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Herbal Medicine Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 159
Delivery Format: PDF+ Excel

$2,950.00

In the upcoming years, the market for herbal medicines is anticipated to expand significantly. This can be related to the expanding acceptance of herbal remedies and public knowledge of their advantages. Additionally, the market is expanding because of the rise in the number of medical disorders that can be treated with herbal medications.
The market is divided into segments according to product category, distribution method, and geographic location. The market is divided into three categories based on the type of product: single herbs, compound herbs, and exclusive Chinese medicines. The market is segmented into internet stores, brick-and-mortar stores, and drug stores based on the distribution channel.
North America, Europe, Asia-Pacific, and the rest of the world make up the geographical segments of the market. Due to the rising acceptance of herbal medicines in nations like China and India, the Asia-Pacific region is predicted to experience the highest growth over the next few years.
The Nature’s Bounty Co., Arkopharma SA, Dabur India Ltd., Himalaya Drug Company, and Schwabe Holding are a few of the major companies active in the worldwide herbal medicine market.

Herbal Medicine Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Obstacles in the herbal medicine market
The market for herbal medicines has expanded significantly in recent years. To make it even more effective, though, there are still a few issues that must be resolved.

1. A lack of uniformity
The absence of standardisation is one of the main issues facing the market for natural medicines. This implies that when buying herbal products, there is no assurance of their quality or safety. Consumers may not be getting what they expect or may even be endangering their health, which may be a significant problem.

2. A lack of rules
The absence of regulation is another problem for the market for natural medicines. Because of this, it may be challenging for customers to understand what they are purchasing and whether it is secure. Additionally, it implies that there is no assurance of efficacy or quality.

3. Insufficient scientific support
Because there is frequently a lack of scientific evidence to support the use of herbal medications, many people are hesitant to give them a try. For many people, this can be a significant barrier to admission.

4. Constrained accessibility
It can be challenging to obtain herbal medications because many of them are not widely distributed. People who live in remote locations or do not have access to a wide variety of herbal products may find this to be a serious issue.

5. High price
Many people may not be able to afford herbal medications due to their high cost. For many people, this can be a significant barrier to admission.

Key Trends in the Herbal Medicine Market
Throughout the forecast period, the market for herbal medicines is anticipated to expand at a CAGR of 7.5%. (2020-2025). Ayurveda and traditional Chinese medicine are becoming more well-known, and the inclination for herbal remedies is growing. These are the main causes fueling the market’s expansion (TCM).

One of the major developments in the market for herbal medicines is the growing popularity of these treatments. Many diseases and problems can be successfully treated with herbal medications. They also have few adverse effects and are safe to use. Additionally, herbal medications are readily available and generally less expensive than pharmaceutical medications.
Another significant trend in the market for herbal medications is the rising desire for traditional medicines. Traditional medications are thought to be safer and more efficient than modern ones. Additionally, conventional medicines are widely accessible and generally less expensive than other medications.
Another significant development in the herbal medicine business is the rise in acceptance of Ayurveda and TCM. The traditional medical practise known as Ayurveda has its roots in India. It is founded on the idea of physical, mental, and spiritual equilibrium. A system of medicine with its roots in China is known as traditional Chinese medicine (TCM). It is based on the concept of yin and yang’s inherent balance.

Impact of the Herbal Medicine Market on COVID-19
The market for herbal medicines is one of the areas most impacted by the COVID-19 outbreak, which has had a huge effect on the world economy. Prior to the epidemic, the market was already dealing with a number of issues, including a lack of standardisation and control, which has resulted in the availability of many fake and subpar items. Because people are either unable or unwilling to pay for these items while they are experiencing financial difficulties, the pandemic has also led to a decline in demand for herbal treatments.

According to estimates, the market for herbal medicines was worth $83 billion in 2019 and is projected to increase to $93 billion by 2025, at a CAGR of 2.9%. The market is divided into different product categories, the bulk of which are made from plants. The most well-liked plant-based products include green tea, ginseng, garlic, and ginger.

