Global Herbal Medicine Market Overview
The key driver impacting the herbal medicine market is the growth in the high usage of herbal medicines globally. for instance, according to the National Institute of Health (NIH), the utilization of herbal medicinal products and supplements has augmented significantly over the past three decades, with not less than 80% of people globally relying on them for some part of crucial healthcare. It is anticipated that over four billion people that is approximately 80% of the world’s population) living in developing nations rely on herbal medicinal products as the primary source of healthcare, and conventional medical practice that engages herbs' usage is viewed as an integral part of the culture in those communities. Moreover, the high availability of a wide range of herbal medicinal products is estimated to be a significant factor that adds to the market growth.
According to Value Market Research, the global herbal medicine market size was valued at around USD xxx million in 2020 and is projected to grow at a CAGR of about 6% during the forecast period of 2021 to 2027.
The growing awareness about the advantages of herbal medicines that leads to the high preference of consumers for herbal medicines is estimated to augment herbal medicine demand in the forecast period. For instance, some of the advantages include low cost, no side effects, and it is chemical-free. however, poor standardization of herbal medicines may hamper the global herbal medicine market in the long run. also, the allergic reaction and the slow results of herbal medicines are negatively impacting the market. The current industry trends, such as the growing research investments and funding in herbal medicines and the increasing popularity and awareness of ayurvedic medicines among consumers, are expected to provide market players with new market opportunities.
The herbal medicine market is vast, with many local and global players. the key leaders follow different strategies to advance their market position, such as contracts, amalgamation, contracts, extending product portfolio, acquisitions, expansions, and product upgrades to raise their market share across the globe. the product is readily available across retailers to meet the changing consumer demand. The known players included in the report are Arkopharma, BEOVITA, Bayer AG, Schaper & Brümmer, Hishimo Pharmaceuticals, Venus Pharma GmbH, Arizona Natural Products, Himalaya Global Holdings Ltd, ZeinPharma Germany GmbH, Dasherb Corp., Blackmores, and Dr. Willmar Schwabe India Pvt. Ltd.
In this research report, the herbal medicine market is segmented by distribution channel, category, and region.
Analysis by Distribution Channel:
By distribution channel, the report is categorized into hospital & retail pharmacies and e-commerce. The hospital and retail pharmacies segment dominate the distribution channel segment with over 50% share in 2020. It is due to the high accelerating cases of cancer and infectious diseases across the globe. Moreover, skilled professionals and improving healthcare facilities drive demand from the hospital and retail pharmacies in the forecast period.
Analysis by Category:
By category, the report is categorized into herbal pharmaceuticals, herbal functional foods, herbal beauty products, and herbal dietary supplements. Herbal medications dominate the packaging segment with over 35% share in 2020. It is due to the increasing R&D and the escalating demand for natural medicines owing to their slighter side-effects that will lead the carton packaging market growth. Moreover, the expanding chronic ailments such as diabetes, cancer, and digestive problems contribute to the high demand for the herbal medication in the forecast period.
Analysis by Region:
In the regional outlook of the global herbal medicine market, the Europe region dominates with a 30% market share during the forecast period. The growing R&D for herbal medicines and the increasing investment in the market drives regional growth. Moreover, the ever-increasing prevalence of chronic illness among the growing populace contributes to the development of the herbal medicine market in Europe.
Market Segmentation covered in the Report:
By Distribution Channel
- Hospital & Retail Pharmacies
- Herbal Pharmaceuticals
- Herbal Functional Foods
- Herbal Beauty Products
- Herbal Dietary Supplements
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.