Scope of the herbal medicine market
Market Research Future (MRFR) expects the herbal medicine market to thrive at a rate of 5.88% between 2020 and 2027. MRFR adds that the market size may be worth $ 1,29,689.3 million. by the end of 2027.
Main drivers and challenges
Rising people’s awareness of the benefits of herbal medicines is expected to be a major growth accelerator in the global market. as these products are natural and chemical-free, they are attracting the interest of a growing number of consumers. the fact that they are cheaper and can be easily achieved also increases their demand in the market.
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Increased investment in research for the development of a variety of herbal medicines will provide lucrative opportunities in the near future. The recent COVID-19 outbreak has also emerged as a significant opportunity for manufacturers as more people opt for natural and immunity-boosting products to combat the risk of infection.
The dramatic increase in the number of diseases and disorders around the world has stimulated the demand for herbal medicines. The side effects associated with allopathic drugs appear to shift consumer preference towards natural products, which is expected to increase market position in the years to come. Over the years, the herbal beauty products market has taken off at a rapid pace, given the increase in disposable income, the high availability of various products, and the emphasis on grooming and cleaning. general well-being.
Segmental Review of Herbal Medicine Market
The herbal medicine industry has been considered for the category, source, form and region of the distribution channel.
The categories included in the report are Herbal Dietary Supplements, Herbal Pharmaceuticals, Herbal Beauty Products, and Herbal Functional Foods. With the highest share, the herbal pharmaceuticals segment is supported by the boom in the in-depth research and development activities for a variety of herbs to assess their medicinal qualities and the booming sales of natural medicines with less risk of side effects. Other encouraging factors may be the significant global burden of several chronic diseases such as arthritis, diabetes, sleep disturbances, digestive problems and cancer.
The various forms in which herbal medicines are generally available include powders, extracts, syrups, capsules and tablets, etc.
As for the distribution channel, the main segments may be e-commerce, hospital and retail pharmacies, etc. The first place was obtained by the hospital and retail pharmacy segment because with the increasing prevalence of infectious diseases and cancer, admission rates have also increased. Advances in healthcare infrastructure and increasing number of skilled healthcare professionals are also contributing to the growth of hospital and retail pharmacy segment in the global market.
Regional overview of the herbal medicine market
Asia-Pacific / APAC, North America, Europe as well as the rest of the world / rest of the world are the main markets for herbal medicines.
The European market is the biggest winner and is the number one consumer of herbal medicines due to the skyrocketing levels of awareness regarding the benefits of these products. The government strongly supports the introduction of new products, encouraging manufacturers to focus on research and development activities. Sales in the region are also driven by key segments such as energy, menopause, sexual performance, sports nutrition and arthritis. Herbs like valerian, echinacea, and ginkgo have a massive following in the region, in line with the growing preference for traditional medicines and natural alternatives. These factors speak volumes about the growth potential of the European market.
The APAC market is expected to benefit from growing consumer awareness as well as increased demand for natural and organic skin care products and dietary supplements. Countries like India and China are generating massive demand for medicinal plants, given the strong government support for comprehensive research activities. For example, the Indian government has set up a council called Indian System of Medicine and Homeopathy to increase the rate of manufacture of herbal products. Sales in the region are also on the rise given the growing number of critical disorders.
Wealthy sellers in the herbal medicine market
The affluent manufacturers of herbal medicines in the global market include
- Arizona Natural Products
- Bayer AG
- Venus Pharma GmbH
- ZeinPharma Germany GmbH
- Dasherb Corp
- Hishimo Pharmaceuticals
Pharmaceutical authorities have approved three Chinese drugs developed for the treatment of COVID-19, for release to the public. These herbal remedies play a vital role in reducing the incidence rate of infection and speeding up the recovery rate of patients. The three drugs include Huashi Baidu Formula, Xuanfei Baidu Formula, and Qingfei Paidu Formula, which contain ancient Chinese ingredients that have anti-inflammatory, antiviral, immune, and antipyretic regulatory functions.
Rooted Actives introduced medicinal mushroom extracts and superfood blends containing medicinal mushrooms infused with herbs such as bacopa, elderberry, ashwagandha, maca, etc. mixed with tea, water, fruit juices, salads.
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