Herbal Medicine Market Analysis by Category (Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Beauty Products and Herbal Dietary Supplements), By Type of Herbal Medicines (Marrubium Vulgare, Vaccinium Macrocarpon , Echinacea, Curcuma Longa, Camellia Sinensis, Actaea Racemose, Aloe Vera, Zingiber Officinale, Cocos Nucifera, Cinnamomum spp and Allium Sativum), Form (Extracts, Powders, Capsules & Tablets and Syrups), Source, By Distribution Channel, Forecast to in 2027
Herbal medicine market overview
The herbal medicine market has registered a commendable spike in growth rate over the past few years. According to MRFR reports, the herbal medicine market is expected to cross USD 136,024.26 million during the forecast period. The report further predicts that the market will thrive at a healthy CAGR of over 5.88% during the assessment period. The growth of the herbal medicines market is mainly attributed to the growing demand for herbal medicines among the growing population.
Additionally, growing understanding of the benefits of herbal medicines and growth in research investment and funding is also expected to positively impact the market growth over the assessment period. On the other hand, low standardization of herbal medicines is likely to limit the market growth.
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Herbal Medicine Market Segment Analysis
The herbal medicine market has been fragmented into different segments based on distribution channel, category, herbal medicines, form, source and region.
The herbal medicine market is divided between e-commerce and hospital and retail pharmacies based on distribution channels.
Based on 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 leaves, fruits, roots & barks and whole plants based on source.
The herbal medicine market is divided into syrups, extracts, capsules, and tablets and powders by form.
Based on medicinal plants, herbal medicine market is divided into allium sativum, Cocos Nucifera, aloe vera, camellia sinensis, echinacea, marrubium vulgare, Cinnamomum spp, zingiber officinale, Actaea racemose, Curcuma longa, and Vaccinium macrocarpon.
Herbal Medicine Market Regional Analysis
The herbal medicine market is studied across five major regions: Europe, Asia-Pacific, North America, Latin America, and Middle East & Africa.
The MRFR report suggests that the European region will lead the herbal medicine market during the assessment era. Growing R&D is mainly driving the growth of the regional herbal medicine market in the region. Additionally, factors such as increasing investments, increasing prevalence of chronic diseases, and growing geriatric population are also expected to drive the market growth over the forecast period.
The US region is expected to secure the second place in the global herbal medicine market over the next few years. The growth of the regional market is mainly attributed to the increasing cases of chronic diseases among the growing population. The United States is expected to be the main contributor to growth, given the growing awareness of the benefits of herbal medicines.
The herbal medicine market for the Asia-Pacific region is expected to register the highest growth during the assessment period. The growth of the regional market is mainly attributed to the growing awareness about the benefits of herbal medicines. China and India are likely to be the region’s main revenue pockets. Benefits such as reduced drug cost and chemical-free nature are expected to boost the demand for herbal medicines in the region in the coming years. in addition, the implementation of supportive policies and increased investments are also expected to have a positive impact on market growth.
Herbal Medicine Market Competitive Analysis
The herbal medicine market has an incredibly competitive landscape. The global market players are investing heavily in research and development activities to launch innovative drugs. The herbal medicine market has prominent players such as Dasherb Corp., ZeinPharma Germany GmbH, Hishimo Pharmaceuticals, Bayer AG, Dr. Willmar Schwabe India Pvt. Ltd., Blackmores, Venus Pharma GmbH, Schaper & Brümmer, BEOVITA, Arkopharma, Arizona Natural Products and Himalaya Global Holdings Ltd among many others.
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March 2022 – California-based ABVC Biopharma announced its phase II trial programs to treat major depressive disorder (MDD), myelodysplastic syndrome (MDS) and deficit hyperactivity disorder (ADHD) using herbal active ingredients obtained from conventional Chinese herbs. medications.
March 2022 – 111, Inc., a leading healthcare platform company in China, signed a direct sourcing strategic cooperation agreement with Xi’an Beilin Pharmaceutical Co., Ltd. The agreement enables both parties to take full advantage of their respective advantages to learn about the digital marketing of Chinese patented medicines.
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