The market for herbal medicines has experienced two effects as a result of COVID-19. First off, businesses in this industry have seen a decline in sales and revenue as a result of the decline in demand for these products. Second, because of the export restrictions put in place by a number of nations, the pandemic has also caused a lot of problems in the supply chain sales and revenue as a result of the decline in demand for these products. Second, because of the export restrictions put in place by a number of nations, the pandemic has also caused a lot of problems in the supply chain. Due to this, raw resources are now in short supply, which has raised prices.As the world economy stabilises, a recovery in the market for herbal medicines is anticipated during the next few years. The market is not expected to return to its pre-pandemic levels, though, as the pandemic has permanently altered consumer behaviour.
Important Market Developments in the Herbal Medicine Sector
The market for herbal medications is a sector with tremendous potential that is rising quickly. Here are five significant business trends that are fueling this expansion:

1. Raising awareness of the health advantages of herbal medication
The potential advantages of herbal medicine are being recognised by an increasing number of people. This is due to a number of causes, such as the expansion of online resources for information about herbal medicine, the rise in popularity of alternative medicine, and the support of certain prominent celebrities for herbal therapy.

2. The growth of the movement for natural health.
A growing trend toward natural health and wellbeing has emerged in recent years. People are now looking for secure and efficient substitutes for traditional medications, which has increased the popularity of herbal medicine.

3. The expansion of the organic industry
One of the fastest-growing marketplaces in the world is the organic one, which is helping the herbal medicine sector. The market for herbal medicines is expanding as a result of the increasing demand for natural and organic products.

4. The rise in acceptance of conventional Chinese medicine
The use of traditional Chinese medicine (TCM) is rising in popularity in the West. This is because of its established effectiveness and the expanding body of scientific data that supports its use. TCM is also thought of as a more all-encompassing approach to medicine, which appeals to a lot of people.

5. The market for ayurvedic drugs is expanding.
Another conventional medical system gaining favour in the West is ayurvedic medicine. A growing body of scientific research supports the notion that Ayurvedic medicine, like TCM, takes a more holistic approach to treating patients.

6. Herbal Drug Market Verdict
According to a recent analysis by Grand View Research, Inc., the market for herbal medicines is anticipated to grow to USD 8.5 billion by 2025. Over the forecast period, the market is anticipated to expand at a CAGR of 5.9%. The market is anticipated to develop as a result of the rising prevalence of chronic diseases and the increased demand for natural and alternative treatments.

Additionally, it is anticipated that rising consumer knowledge of the advantages of herbal medications will fuel market expansion. Another element that is anticipated to contribute to the market’s growth is the availability of numerous herbal medications on the market. The absence of regulatory rules and standards, however, is anticipated to limit industry expansion.
The market for herbal medicines is divided into regions, applications, and product types.The market is divided into single herbs, compound herbs, and herbal extracts based on the type of product. Over the projection period, the sector for single herbs is anticipated to increase at the greatest CAGR. The fact that single herbs are safe and have fewer adverse effects than synthetic medications is credited with the rising demand for them.

The market is divided into three categories based on application: ayurveda, homoeopathy, and unani. Over the projected period, the ayurvedic segment is anticipated to increase at the highest CAGR. The fact that ayurveda takes a holistic approach to treatment and emphasises a person’s total well-being is thought to be the reason for its rising popularity.The market is divided into five regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period, North America is anticipated to develop at the highest CAGR. The market is anticipated to develop as a result of rising consumer knowledge of the advantages of herbal medicines and the presence of numerous manufacturers in the area.


By Application

· Pharmaceutical & Nutraceutical

· Food & Beverages

· Personal Care & Beauty Products

By Form

· Powder

· Liquid & Gel

· Tablets & Capsules

 

  • Cultivator Natural Products Pvt. Ltd.(India)
  • 21ST Century HealthCare, Inc. (U.S.)
  • Herbalife Nutrition (U.S.)
  • ZeinPharma Germany GmbH (Germany)
  • Blackmores Limited (Australia)
  • Himalaya Global Holdings Ltd. (India)
  • Nutraceutical Corporation (U.S.)
  • Emami Limited (India)
  • Nature’s Answer, LLC. (U.S.)
  • Patanjali Ayurved Limited(India)

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