbal medicines are likely to provide lucrative opportunities over the forecast period.
The global herbal medicines market has been bifurcated into several segments based on distribution channel, source, form, herbal medicine type and region.
The global market is divided into e-commerce and hospital and retail pharmacies based on distribution channel.
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By category, the herbal medicine market is divided into herbal dietary supplements, herbal beauty products, herbal functional foods, and herbal pharmaceuticals.
The herbal medicine market is divided into fruits, whole plants, roots, and barks and leaves based on source.
The market is divided into syrups, tablets and capsules, powders and extracts based on form.
The global market is segmented into allium sativum, Cocos Nucifera, aloe vera, camellia sinensis, echinacea, marrubium vulgare by type of medicinal plants Cinnamomum Spp, zingiber officinale, Actaea racemose, Curcuma longa, and Vaccinium macrocarpon.
The global herbal medicines market is studied in five major regions including North America, South America, Europe, Asia-Pacific, Middle East & Africa.
The European region is likely to lead the global herbal medicine market over the forecast period. The growth of the regional market is driven by increasing investments in the market, growth in R&D for herbal medicines, and increasing occurrence of chronic diseases among the growing population.
The regional North American herbal medicine market is likely to occupy the second position globally during the review period. Rising cases of chronic diseases are driving the growth of the regional market among the growing population.
The Asia-Pacific region is expected to register the fastest growth rate during the forecast period. The growth of the regional market is attributed to the growing awareness about the benefits of herbal medicines.
The global herbal medicine market has an extremely competitive landscape with numerous players spread across the globe. The increasing applications of herbal medicines are likely to provide many opportunities for market expansion, thus increasing the number of new entrants in the market. The growing investments in R&D activities in the market are likely to increase the intensity of competition in the global market. The list of major players in the global herbal medicine market 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 many others.
a pharmaceutical producer and distributor in China, Universe Pharmaceuticals INC, announced earlier this month that it had signed a strategic cooperation agreement and combined subsidiary agreements with Kitanihon Pharmaceutical Co., Ltd., a Japanese company involved in the research, development, manufacture and distribution of Kampo in medical and pharmaceutical products. The motive for these agreements is to meet the growing market demand for high-end traditional Chinese medicine (“TCM”) and Kampo medicine.
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The UAE’s first herbal medicine manufacturing, with Globalpharma licensing the latest line of anti-inflammatory treatment in Dubai. The medicine contains a mixture of herbs such as costus and myrrh, which are used to treat and prevent several types of infections ranging from respiratory, diabetic infections, headaches, skin infections and indigestion conditions. The drug has received approvals from the Ministry of Health and Prevention (MOHAP).
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