Medicinal Plants Market Trends, Size Estimation, Regional Insights, Future Growth, Sales Projection, and Industry Overview by 2027


Herbal Medicines Market Overview

The herbal medicine market is expected to thrive at a 6.50% CAGR while generating a market value of USD 136,024.26 million by 2023, predicts Market Research Future (MRFR). According to the MRFR Global Herbal Medicine Market Study, the demand for herbal medicine is expected to increase significantly in the coming years due to increasing global population. Another reason for the growth of the global herbal medicine market over the next few years is the increasing public knowledge about the benefits of herbal medicines.

Toxin Free: Herbal Medicines As a result, the herbal medicine market is expected to grow in the near future. In addition, they are excellent value for money. To put it another way, the industry is expected to gain momentum. Herbal medicines are expected to experience significant growth in the coming years due to increased funding and investment in research. An added benefit of the COVID-19 outbreak is that it has opened up significant business opportunities for herbal manufacturers looking to expand their market share.

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However, the lack of standardization of herbal medicines is expected to stifle the growth of the industry in the future. A big obstacle to the expansion of the market will be the adverse allergic reaction and the long term results of herbal medicines.

Segment analysis

Much of the herbal medicine will be sold in hospitals and retail pharmacies, which is expected to be the biggest distribution channel for herbal medicine in the future.

The herbal pharmaceuticals segment of the global herbal medicines market is estimated to account for a significant market share throughout the forecast period.

Regional overview

According to MRFR’s analysis of the Herbal Medicine industry, Europe is expected to dominate the global market during the forecast period. During the study period, increasing investment and R&D in herbal medicines is expected to be an important factor driving the market. Another important factor that could boost the market growth of the region is the increasing incidence of chronic diseases among the growing population of the region.

As the world population continues to grow and the incidence of chronic diseases increases, the US market is expected to reach second place by the end of the study period. As herbal remedies become more and more popular in the United States, this is expected to be a lucrative industry.

The increasing popularity of herbal medicine in APAC is expected to lead to the fastest growth in the region during the forecast period. During the evaluation period, India and China are expected to be the most lucrative markets. Cheaper, chemical-free drugs are also expected to play a role in shaping the market in the region. Ayurveda has been practiced in India since the Vedic era, making it a world famous source of herbal treatments. In addition, the increased investment by the Indian government and the execution of supporting policies are expected to significantly increase the market throughout the evaluation period.

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Competitive dynamics

Due to the presence of several companies, the global herbal medicine market is highly fragmented. Multiple prospects for market expansion are expected to present themselves owing to the increasing use of herbal medicine, which will lead to an increase in the number of new companies joining the market. In addition, there are a number of regional businesses that contribute to the competitiveness of the market. They produce herbal products and the increasing technological advancements in the herbal medicine sector are accelerating the competitiveness of the market. In addition, the industry’s efforts to expand its customer base should expand its reach.

Notable market players are Arkopharma, Bayer AG, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brümmer, ZeinPharma Germany GmbH, Venus Pharma GmbH, Dasherb Corp., Arizona Natural Products, Blackmores, Himalaya Global Holdings Ltd, Dr. Willmar Schwabe India Pvt. Ltd.

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About Market Research Future:

At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Baked Research Report (CRR), Half-Baked Research Reports (HCRR), and advisory services. The ultimate goal of the MRFR team is to provide top quality market research and intelligence services to our clients.

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