the herbal medicine market is expected to grow to US$1,29,689.3 million by 2023, growing rapidly at a CAGR of 5.88% during the forecast period. Growing demand for natural medicines and numerous herbal medicine applications are driving the global herbal medicines market. In the Herbal Medicine Market report, an updated overview of the Herbal Medicine market dynamics, recent trends, and insights into the overall success of the industry are discussed. Both primary and secondary data are the basis of the study study. This data was obtained from leading organizations, herbal medicine industry players, corporate executives and key decision makers.
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The global herbal medicine market has been segmented on the basis of herbal medicine type, category, form, distribution channel, and source. On the basis of form, the herbal medicine market is segmented into powders, capsules and tablets, extracts and syrups. Further, the market, on the basis of herbal medicine type, is segmented into camellia sinensis, vaccinium macrocarpon, marrubium vulgare, turmeric longa, echinacea, aloe vera, actaea racemosa, zingiber officinale, cinnamomum spp, cocos nucifera, and allium sativum. The global herbal medicine market is also covered based on category segment which is further divided into herbal functional foods, herbal dietary supplements, herbal pharmaceuticals and herbal beauty products. The herbal medicine market on the basis of distribution channel is segmented into e-commerce and hospital and retail pharmacies. And finally by source, the market is segmented into roots and barks, leaves, fruits, and whole plants. Factors such as increasing research funds for herbal medicines and increasing user demand for herbal medicines are driving the development of the herbal medicine industry.
North America, Asia-Pacific (APAC), Europe and Rest of the World are the regions covered in the Herbal Medicine market study. Many companies working in the herbal medicine industry in the North American market are spread across the United States, Canada, and Mexico. The European herbal medicine industry involves companies in major European countries including Germany, France, Spain, Italy and the UK. Similarly, in the Asia-Pacific region, the global herbal medicine industry is also growing in India, China, and Japan. Other regions of the world including the Middle East, Africa and others are also included in the business study. The global Herbal Medicine Market study offers a detailed overview of the geographical markets on the basis of market performance, market scale and Herbal Medicine revenue.
Several growth factors are driving the global demand for medicinal plants. However, analysts still advise companies to keep in mind the new industry dynamics covered in the study. Factors that could impact the global demand for herbal medicines are also discussed and presented in the study. The analysts have done extensive research on the industry and obtained data from primary and secondary sources in order to carry out the study. Origins include major players in the pharmaceutical industry, large corporations, distributors, retailers, suppliers, consumers and key decision makers.
Some of the leading companies in the herbal medicine industry have joined forces to strengthen their presence in overseas markets and take advantage of current market conditions. RedHill Biopharma and Movantik have entered into an agreement that encourages the two companies to explore potential opportunities in the pharmaceutical sector with access to financing for faster growth.
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